CREDIT SCORE
HOW TO IMPROVE YOUR CREDIT SCORE
Published By Livemint | 31 Mar, 2023
CREDIT SCORE
Depicts a person’s ability to repay debt, ranges from 300-850
GOOD CREDIT SCORE
It is also known as CIBIL score. The value above 750 is considered very good
POOR CREDIT SCORE
Credit score below 300 is considered very poor
BENEFITS OF HIGH CIBIL
Faster loan approvals, high chances of getting lower interest rates
HOW TO ATTAIN CIBIL ABOVE 750
Obtain credit report from CIBIL and review it for any errors
BE PUNCTUAL
Pay your bills on time, can use automatic payments or reminders
CREDIT UTILISATION
Keep your credit utilisation below 30% of your credit
MIX OF CREDIT
Diversify your credit source by using credit card, personal loan, or home loan
Credit : Pexels
AVOID TOO MUCH CREDIT
Avoid multiple loans or credit cards in a short period of time
Credit : Pexels
PAYMENT HISTORY
Take credit to build your credit history for an improved CIBIL
Credit : Pexels
DON’T SHUT OLD ACCOUNTS
Don’t close old credit accounts with a long credit history to ensure better CIBIL
Credit : Pexels
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