Factors Affecting Your Credit Score
There are 4 major factors that affect your score:
1.Payment history
2.Making late payments or defaulting your EMIs or Dues Will negatively affect your score.
3.High utilization of Credit Limit While increased spending on your credit card will not
necessarily affect your score in a negative manner.
4.Higher percentage of credit cards or personal loans (also known as unsecured loan).
Having a balanced mix between the secured loans (such as Auto, Home loan) and unsecured loan
(such as Personal loan, Credit Card) is likely to have a more positive affect on your score.
5.Many new accounts opened recently If you have recently been sanctioned multiple loans
and credit cards, then lenders will view your application with caution because this behavior
indicates your debt burden has increased increase, which will negatively impact your score.
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