Unintentional mistakes that can lower your credit score
A lot of us have been making use of multiple credit products such as repaying loans, paying EMIs and so on. While we may think that all our credit accounts are well-managed, due to a few mistakes or inexperience our credit score can be affected negatively. The process of building credit scores can be a long-winded procedure, so it is recommended to be cautious and avoid making mistakes. careful when applying for a loan product. Let's discuss the common mistakes that can reduce your credit score, within this piece. Mistake 1: Delayed or Missed Loan/Credit Card Payments Late or missed loan repayments or EMIs from credit cards can affect your credit score, since every credit bureau takes note of your repayment information when they calculate the credit score. In general, one or two missed payments won't hurt your credit score too much however if a delayed or unpaid payments are frequent, it could cause a drastic decrease on your score. Mistake 2: Maintaining High Credit Utilizatio...