Tips on How to Get an Excellent Credit Score

Tips on How to Get an Excellent Credit Score © Clix Capital Services Pvt. Ltd. All rights reserved.

Make payments on time Having an excellent credit score can save you a lot of money in interest over time. If your free credit score is already in the 700s, you’re in good shape, but you may be wondering how to take your score from good to great. If your credit score is lower than what is asked by the financial institutions, there may be a quick way to bring it up.

Depending on what is holding it down, you may be able to tack on as many as 100 points relatively quickly. Scores in the “fair” and “bad” areas, like something between 300-600, can actually drench you in a costly loan with hurdles and denials.

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Restriction on new accounts While you may need to open accounts to build your credit score, you generally want to limit how often you submit credit applications. Remember, for every new borrowing application, the loan providers will run a check on your credit report.

Each application can lead to a hard inquiry, which will damage or hurt your credit score. Opening a new account is not a good sign of improvement.

Do not open a new account.

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Pay full amount Credit cards play a vital role at the time of deciding your credit score. If you aim for a good credit score, you will need to pay the full amount. The minimum bill amount is not a good option to rely upon. If you pay the minimum amount, you end up making your bills more expensive. You can not keep behind an overdue or outstanding amount. When you pay an outstanding amount, you end up hurting your credit score. It is important for you to make a payment of the entire bill amount without any hesitation. It may become a burden initially, but in the long-run you will benefit both in terms of good credit and an affordable loan. © Clix Capital Services Pvt. Ltd. All rights reserved.

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Let your credit age An old credit account will always be the best way to increase your credit score.

When you keep your credit accounts open, your credit age will increase. Even if you don’t use it, you should not close your credit account. Let the credit account stay open, and this will increase your score in turn. New accounts are not good for your credit score, and it is always better to avoid opening new credit accounts without any necessary need. Make sure you keep your credit cards open, even when you don’t use them, as that will increase your credit score without you even knowing it.

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