Hello everyone, Today i will tell you that how your cibil score get affected. So that your credit score can't affect, and you can maintain your credit score easily. I would say that must check your credit score every month and also check that how getting affected. I have already explained everything about it, if you don't know how to check credit score, Click here to read about this.
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I know, that every person don't know that how can to check credit score, how to increase credit score and also about why credit score goes down. He takes credit card, loans or make BNPL Account just for helpful reasons so that he can buy anything when he doesn't have cash or balance in bank account and he can pay after sometimes. I know this is helpful for everyone in this generation but also you should understand that how to use it perfectly without affected your credit score.
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So i thought that you should knows about it so that you don't do any of these mistakes while using your credit card, BNPL Account, Loans and can maintain a good credit score like a professionals. So let's get started.
Mistakes That Affect Your Cibil Score.
- Credit Utilization : While you're using your credit card or BNPL Account then, using more than 30% to 50% of your credit limit.
- Payment History : When you don't do on time payment or missed any payments of any loans, EMI, credit cards and BNPL Accounts.
- New Credit : When you apply for loans, credit cards and BNPL Accounts multiple times (places) in short period.
- Account Closure : When you close any old credit card or BNPL Account for permanently.
- Credit Deduction : When lender decrease your credit limit.
What Will Be If You Have Done Any Of This?
As we know, your all credit history, behavior, limit and utilization report goes to cibil at the end of month and then your credit score impact. If you'll do anyone this from above then cibil will deduct some points from your credit score and if you don't do anything then no negative impact on your credit score. If you will don't do all of these then your credit score will increase day by day and you can build a good credit score.
How Much Enquiry We Can Do Without Loosing Credit Score?
More than 4 enquiries within 15 days can be a hard enquiry and a hard enquiry can affect your cibil score by upto 10 points. So always remember this before doing any enquiry for any type of loans, credit cards or BNPL accounts.
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Conclusion : In this post, I have shared that how your your cibil score can get affected negatively. hope this post proved helpful for you. If you have any other questions or need any helpful suggestions, please comment below. I'll be thankful to help you.
What Can Affect Your Cibil Score?
If you'll don't do on time payment, and apply for loans, credit cards and BNPL Accounts multiple times in short period. All of this can affect your credit score negatively so don't do this.
How Much Points Will Be Deducted In a Single Hard Enquiry?
I have already told about this,that a hard enquiry can affect your cibil score by upto 10 points.
How To Increase Credit Score?
If you want to increase your credit score then use between 30% - 50% of your credit limit, Pay Bills On Time, Don't Apply For Multiple Loans,Credit Cards, BNPL Accounts In Short Period. Also don't close old credit accounts without a new credit account with higher credit limit than older.
How To Check Credit Score For Free?
I have already told about this in my previous post, you can checkout that post for detailed information.