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Detailed explanation-1: -Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.

Detailed explanation-2: -While paying off your debts often helps improve your credit scores, this isn’t always the case. It’s possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. However, that doesn’t mean you should ignore what you owe.

Detailed explanation-3: -If you use a service that does report to the credit bureaus, your payments will affect your credit score. Generally speaking, on-time payments will help your credit score, while late payments may cause your credit score to drop.

Detailed explanation-4: -Only those monthly payments that are reported to the three national credit bureaus (Equifax, Experian and TransUnion) can do that. Typically, your car, mortgage and credit card payments count toward your credit score, while bills that charge you for a service or utility typically don’t.

Detailed explanation-5: -always make your payments on time. make at least the minimum payment if you can’t pay the full amount that you owe. contact the lender right away if you think you’ll have trouble paying a bill. don’t skip a payment even if a bill is in dispute. 13-Jan-2023