If you have taken a credit card or think of applying for another one, the bank checks your credit score before issuing a credit loan or a credit card. There are many factors that can give you a bad credit score and reject your request for a credit card. In this infographic titled, “What Hurts Your Credit Score” you will read about the factors that can affect your credit score.
If you keep missing credit card payments, you might lose nearly forty five to sixty five on your credit score if it is bad. If your credit score is good then you will lose more points. Factors such as bankruptcy, foreclosure, missing even one credit card payment, debt settlement, maxing out a credit card, etc can affect the credit score. Especially, bankruptcy, affects the credit score to the max. Since most of the Americans have at least nine credit cards, most of them do not know their credit score.
If you keep taking loans and also keep applying for multiple credit cards, it can hurt your credit score adversely. Also, if you blow off all your money on bills and entertainment and have to close your account that too effects your credit score. Banking is one thing that most of the people avoid knowing about. [via]
Factors that explain a bad credit score.
Very few factors covered. Information not clearly described for a novice and people who know nothing about banking and credit cards.
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