Raise Your Credit Score with These 6 Tips

Raise YourCredit Score with These 6 Tips © Clix Capital Services Pvt. Ltd. All rights reserved.

Reduce the credit utilization ratio Your credit score is one of the most important measures of your financial health. It tells loan providers at a glance how responsibly you use credit. The better your score, the easier you will find it to be approved for new loans or lines of credit. A higher credit score can also open the door to the lowest available interest rates when you borrow. It is important to have a good score, and keep improving it with time. Improving your credit score is important for procuring loans or credit. © Clix Capital Services Pvt. Ltd. All rights reserved.

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Restriction on new accounts Your credit utilization ratio is an influential metric because it is part of a factor that makes up 30% of your score. Credit utilization is simply how much credit you are using divided by the total amount of credit you have access to. If you need a good credit score, you need to keep a balance. Too much credit in the market makes you risky and it becomes difficult to get any form of loan or credit from financial institutions. The credit utilization should not be more than what you earn. If you owe more than you earn, it impacts your credit score.

Always keep your debt lower than 40% of your income. It will help you with a good credit history and other activities. © Clix Capital Services Pvt. Ltd. All rights reserved.

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Pay outstanding bills If you are paying bills, and you still have a low score, the reason is the outstanding or overdue amount. When you pay the minimum bill amount, you keep an overdue amount and this will impact your score negatively. So, the rule is to pay the total bill amount and not just the minimum bill amount. When you pay the complete bill amount, it will help you with a better score and you can actually get a good score. This way, your bills don’t become expensive and become a burden. Always pay off your outstanding completely.Do not miss or delay payment

© Clix Capital Services Pvt. Ltd. All rights reserved.

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Keep your credit accounts open If you have a lot of credit accounts, keep them open even when you don’t use them.

It is not a good option to close off your credit accounts that you do not use. This is because the credit score increases with age. The older your credit accounts are, the better it will be for your credit score. Make sure you handle your credit score in the right manner by keeping your old accounts open, and stop applying for too many new accounts.

© Clix Capital Services Pvt. Ltd. All rights reserved.

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