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If you don't have a credit history, you will have a credit score
of -1. If you have a credit history of less than six months, your
credit score will be 0. Credit scores take time to build up and
usually it takes between 18 and 36 months of credit usage before
you get a decent credit score.
Factors that will reduce/affect my credit score:
1. Late/missing payments
Every time you miss a payment on a loan or are late in paying it
by more than 90days, an entry is added to your credit report and
stays there for seven years. This proves that you are not able to
handle existing debt obligations.
2. Increased spending on credit
An increase in spending on credit cards indicates that you are
not able to meet cash obligations and puts pressure on you for
repayments in the future. While some amount of spending on credit
cards is good, too much could be bad.
3. Large amounts of unsecured
Credit cards and personal loans are unsecured loans. While they
are the easiest to obtain, they are also the ones that have the
highest rates of interests. The larger the amount of unsecured
loans, the larger is the payment you have to make.
4. Credit Hungry behaviour
If you have made a lot of applications for loans, lenders will
look at you with caution. This behaviour shows that you are
suddenly taking on too much debt and may not be able to repay them
We, at CreditVidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.
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