Keep a check on your Credit Score

Let us look at the some of the points which we must keep in mind while regulating our credit score. A regular credit score check is must. :

• Default in terms of Repayment :

The credit score can be damaged in case of no -clearance of your liabilities. 

• Multiple inquiries made at one time can affect your credit score. They are thereby creating problems in loan processing.

• There is a specified parameter defined, which is called as the credit ratio. Excessive use of credit can affect the credit score. 

  • Ignoring your credit report

Regular update of credit report and credit score is a good factor Checking your credit score regularly can help remove errors and improve it.

• Avoid becoming the loan guarantor as you will have to reap the problems that may occur. 

• Closing an old credit card is not a good step. It will increase the credit utilization ratio and can negatively affect the credit score. 

Therefore, try and be careful while regulating your credit score. 

Continue Reading : Mistakes that can hurt your credit score