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Low Credit Score: Future Repercussions

A low or a high credit score will depend on several factors that alter your credit report. However, among these factors there are five that can be considered the most important ones: Credit History (Missed and Late Payments or Timely Payments), Length of Your Credit History, Overall Outstanding Debt, Types, Lines of Credit and Recent Credit Pulls.

The timing when it comes to repayment is essential. It is very important to keep all your debts at day. Otherwise, your credit score will suffer greatly. Nothing will happen if you pay late a bill once, but if you make it customary to pay your bills late, your credit history will include this fact and therefore, it will drop dramatically. It is always better to ask the financial institution to change your due date so you can pay on time. If late payments are a negative influence to it, missed payments are worse. A single missed payment drops your score almost immediately and continued missed payments lead to default and bankruptcy which can ruin your credit.

The amount of debt you have accumulated will affect it. If it surpasses your assets too much or if it implies that your income is heavily compromised, it will lower your credit score. Also it’s best if your debt is not due in a short period of time but spread over many years. That way, your debt exposure won’t be affected. If you have this problem, you can solve it by refinancing or consolidating your debt.

Too many open accounts and lines of credit will affect your score negatively, but the type of account is also important. It’s not the same to have a checking account with a small balance than ten lines of credit with high balances. High number of open accounts with high balances is the worst combination that you can imagine if you want to keep a good credit score. Recent credit inquiries will also affect your score negatively if there are too many of them. If you apply for a bad credit loan and get declined, don’t try again right away. Take your time and try to improve your score. And only after a while you should try and apply again


A Low Credit Score can hamper your market credibility which will, in turn, further lower your credit score. It is therefore advisable to maintain a decent credit score by paying off debts in time.