Busting 5 Common Credit Score Myths You Need to Stop Believing

Myth 1: Checking Your Credit Score Lowers It

Fact: Checking your own credit score is a soft enquiry and has no negative impact.

Myth 2: Closing Credit Card Accounts Improves Your Credit Score

Fact: Closing cards can lower your score by reducing your history and increasing credit utilisation.

Myth 3: A Credit Score of 750 or Above Guarantees Personal Loan Approval

Fact: Lenders also consider factors such as your age, income, job stability, and existing debts.

Myth 4: A High Income Means a High Credit Score

Fact: Your credit score depends on repayment history, not your income level.

Myth 5: A Low Score Can’t Be Improved

Fact: Timely payments and keeping credit usage below 30% can gradually boost your score.

Have a 750+ Credit Score? Consider an SMFG India Credit Personal Loan

Check your eligibility and apply for personal loans of up to INR 30 lakhs* with minimal documents !

Apply Now

* Please note that this webstory is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us