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Discover the factors Serasa considers when calculating your score. Explore this article for more information!
Certainly, credit cards are one of the main payment methods used in the country and, with their frequent use, a question arises: can outstanding credit card debt lower your Serasa score?
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Here, it is important to emphasize that proper credit card use, with payments made on time, does not harm your score. In fact, it can benefit you, since Serasa uses your payment history as a criterion when calculating your score.
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Likewise, late credit card bill payments directly affect your score. As a result, you may receive fewer loan offers or lower credit limits. In addition, this is not the only factor Serasa analyzes when determining your score.
Keeping payments on time is vital for a good score
Serasa evaluates four aspects to determine your score. In this context, payment history is the first and most important factor, representing 55% of the score.
The second variable considered is your history of debts and outstanding obligations, which has a relevance of 33%. Thus, a late payment on your bill will be reflected both in this criterion and in the first one.
Finally, financial progress and the inquiries made using your CPF, such as loan, financing, or credit applications, each have 6% importance. Therefore, your debt may directly influence the services offered to you.
Negotiate your debt if necessary
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When someone is unable to pay a bill on time, it is advisable to contact the bank as soon as possible to discuss negotiation options.
Banks are usually willing to work with customers to find viable solutions for dealing with overdue bills. They may propose several alternatives, such as extending the payment deadline, splitting the debt into installments, reducing interest, or even renegotiating the total amount.
