What makes your credit score impressionable?

credit score impressionable

When it comes to financial affairs, it is all about credit score. Go to a lender, credit card company, the insurance company, car seller, even to your employer, and they all ask you ‘what is your credit score’? Imagine a facet in money matters that do not talk about your credit rating. You will find none.

If the credit score is so important, don’t you think we should take good care of it? For that, we should also know the factors that can affect it. Whatever effect they have good or bad, you should always know about them.

Here are some of the factors that affect your credit score and make it act positively or negatively.

Opening new accounts FREQUENTLY 

Only a slight fall happens in your credit record when you open a bank account, but that recovers in a short time. In case, you open accounts frequently, you may not only face a degrade in credit rating but also the recovery may take time.

Another concern on the bank accounts is, always close the accounts that you do not use. They severely affect your credit score as well as creditworthiness. 

Types of credit 

The credit types are as versatile as our financial needs. For a car, we need a specific loan, to buy a home, we need a home loan, for daily expenses we need credit cards, for any crisis we need a personal loan. This variety affects your credit report and in turn, your score.

It is not wrong to have a credit in your name. However, the type can affect. For example – having several credit cards shows you a bit spendthrift in financial behaviour. But with a credit card, if you have a home loan or car loan or any personal loan, it gives a good impression.

In case of more number of cards and that too with pending payments, you rating may go down. If you want to borrow funds, you may need to ask Google – where to get a loan in Ireland with bad credit? Keep a balance in your types of credits, pay them on time, and you may not require to ask this question.

Of course! Payment history 

It is one of the most influential factors to keep your credit score impressionable. If your payment history is about timely repayments, the credit rating is sure to go up, up and only up. If it is disturbed by the late instalments, penalties, etc., trouble may start arising.

Occasional delay in payments may leave space for the revival of your credit rating. Repeated missed, or delayed fees can bring a drastic fall in the score. That leaves a long-term impact, and it may take time to get a boost in credit score performance. 

Your registration on the electoral roll

It is always necessary to get registered on the electoral roll. It is a government document and also being a responsible native of a country, your name should exist there. This place gives you recognition. Most of the finance companies and also the credit reference agencies check your name there. Those who are not registered there are always considered irresponsible. 

Another aspect of this part is, even if you are registered but have not updated the latest address, it can be a big mistake. Keep your current residential address updated in the electoral roll. It prevents incidents of fraud, but some other person may do any financial fraud from your old address. That may get recorded in your name if you have not updated the latest details of where you do live now.  

Age of your oldest credit account 

It is an interesting factor. Having a credit account that is quite old, leaves a good impact on your credit rating. That shows you have a good experience in handling credit. If a finance company checks your credit report, old credit accounts give a type of assurance that you can handle a financial obligation.

Due to favour for the long years of credit account, people want to remove their ‘no credit history’ tag. That makes them less creditworthy.  


The above elements are always there to affect your credit score negatively and positively. Work hard on them and be the winner of your financial life

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