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Want a Better credit score? Here's how to get it

A high or good credit score increases the chance of getting a loan and a low score means a completely ruined chance of getting a loan. A low credit score means people with more trust issues, and banks prefer giving loans to people who are having clear records and have something to trust with money. Then the low score also means higher interest rates, this means you should improve your credit score.

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Want a Better credit score? Here's how to get it

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  1. Want a Better credit score? Here's how to get it

  2. Needless to say, that is how important a credit score is whenever you apply for a loan or credit card. This three-digit number is an imperative part that divulges the creditworthiness of an individual in front of banks and financial institutions from where they have to apply for a loan. Having a good credit score is important and is calculated using your credit history. It contains all the info related to your payment history, dues, loans, etc. after calculating all this the loan decision is made by the institution. • A high or good credit score increases the chance of getting a loan and a low score means a completely ruined chance of getting a loan. A low credit score means people with more trust issues, and banks prefer giving loans to people who are having clear records and have something to trust with money. Then the low score also means higher interest rates, this means you should improve your credit score.

  3. Let’s know some of the different ways of improving your credit scoring system. • Always stay updated with the credit report: This is one of the most important things that you should do to improve your credit report. This will help you in identifying the errors and then rectifying them immediately. A credit report helps in calculating the score available based on the information mentioned in the report. It is important for you to ensure that the report is flawless. • Pay outstanding bills immediately: Credit scores can be improved by paying the outstanding bills immediately. Your scorecard can be improved a bit with this. You need to have a clear history when calculating the credit score because the history of delayed payments and a low score will put a negative impact. If you in case forget to pay the bill then better to put some alarm or alerts that will remind you of the payment. You can improve the score by avoiding the payment of the minimum due, try keeping the outstanding amount low.

  4. Your dependency on credit money: It is also one of the important factors to consider while calculating the credit score. This reflects your dependency on credit money and your own. Try keeping the credit utilization lesser than 30% and this stands every time with one card or multiple cardholders making payments in a month. These are a few ways to ensure you have an improved credit score.

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