Those receiving finance or credit from any lender will find that it shows on their credit score. A credit score is a numerical measure of your financial security and responsibility. Credit scores are impacted positively long-term when an individual demonstrates their ability to make payments and repayments on time. This includes the regular payment of direct debits, bills and repayments on loans or other credit facilities.
Increasing the amount of borrowed money you have makes it less likely you will be accepted for additional credit facilities during the term of a loan. Still, long-term, the impact it has on your credit score is positive, provided it’s paid back on time and in full.
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