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5 Unexpected Ways You Could Impact Your Credit Score

If you are looking at buying a house or investing in a property here are 5 things you need to look out for that could impact your credit score.

  1. Not updating your contact details –  if you forget to close a utility down after moving you will continue to incur bills. If you are unaware of this and the utility provider then asks you to pay back the debt owed it will impact your credit score. **Not to mention impact your ability to have services provided in the future and potentially even deny services.
  2. BNPL Buy now Pay Later services – People often forget that Buy Now Pay Later services are a form of credit. Money is being loaned out to the vendor, which you pay back in instalments. If you are late on payments or fail or need to go on to a repayment plan for your debt this can impact your credit score negatively.
  3. Late payments, not just on credit cards that impact your credit it can be utilities, rent, phone or loans that can impact. Just one late payment more than 30 days late can create an impact to your credit score.
  4. Closing a credit card –  Opening or closing credit cards too often can impact your credit score. Usually the impact to your score is minimal and can be recovered in a few months however opening and closing multiple cards at once can cause a dip in credit score.
  5. Making too many applications for credit – Making too many applications for loans and credit cards may impact your credit score as each lender will do a hard enquiry on your credit report.

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