Credit Score: 7 effective steps to follow to maintain good credit history
9 months, 2 weeks ago

Credit Score: 7 effective steps to follow to maintain good credit history

Live Mint  

By following responsible financial habits, you can build and maintain a strong credit history, which will open doors to better loan terms, lower interest rates, and greater financial opportunities in the future. One can take a number of steps which include paying bills on time, keeping credit card balances low, keeping track of credit score and opting for secured credit card. Keep credit card balances low: Maintaining low credit card balances relative to your credit limit can positively impact your credit score. Keep old accounts open: Closing old credit card accounts can shorten your credit history and reduce the average age of your accounts, thus lowering your credit score. Maintaining low credit card balances relative to your credit limit is likely to impact your credit score positively.

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History of this topic

What affects your CIBIL score? 10 key factors you need to know
4 days, 20 hours ago

What affects your CIBIL score? 10 key factors you need to know

Live Mint  

When you apply for a loan or a credit card, banks check several factors to approve your request. Banks check CIBIL scores to determine the terms of the loans and approve your request for a loan or a credit card. A high CIBIL score will help you get your loan and credit card requests with better interest rates. Top 10 …

Credit Cards: How do they affect your credit score and loan eligibility?
2 weeks, 3 days ago

Credit Cards: How do they affect your credit score and loan eligibility?

Live Mint  

Credit cards are a great way to save smartly on your transactions and earn exclusive rewards and discounts on your favourite brands. Credit cards may affect your credit history and also impact your credit score as well as your future loans. Aim to utilise only 30-40% of your credit limit to maintain a low credit utilisation ratio, which is vital …

Credit Score: How to build a strong credit history from scratch? 4 key tips
2 weeks, 6 days ago

Credit Score: How to build a strong credit history from scratch? 4 key tips

Live Mint  

Are you someone who is planning to start their credit journey? In general, such applicants may be given simplest forms of credit, for example, low limit credit cards or low amount secured loans. Nevertheless, first-time borrowers usually face difficulties obtaining premium credit cards or favorable loan offers. Tips on how you can build credit score from scratch Use secured credit …

How to build good credit as a student? Here are 5 key ways
2 weeks, 6 days ago

How to build good credit as a student? Here are 5 key ways

Live Mint  

As a student, managing finances can become tough sometimes. A healthy credit score also helps you get your desired credit cards with a high spending limit and exclusive deals. Apply for a student credit card A student credit card is one of the best ways for you to create your credit history. Use education loan wisely An education loan is …

Want better credit score? Here are 7 key tips to help you get there
3 weeks ago

Want better credit score? Here are 7 key tips to help you get there

Live Mint  

To be considered eligible for any financial need like home loans and credit cards, one has to have an elevated credit score. A better loan offer and financial option lies ahead with a better score, which means lesser risk, as lenders use your credit score to determine your ability to repay a loan. You could damage your credit score if …

Bad credit score holding you back? 4 proven tips to boost your rating
3 weeks, 5 days ago

Bad credit score holding you back? 4 proven tips to boost your rating

Live Mint  

Your credit score is extremely crucial when it comes to determining your eligibility for borrowing funds. Lenders usually do not prefer granting loans to individuals with a low credit score as it increases the risk of getting their money back on time especially in the case of an unsecured loan. CIBIL Score Range Rating 300-500 Poor 550-600 Average 650-750 Good …

How to maintain a high credit score: 7 tips for financial stability
4 weeks ago

How to maintain a high credit score: 7 tips for financial stability

Live Mint  

Your credit score determines a lot, from low interest on loans to premium credit cards. Conversely, a low credit score may lead to paying a higher rate of interest, getting a small amount to borrow, or even denial of loans. Since secured loans pose less risk to lenders, they are actually indicative of financial responsibility, and any diversification, therefore, preserves …

Want a good credit score? Here are 8 key factors you must know
4 weeks ago

Want a good credit score? Here are 8 key factors you must know

Live Mint  

Credit score is an important financial metric that represents your credit worthiness. Understanding credit score Credit score is a numerical value representing one’s ability to manage loans or borrowed funds alongside interest. Payment history: The ability to repay the loans and credit card payments on time, is one of the biggest factors determining credit score. If any information such as …

Why is your credit score important and how will it impact your future?
Trending News
4 weeks ago

Why is your credit score important and how will it impact your future?

Live Mint  

Your credit score is an important number that influences every aspect of your life financially. A high credit score tells lenders that you are not very much of a risk, which translates to more favourable loan terms and lower interest rates. Loan limits: A good credit score can also mean a higher amount to be loaned, helping you access more …

Why isn’t your credit score improving despite clearing dues on time?
4 weeks ago

Why isn’t your credit score improving despite clearing dues on time?

Live Mint  

A frequent credit card user must know that a good credit score is a key factor in determining your creditworthiness. However, paying your credit card dues on time does not guarantee a good credit score. A low credit utilisation score indicates poor credit usage habits and a high credit utilisation score signals high debt, which may reduce the chances of …

What is a credit score and ways to maintain a good score?
1 month ago

What is a credit score and ways to maintain a good score?

