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Old 09-16-2017, 02:04 AM
Jovanny Jovanny is offline
Join Date: Aug 2016
Posts: 70
Default Re: What is your credit score?

Hope this helps - Credit Do's And Dont's
Greater Central Texas Federal Credit Union
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Old 12-28-2017, 01:59 AM
Hina Williams Hina Williams is offline
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Join Date: Nov 2017
Location: Bangalore
Posts: 4
Default Re: What is your credit score?

Credit Score is actually a numerical expression of an individualís creditworthiness. Having a good credit score and maintaining it is really important these days. It moves up or down depending on how you manage your credit cards and loans among other things.

Here are some simple ways to improve your credit score:
  • Repayment History: Your timely repayment history matters! Don't be late in your EMIs and dues settlement, it will lead to a poor Credit Score. Reach out to your lender for any pending payments and settle them out before its too late.
  • Pay Your Credit Bills On Time: Always settle your credit card dues before the due date. Late card payments not just impact your credit history, you also end up paying a hefty interest rate.
  • Your Credit Utilisation: A high credit use ratio has a high impact on your score. You should aim to keep it at around 20-30% at best, and split your card spending between multiple Credit and Debit Cards. If you have a low spending limit, ask your card provider for more, so your credit use ratio lowers proportionately.
  • Maintain Old Credit Card & Loan Accounts: Have long-term credit accounts? Its actually good, it shows youíve taken care of those accounts well over a long period of time by repaying your dues in a timely manner. Which actually reflects positively on your Credit Score.
  • Donít Apply For Loans & Credit Cards Frequently: Avoid applying for too many credit products unless you really need them, it makes your look cred-hungry. This will impact your Credit Score moderately.
  • Check For Errors: Sometimes incorrect data shared leads you to poor credit score. If errors are detected, they should be highlighted to the credit information agency as per their reporting process.
  • Donít Avoid Credit: Your Credit Score is actually based on how you have maintained your loans and credit cards, so don't avoid. If you avoid them, you wonít have a history.

Last but not the least, having a bad credit score is no disaster. Maintain your credit payments punctually and it will give immediate good impact on your Credit Score.

And donít wait till you apply for a loan to know what your Credit Score is. Download the BankBazaar App & check your Credit Score for free today!

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