Credit Composition
Having a diverse portfolio of credit accounts, which might include car loan, credit card, housing loan or other credit products can lead to a positive impact on Credit Score as it is indictive of how well you are managing a wide range of credit products.
Payment history is
one of the most important factors that affect your Credit Score.
Missed payments,
partial payments or irregular payment of your outstanding dues can lead
to deterioration of Credit Score.
Credit utilization
gives a snapshot of how much you are using your assigned credit limits
Over utilization
of credit limits might have a negative impact on your Credit Score.
Number of credit
accounts opened recently, and the number of inquiries lenders make when
you apply for credit can indicate an increased risk & might affect
your Credit Score negatively.
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