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Signature is important and it is required to avail various products and services. To upload your signature
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Apply NowYour credit score reflects your financial behaviour and plays a significant role in your ability to secure critical funding, if required, in the future. Understanding different factors and their weightage on the credit report can help you adopt best practices to keep your credit score healthy. However, if you find that your credit scores keep dropping for no prominent reason, you need to find the cause and take remedial action.
Here are some reasons that can hurt your credit score.
Credit utilisation is the amount of credit used vis-à-vis the total credit available to you across all lenders. If you have made large purchases in the recent past or have high outstanding credit card debt, it will hurt your credit score. Ideally, you should aim to keep your credit utilisation below 30%.
Closing old unused credit cards may seem a good move from a spending perspective; however, it will increase your credit utilisation ratio and may also affect the length of your credit history – both of which will have an adverse impact on your credit standing.
Credit mix refers to the different types of credit lines you have. In addition to credit cards, it includes personal loans, mortgages, auto loans, education loans, etc. These also reflect a mix of revolving and fixed credit, as would be the case with credit card dues and a home loan. Credit mix accounts for 30% of the score, and even though having a homogenous credit profile doesn’t reduce your score, it takes more time to build it.
Some people wonder ‘why does my credit score randomly fluctuate?’ It could very well be due to a lot of credit card applications in a short span of time or checking your credit score too frequently. Enquiries account for 10% of your CIBIL score, and every time a financial institution pulls your report for an application, your score takes a hit.
Incorrect reporting by a lender to the credit bureaus can also impact your credit score. Do make it a point to verify information when you check your report. If there is any discrepancy, report it to all credit bureaus immediately.
If your credit score keeps dropping for no reason despite no issues from your end, you may want to investigate the possibility of identity theft. If someone has access to your PAN and Aadhaar details, they could be defrauding small digital lenders while ruining your credentials.
Your credit card is one of the best tools to make quick amends if your score is not at desirable levels. IDFC FIRST Bank’s credit cards give you complete control over your spending and allow you to manage large purchases with super saver EMIs.
The right credit card can make all the difference. Build your creditworthiness with IDFC FIRST Bank credit cards!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.