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Top 10 Major Reasons For a Drop In Your Credit Score

A credit score is nfot just a number. It reflects your creditworthiness and determines your debt repayment capacity. A bad credit score can even lead to loan rejection. But, what causes a bad credit score? Have you ever wondered, u201cWhy my credit score dropped?u201d Today, we will address these questions and look at the top 10 reasons behind a credit score going down. But before that, let us first understand what a credit score is.

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Top 10 Major Reasons For a Drop In Your Credit Score

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  1. Top 10 Major Reasons For a Drop In Your Credit Score

  2. What does a credit score mean? It is a three-digit number that reflects your repayment capacity.

  3. 1 Key factors that adversely impact your credit score

  4. Avoiding EMI payments • Skipping your monthly dues lowers your credit score.

  5. Declaring yourself bankrupt • Bankruptcy reflects your poor financial condition.

  6. Credit utilisation rate • Exhausting your credit limit lowers your credit score.

  7. Too many applications • Multiple loan applications make you a hungry borrower while lowering your credit score.

  8. Credit score upgrade • The credit score drops when the lender fails to report the loan closure to the credit bureau.

  9. Joint loan • A joint loan implies that the primary applicant has a poor earning capacity.

  10. In addition to the above reasons, fraudulent loan applications, change in address, and opening of a new account also lower your credit history.

  11. Thank You Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Top 10 Reasons Why Your Credit Score Has Gone Down

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