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What Are The Myths About Credit Score? - YouTube
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hi everybody there are opponents of
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information available on the internet
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but not everything that you read is true
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due to lack of knowledge there are many
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myths about grad school and rupa that
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keeps spreading however believing in the
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myths can lead you to trouble at times
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therefore here are seven myths about
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grad school and report
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first point
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checking your own credit report hurts
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your skill
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is that so not really
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checking your own credit report does not
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hurt your score in fact all the full
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media credit bureaus in india provide
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with one year free subscription to
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access your credit score and report you
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can also purchase it for monthly half
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yearly and yearly it's a good habit to
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keep a track on your credit score and
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report at regular intervals say once in
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every 6 to 12 months it will give you a
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reality check and gives a scope to
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improve your financial behavior if
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required
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second point settlement of credit
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account does not affect your credit
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score
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when you do a settlement you'll
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obviously get unknown use certificate
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and a full and final segment letter but
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that does not mean it has no effect on
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your credit score
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settlement on any credit account drops
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your credit score drastically and you'll
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not be eligible for any kind of a loan
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in the future for more details about
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settlement click the link in the
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description and watch the complete video
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third point
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delaying your monthly views by one or
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two days does not affect your credit
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score
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delaying your payments on your credit
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card and loan dues
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by any number of days can adversely
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affect your credit score the lenders
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send their customers payment history to
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the creditors on a regular basis so
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any number of days that the payment is
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delayed is recorded in your credit
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report and your credit score drops
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fourth point your savings account and a
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good balance improves your credit score
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last week i was reading a blog in the
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blog it was mentioned that keeping a
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good balance of rupees 5 lakhs in your
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savings upon every month improves your
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credit score how was that possible
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the grand views record only those
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informations that are related to
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all types of credit accounts that you
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have taken from the banks and nbfcs
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so
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know where your credit score improves
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with regards to your savings account and
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a good balance
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fifth point your credit score gets
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refreshed every three years every three
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years your credit score gets refreshed
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but what does that exactly mean it means
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that your payment history will be shown
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only for the last three years it does
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not mean you like to start your credit
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score from zero
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and all your credit accounts gets
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removed
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even if you haven't paid any of your
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credit account for more than 10 years
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that account will still be reflecting in
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your credit report it's just that your
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payment history will be shown for the
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last three years
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sixth point
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credit score is the only factor that
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helps the lenders lend you credit no
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guys credit score is not the only factor
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that helps the lenders determine your
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credit worthiness there are other
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factors along with credit score that the
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creditors consider while providing you a
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credit such as
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your existing obligation against net
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income which is also called as fixed
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obligation income ratio the company
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where you're working for whether listed
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or not listed number of enquiries in the
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last couple of months
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any check bounces in the last 12 months
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and your financial behavior with the
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creditor that you applied for
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seven point any delayed payments on
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utility bills lowers your credit score
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any checkboxes that is not related to
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your loan and credit card account has no
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impact on your credit score so the
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utility bills such as portable
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electricity telephone but etc has
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nothing to do with your credit score
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guys if you find this video to be useful
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please like my video subscribe and click
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on the bell icon for now i'm signing off
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take care be safe
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