IDFC FIRST Bank
Do you own multiple credit cards?
If yes, you might be damaging your credit score. Know how
With multiple cards, the chances of missing repayments increases even if it’s just once. A missed payment damages the credit score adversely.
With multiple cards, your credit usage might increase. If it does, your credit score would be damaged as credit utilisation is an important factor.
Owning a single type of debt is bad for your credit mix. Owning multiple cards would hamper your credit mix as it is a single type of debt.
Every time you apply for a credit card, you are asking for new credit. Addition of new credit lowers your score as the credit risk increases.
A long credit history is good for credit score. However, when you get a new card, your credit history shortens and the credit score drops.