Factors such as total debt, repayment history, credit utilization, credit type and total credit accounts determine one’s credit score. NO LOAN MEANS GOOD CREDIT SCORENot true at all, because no loan means you do not have a credit history. MULTIPLE LOANS MEANS LOWER CREDIT SCOREThere’s a thin line here because multiple loans could imply you are credit hungry and multiple credit inquiries can have a negative influence on your credit score. “If your credit utilization is low and if you are able to make all repayments on time, then your credit score need not fall," said Shetty. MULTIPLE CREDIT CARDS MEANS BETTER CREDIT SCOREUnderstand that too many credit cards means having a higher availability of credit and consequently lower utilization.

Source: Mint June 01, 2020 07:30 UTC