building credit score Tag

Modern life invariably involves us having to borrow money, whether it is our credit card, an overdraft facility, a car loan, or a mortgage; debt is, for most of us, a fact of life. So much so that debt management is one of the most requested services that financial advisors and financial planning companies get asked for.

Being able to obtain credit is something that many of us take for granted and assume that because we have never gone overdrawn at the bank and have kept up repayments on any credit we have, we will never be refused. While both will help, they are not the only factors determining your credit score.

Several elements are used to calculate your credit score, and it is often only when someone is refused credit that they then, for the first time, make inquiries about their own credit rating. When they do, they are often shocked that their credit score is lower than what it should have been due to actions they have taken that have adversely affected it. Here are some of those actions that you should avoid to protect your own credit score.

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