The importance of credit score as one of the factors that determines an individual’s creditworthiness is widely known. Therefore, it is necessary to know the factors that affect credit score and focus on correcting them.
what affects your credit score, the most
Credit score inquiry
Individuals should know what their credit score is. No matter how many times they try to do this, it will not affect the credit score. It is the various requests for credit that affect the credit score. Not the requests to know the credit score.
Check stop
If, for any reason, you request the bank to hold the amount after issuing a check, or if the check is returned undelivered, it will not affect your credit score. This does not apply to checks issued in monthly installments.
Debit card
Using a credit card wisely can have a positive impact on your credit score, while poor usage can have a negative impact. However, since debit card usage does not count as credit, managing it effectively is not as effective.
Credit counseling
Actions such as seeking debt counseling when debt burden increases or to improve debt management will not affect your credit score. On the contrary, seeking professional debt counseling will help you handle financial matters more effectively.
Interest rate
Similarly, factors such as rising interest rates on loans, bank account inactivity, income increases, and divorce do not affect the credit score. A person’s age, gender, and location are also not taken into account.
About The Author
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