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What are the factors that affect your credit score?

About credit score

There are 4 major factors that affect your credit score which are:

  •  Payment history – Whether you have paid your credit card dues on time or your loan EMIs on time. If you default even one month it will get reflected. If you have a report saying written off or settled will have a huge impact on your score
  • Multiple enquiries – Making multiple enquiries for loan or credit cards within a very short duration then you are considered a credit hungry person by the lender.
  • High credit utilization – Having a high credit utilization means your debt is increasing. This may have a negative effect on your score
  • Credit Mix – Having a balanced mix of secured as well as unsecured loans/ dues improve your credit score.
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