The answer option which can have a negative impact on your credit score is: 3) applying for multiple credit cards in a short period of time (e.g., a week).
A credit score refers to a numerical expression between 300 to 850, that typically represents an individual's financial history and credit worthiness.
This ultimately implies that, the higher your credit score, the higher and better it is to obtain a credit (money) from a potential lender.
Generally, the ratings of a credit score by FICO include the following;
- A credit score ranging from 670 to 739 is considered to be a good credit score.
- A credit score of 740 to 799 is better.
- A credit score of 800 to 850 is considered to be excellent.
Generally, the best ways to improve your credit score are;
1. You should ensure you don't pay less than the minimum amount due.
2. You should ensure you pay your bills on time or as at when due.
3. You shouldn't move credit card debt around.
4. You should pay down balances on your credit card accounts.
However, when you apply for multiple credit cards in a short period of time (e.g., a week), it is most likely to have a negative impact on your credit score.
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