Check credit report: to

know What can lower your

Credit Score

By:

It is important to check credit report to avoid raising your borrowing costs or even experience delays in making a major purchase.

Things that can lower your credit score:

# Getting too many credit cards

Having access to all of them may reflect to potential creditors as an incapability to repay a new obligation. Having only one credit card that also has a very low balance relative to the credit limit is very helpful to your credit score.

# Late Payment

Not paying your bills on time can cause cancellation of your card. Consider paying bills as one of your important obligations. Once or twice late payment may not particularly cause damage to your record but making a habit of it will surely count against you.

# Not paying the required minimum amount

not paying the required minimum amount will cause you late fees or even additional interest charges. Better pay the required minimum amount to avoid a bad record when you check credit report.

# Not paying attention to your debt levels

Exceeding to your credit limit can hinder you of an approval for potential creditors.

# Not updating creditors of change of address or change of names

Not telling your creditors about your changed address can bring you the risk of not receiving bills on time and result to late payments with additional charges.

Failure to update them with a name change can result in your credit report not accurately reflecting the credit you’ve worked to build.

Check credit report regularly and don’t fail in updating them with these kinds of changes.

Source: http://www.newhorizon.org/credit-info/check-credit-report-can-lower-credit-score/

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