Are Common Misconceptions Influencing Your Credit Score? A Step By Step Analysis

Are Common Misconceptions Influencing Your Credit Score? A Step By Step Analysis © Clix Capital Services Pvt. Ltd. All rights reserved.

How to check your credit score Are you believing what is not true? Well, when you comprehend wrong, you end up with false information and you tend to harm your credit health. There are rumors around that disrupt your score.

You need to make sure that you clear out all the doubts and then go for the right steps to clear Experian credit score doubts.

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A low credit score permanently damages your score Not using your open credit card can impact your credit score: This is subject to a variety of factors which includes whether you have created a balance on the credit card. If it is paid off, then it leads to a decrease of debt to credit ratio which is a good thing towards a good credit score. Using your credit card for small purchases and then repaying the balance in full every month will create a positive payment record and also keep the card active.

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Why check my credit score?

Having a small balance on your credit card is a good thing: This can affect you in two ways, firstly, you will have to pay a high rate of interest on the cards and the fee you pay to borrow money. Secondly, If you fail to make monthly repayment, your debt to credit ratio will keep increasing. This will lead to a burden and your credit card loan will become a burden with added interest. Learn How to calculate business loan by using business loan calculator .

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How to improve your credit score?

Application of a new credit card will not harm your credit score: A new credit card application will generate a hard inquiry on your credit score report, which will impact the credit score. It is important to note that you should apply for a credit card only when you need it. It is good to have just one credit card for all your small needs.

Make sure you are not applying for multiple credit cards.

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