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Credit cards and your financial future: How they impact your credit score and loans

  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. how-they-impact-your-credit-score-and-loans.html
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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Credit cards are a double-edged sword when it comes to your financial health. While they provide convenience, rewards, and a credit history, they can also significantly impact your credit score and loan eligibility. Understanding the connection between your credit card usage and your financial profile is essential for making informed decisions.
The article from Moneycontrol discusses the significant impact of credit cards on an individual's financial future, particularly focusing on how they affect credit scores and loan eligibility. Credit cards, when managed well, can help build a positive credit history by demonstrating responsible credit usage, timely payments, and maintaining a low credit utilization rate. Conversely, mismanagement such as late payments, maxing out credit limits, or defaulting on payments can severely damage one's credit score. A lower credit score can lead to higher interest rates on loans, reduced loan amounts, or even loan rejections. The article also highlights the importance of understanding credit card terms, keeping track of due dates, and not closing old credit card accounts to maintain a longer credit history, which positively influences credit scores. Additionally, it advises on the strategic use of credit cards to improve creditworthiness, like using them for small, regular purchases and paying off the balance in full each month.

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/personal-finance/credit-cards-and-your-financial-future-how-they-impact-your-credit-score-and-loans-12890889.html ]