A good credit score plays a vital role in securing smooth access to credit. However, many times unknowingly we commit mistakes that can have an adverse effect on our credit score. Hence, it is quite important that we must be aware of our mistakes and ensure that we do not damage our credit score. We have listed a few tips that can help you improve your credit score. The first and foremost thing is to check your CIBIL score at regular intervals.
By doing this, you can know if it needs improvement or not. In case there is any error, you can rectify it immediately. Always make sure to pay your credit card bills and EMIs on time. If you tend to forget to make payments by the due date, set up email or SMS reminders or give standing instructions for the EMI or credit card amount to be deducted automatically. Don’t apply with too many lenders at the same time. When lenders see multiple applications in a short span of time, they see you as credit-hungry and it may lead to rejection of your loan application. Lastly, try to limit your credit card spending to 30% of your credit card’s limit. It gives an impression to lenders that you do not spend much and hence, improve your credit score. These are some of the best ways that can help you improve your credit score. Just follow these tips and enjoy the many benefits of a healthier credit score.
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