Highlights:
- Credit Bureaus – The Agencies That Identify Your Financial Worth in Numbers
- 10 Best Strategies You Can Follow to Help Increase Your Credit Score
Factors Affecting Credit Score
A strong credit score is a boon to have, as it influences an individual's ability to secure loans and other credit lines at favourable interest rates. The three primary factors that significantly impact credit scores:
1. Repayment History: Your repayment history carries significant weight in determining your credit score. Timely payments reflect well on your score, whereas, a history of defaulting or delayed payments will very likely bring your score down.
2. Income and Employment Stability: Having stable sources of income secures your capacity to repay debt obligations and thereby, makes you more creditworthy.
3. Debt-to-Income Ratio: A lower debt-to-income ratio is generally more favourable for your credit score.
Effective Strategies to Adopt to Boost Credit Scores
1. Timely Repayments:
Ensure the punctual settlement of credit card bills and loan EMIs to showcase responsible financial repayment patterns.
2. Routine Credit Report Reviews:
Inspect your credit report regularly for inaccuracies and dispute any discrepancies to maintain an authentic portrayal of your creditworthiness.
4. Credit Variety:
Include a variety of credit types, such as credit cards, secured and unsecured loans to present a well-rounded credit history, positively impacting your credit score.
5. Debt Reduction Strategies:
Work towards reducing outstanding debts to enhance your debt-to-income ratio and refine your overall financial profile.
6. Mindful Credit Applications:
Restrict new credit applications, as multiple inquiries within a brief period can temporarily influence your credit score negatively.
*Terms and conditions apply.
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