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How can I improve my Credit Score?

You can improve your Credit Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 6 steps which will help you improve your score:

Always pay your dues on time: Late payments are viewed negatively by lenders.

Keep your balances low: Always be prudent to not use too much credit, control your utilization.

Maintain a healthy credit mix: It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively.

Apply for new credit in moderation: You don't want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.

Monitor your co-signed, guaranteed and joint accounts monthly: In co-signed, guaranteed or jointly held accounts, you are held equally liable for missed payments. Your joint holder's (or the guaranteed individual) negligence could affect your ability to access credit when you need it.

Review your credit history frequently throughout the year: Monitor your Credit Score and Report regularly to avoid unpleasant surprises in the form of a rejected loan application.

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