These are 5 warning signs of credit score problems. Details here

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credit score problems. Being aware of these signs can help you take proactive steps to address any issues before they significantly impact your credit score. For instance, Ajay Sharma, a 32-old-year dentist, never misses his credit card or loan repayment.

But he has already used the 90 percent of his credit card limit of ₹10 lakh. This is a warning sign that indicates a poor credit score on his report. Late or missed payments: Regularly making late payments or missing payments altogether on credit cards, loans, or other bills is likely to have a negative impact on your credit score.

If you find yourself struggling to make payments on time, it’s vital to address the issue promptly. Maxing out credit cards: Carrying high balances on your credit cards, especially if they are close to the credit limit, can negatively affect your credit score. It’s generally recommended to keep your credit card balances below 30% of your available credit limit to maintain a healthy credit utilization ratio.

Applying for multiple credit accounts: Applying for multiple credit accounts within a short period can lower your credit score. Each application typically results in a hard inquiry on your credit report, which can temporarily decrease your score. If you notice a sudden increase in credit inquiries, it may be a warning sign that you're taking on too much debt or seeking credit due to financial difficulties.