Want to improve your credit score
but not sure how to do it. Here are seven steps for you to improve your credit
score:
1) Always have unsecured credit
in your loan portfolio. It is better to have a credit card in your loan
portfolio. Also important is to use the secured credit and pay on time. A
person who shows commitment on payment of unsecured credit gets higher score
than a person having secured credit
2) Always pay Rs.1 more than your
credit card due. This will make your credit card balance as negative and help
you have higher score
3) It is extremely important that
you never have any overdue in your loan accounts. Always ensure that all your
loans are paid on time.
4) Some credit bureaus use last
24 months credit performance for scoring. It is hence important that you keep
your recent credit history at least last 2 years credit history.
5) Do not apply for loans to
multiple financial institutions. As more and more credit grantors access your
credit history, your credit score falls
6) Never be a guarantor of a loan
unless you are sure that the person from whom you are giving guarantee will
fulfill his loan obligations. Please remember if the person for whom you have
given loan guarantee defaults, your credit score will go down.
7) Keeping on accessing your
credit report at least once in a year. If there is any error in your credit
report, you can get it rectified before it is too late.
No comments:
Post a Comment