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Infographics : Reasons, why Your Credit Score Isn’t Improving

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Missing or unpaid loan EMIs and Credit Card bills are the common reason behind poor credit score. There are other reasons too which can affect your score. Understand them to improve your Credit Score. Learn More: http://www.banknomics.com/blog/infographics-reasons-credit-score-isnt-improving/

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Infographics : Reasons, why Your Credit Score Isn’t Improving

  1. 1. Not checking your Credit Score before applying for a Financial Product CHECK YOUR PAYMENT HISTORY check your payment history regularly. It has a 35% impact on your Credit Score CREDIT UTILIZATION RATIO Credit Utilization Ratio has an impact of about 30% on your score, most people tend to completely overlook it. AGE OF CREDIT LINES Age of credit is the average age of all your currently open loan and Credit Card accounts.The age of your credit lines has a 15% impact on your Credit Score. TOTAL ACCOUNTS The total count of your open and closed loans and Credit Card accounts also affect your Credit Score. This factor has a 10% impact on your Credit Score. CREDIT ENQUIRIES Make a note that when you inquire about your Credit Score it gets called a soft inquiry and that does not change your Credit Score.Keep in mind that hard inquiries have a 10% impact on your Credit Score. NEGATIVE STATUS ACCOUNTS The higher number of negative status accounts in your Credit Report, the more troubling the story gets for your Credit Score. People rarely check their score before submitting their application. Checking your Credit Report regularly is the best way to keep it free of errors. Reasons, Why Your Credit Score Isn’t Improving For more tips, check out www.banknomics.com http://www.banknomics.com/blog http://www.banknomics.com/credit-card http://www.banknomics.com/cibil

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