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 getting a loan at a desired interest rate. Multiple requests If you apply for a new credit card or a loan in a short span of time, a credit bureau may reduce some points from your credit score.

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History of this topic

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 Card Dues: 5 key benefits of paying on time for better financial health
3 weeks ago

Credit Card Dues: 5 key benefits of paying on time for better financial health

Live Mint  

Making timely credit card payments is a way to ensure financial security and provides benefits beyond the mere avoidance of late fees. Avoid paying costly interest charges: With yearly interest rates sometimes ranging from 35% to 40%, credit cards generally have some of the highest rates in the financial industry. Increased credit limit: Banks may increase the credit limit 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 …

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 …

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: 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 …

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 …

CIBIL: How to improve your credit score with a mortgage loan?
7 months, 4 weeks ago

CIBIL: How to improve your credit score with a mortgage loan?

Live Mint  

Taking a mortgage and managing it in a responsible way can improve your CIBIL score. Best Personal Loan for you at lowest interest rate Instant Apply This is how mortgage helps borrowers improve CIBIL score: Payment history: Making regular mortgage payments shows to credit bureaus that you are a responsible borrower. Overall, responsibly managing a mortgage can be a positive …

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 …

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 …

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 …

Are You Making These 5 Credit Score Mistakes? Here's What You Need To Know
1 year, 7 months ago

Are You Making These 5 Credit Score Mistakes? Here's What You Need To Know

News 18  

An individual’s credit score reflects their trustworthiness when it comes to repaying a loan. A higher credit score will help individuals assure lenders of their capability to pay back the money. If your credit score falls due to any reason, it can take at least four to six months to bring it back to the previous level. Every time you …

How credit scores are evolving to improve access to credit
1 year, 9 months ago

How credit scores are evolving to improve access to credit

LA Times  

A low credit score can hurt your ability to take out a loan, secure a good interest rate or increase a credit card spending limit. “I do see that efforts are being made in order to equalize the credit score,” said Rosalyn Glenn, a financial advisor at Prudential who focuses on expanding financial access. Effective July 2022, paid medical collection …

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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