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6 Ways You Are Hurting Your Credit Score Without Knowing
  • admin
  • July 20, 2022

6 Ways You Are Hurting Your Credit Score Without Knowing

A credit score is an essential consideration of financial health, and every individual ensures informed money and credit card usage to maintain the bare minimum balance. However, certain things impact credit profiles that you may not be familiar with.

A low credit score impacts Ireland's prospects of securing legit loans for bad credit. Yes, sometimes, you may struggle to qualify for low credit score loans in Ireland. Credit management is all about remaining responsible with spending and borrowings. It is all in vain if you pay the loans timely and spend like there is no tomorrow.

Everyone knows it is essential to pay off debts, not to borrow aimlessly, avoid high-interest traps, etc., but still err. There is more to know on the plate.

If you are confused about your constantly falling credit score and unable to figure out the potential causes, the blog is just for you.

Are any of these aspects impacting your credit approval rate?

You may not know specific parameters impacting your credit score, but you share a little control. Acting may help improve your credit score. Knowing this, you may rectify and optimise your profile and contact reliable loan agencies in Ireland.

Some parameters are not apparent. The list will help you gauge these. Check here!

1)      Pending Utility Bills

Many individuals are unaware that pending electricity, water, and subscription bills impact their credit scores. While conducting a detailed scanning, credit agencies and lenders may encounter these. It may not wholly impact the lending chances but impacts the credit score. Credit companies report delinquencies, and this lowers the credit score.

2)      Multiple loan applications

Sometimes, when seeking loans, individuals apply for loans with multiple lenders, a blunder that one commits. If you apply for multiple lenders in a short time frame, it downgrades your chances of qualifying for a loan.

While scanning your credit profile, the lender examines every aspect- from pending loans to current activities. Too many loan applications and pre-qualifications may negatively impact the lender, and he may deny the loan approval owing to casual financial behaviour.

So, it is essential to limit the applications, especially if applying for personal loans, mortgages, student loans or car finance. These are high-interest and long-term loans, and qualifying for these loans requires a solid and good credit score.

3)      Cancelling Zero-balance credit cards

Remember- before cancelling a credit card, pay down the remaining balance first. A credit card debt is high-interest debt, and non-repayment can affect the credit score. Thus, it is advisable to keep your zero balance cards working. Please do not close it until it is essential. Closing the account forever decreases the credit earned, credit utilization ratio, and balance-to-limit ratio. Closing a zero-balance card might impact your credit score by 12 points.

On the contrary, if you maintain the cards well, you may encounter a quick jump of 10 points in the same. A zero balance on your credit card is better than losing them forever, implying you may have to use these for more than catering, just emergencies.

4)      Making less than minimum payment on the loan

You must have witnessed that lenders generally desire minimal repayment. It is generally true in the case of legit loans for bad credit in Ireland. In these loans, the lenders share the risk of losing the borrower's money. Your payment history accounts for 35% of the total credit score.

So, avoid making less than what you can make on loans. Interest rates are variable on some loans. Missing on repayments or paying a minimal amount every time may impact your credit score drastically. If you applied for a short-term loan with massive repayments, split them. Contact your lender immediately if you face struggles making payments on the loan.

Some lenders offer relief programs to borrowers. Mycreditbucks, work with the borrower to analyse the challenges and revise the loan agreement terms. However, it is an extreme possibility. But, we do consider revising the repayments or extending the loan repayment term. It helps shoulder -off additional financial troubles that a borrower face.

5)      Unrectified delinquencies in the credit report

Often, an individual forgets to analyse and slashes off the paid debts on the credit report. These impact credit scores drastically.

If there are debts like student loans, mortgages, home loans, bad credit business, loans, etc., that you paid already. Get them off the credit report. It will help you optimise your credit score and improve your profile by good points.

Sometimes, people with joint or similar names find other people's information in their files. The creditors might issue a loan mistakenly in your name. Thus, it is ideal for checking the credit report once a month. You can check it free online. You can check your credit report for free using multiple applications.

Avoid making this mistake unless you want to pay someone else's debt in your name.

  • Missing accounts on credit report

It is also important apart from figuring out your delinquencies and duplicities in the credit report. Sometimes, the main problem is not what your credit report says but what it misses. For example, if you share the pristine record of paying off your mortgage early than the dedicated time.

It missed the credit book. In opposition, a series of debts reflect you as an irresponsible borrower. How is that justified? Analyse and improvise on all your monthly debts. Make a list every month. When you pay off a debt, get it chopped off from the credit report on that day.

Ask the lenders to report this to credit authorities. Or, if he does not heed to that, change your creditor. There is no point in paying if it has to go missing from your credit profile.Be aware of your borrowings and pay them on time.

.Before contacting loan agencies in Ireland for an urgent loan, check your credit report. his will help you avoid rejection and maintain your credit score.


Many more hidden things impact your credit score, and it is all about considering your financial situation and making informed credit decisions. The best way to protect your credit score is by knowing how the lender calculates it and improving those aspects.

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