Live Mint  

In today’s financial world, credit score is one of several important measures which describes a person’s financial situation. Equifax score: Equifax has credit scores that can be anywhere from 300 to 900 with 750 and above rates being considered good. How to interpret a credit score In India, credit scores typically fall into the following ranges: 300-549: A low credit …

5 key benefits of having a higher credit score you should know
1 month, 1 week ago

5 key benefits of having a higher credit score you should know

Live Mint  

A good credit score increases your chances of getting a loan or credit card approved, provided you fulfil the other eligibility criteria. A higher credit score makes you eligible for pre-approved offers for various loans and credit cards from various banks and NBFCs. Higher probability of loan approvals In the earlier section, we saw how a high credit score makes …

Credit Cards: How to manage multiple cards without hurting your credit score? Here are 11 key strategies
1 month, 1 week ago

Credit Cards: How to manage multiple cards without hurting your credit score? Here are 11 key strategies

Live Mint  

Many people buy credit cards to earn rewards and cash back and benefit from the same. And no, multiple credit cards won't affect your credit score if managed responsibly. Today, let's explore some strategies to manage multiple credit cards without affecting your credit score. Set notification or account alerts Most credit cards give you the option to set alerts for …

Credit Cards: Don’t make these 7 credit mistakes—Protect your financial future
1 month, 1 week ago

Credit Cards: Don’t make these 7 credit mistakes—Protect your financial future

Live Mint  

Your credit score is an important indicator of your creditworthiness, ability to repay loans, and overall financial health. Similarly, if you don’t pay the credit card outstanding on time, the high finance charges and interest rates on credit cards can derail your financial planning journey. Apart from helping you build or boost your credit score, credit cards can give you …

Credit Card: Can you build a personal brand with it? 6 key things to know
1 month, 1 week ago

Credit Card: Can you build a personal brand with it? 6 key things to know

Live Mint  

A credit card can be an incredibly useful tool to build your personal brand by helping you develop a reputation of credibility, financial responsibility, and exclusivity so long as it aligns with your brand. Travel and rewards: Many credit cards offer access to unique experiences, like events, VIP lounges, or priority bookings. Credibility: If part of your brand includes credit …

9 Little Ways You Can Improve Your Credit Score (Without Paying Off All Your Debt)
3 months ago

9 Little Ways You Can Improve Your Credit Score (Without Paying Off All Your Debt)

Huff Post  

Natalia Gdovskaia via Getty Images When it comes to your credit score, small things can add up over time. “Having a high credit utilization ratio shows that you’re close to maxing out your credit cards, and can significantly lower your credit scores,” Alev noted. “The length of your credit history plays a significant role in your score, so keeping long-standing …

How To Improve Your Credit Score? Know Best Range & Bust All Myths Here
8 months, 2 weeks ago

How To Improve Your Credit Score? Know Best Range & Bust All Myths Here

News 18  

Improving your credit score involves building a history of responsible borrowing and managing your credit well. Improving your credit score, whether it’s measured by CIBIL or any other credit bureau like Experian or Equifax, is crucial for accessing favourable financial products and services. Keep credit card balances low: Maintaining high credit card balances relative to your credit limits can negatively …

How can I maintain a good credit score?
1 year ago

How can I maintain a good credit score?

Live Mint  

What are some common mistakes that can negatively affect my credit score, and how can I avoid them? —Name withheld on request A strong credit score is a good field to monitor in one’s financial report card. Applicants with higher credit scores get funding at lower or more competitive interest rates across various types of loans and credit cards. If …

Beyond Three Digits: The Role of Credit Scores in Loan Approvals
1 year, 1 month ago

Beyond Three Digits: The Role of Credit Scores in Loan Approvals

The Quint  

How to Maintain a Good Credit Score? Pay installments on time Regular payments of installments are very important to maintain a good credit score. Avoid multiple enquiries in the short term Every time you apply for a loan or credit card to banks or financial institutions, there will be a credit enquiry recorded in your name. If you pay the …

Credit score vs credit report: The differences that matter
1 year, 3 months ago

Credit score vs credit report: The differences that matter

Live Mint  

Your creditworthiness, as evaluated by your credit score and credit report, holds significant importance when seeking loans or credit cards. The pivotal factors influencing your credit score encompass: Payment history: The foremost determinant of your credit score is your track record of timely payments. The precise factors considered in this calculation may vary depending on the credit scoring model in …

10 valuable benefits of using a credit card
1 year, 9 months ago

10 valuable benefits of using a credit card

Live Mint  

Among various financial products available in the market, credit cards are one of the most underrated financial products for their benefits. Base reward points, accelerated reward points, spend-based offers Credit cards offer you reward points on most transactions. These cards offer various benefits like: A travel card may offer discounts, reward points, etc. Free memberships Some credit cards offer free …

6 tips you can use to help improve your credit score
2 years, 2 months ago

6 tips you can use to help improve your credit score

Associated Press  

NEW YORK — Credit scores are complicated and because rating agencies consider many factors, the process of improving them can look different for everyone. He’s also had no credit cards for at least 10 years — he stopped using them after he declared bankruptcy due to credit card debt. Another small way to tackle debt is the Consumer Financial Protection …

How is your credit score calculated and why is it important?
2 years, 2 months ago

How is your credit score calculated and why is it important?

Associated Press  

NEW YORK — You know credit scores exist. “It might mean that you’re paying out more money over the lifetime of a loan every single month.” HOW IS MY CREDIT SCORE CALCULATED? Since you don’t know which agency your lender is going to use to check your credit score, McCreary also recommends that you check all three of them before …

5 factors that have an impact on your credit score
3 years, 6 months ago

5 factors that have an impact on your credit score

Hindustan Times  

Want to get a credit card? If you have a good credit score, lenders will have more faith in you and will approve your loan applications and credit card applications without much of a hiccup. While you may have worked really hard towards building a good credit score, it can all come tumbling down if you owe a lot of …

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