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5 Key Tips to Maintain a Healthy Credit Score and Avoid Costly Mistakes
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5 Key Tips to Maintain a Healthy Credit Score and Avoid Costly Mistakes

A low credit score can lead to higher interest rates and loan rejections. Learn the reasons behind sudden drops in credit scores, how they can impact your financial health, and ways to maintain a healthy credit score. Reasons for a drop include missed payments, high credit utilization, multiple credit inquiries, and inaccuracies in credit reports. Banks use these scores to assess the risk of lending money. A score above 750 is considered good, while a score below 600 is seen as risky, resulting in higher interest rates and difficulty in obtaining loans. To avoid drops, ensure timely payments, keep credit utilization low, check credit reports regularly for errors, and avoid frequent credit applications. Understanding these factors can help you manage your credit score effectively.

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