Your credit score plays a crucial role in getting you a good deal whenever you apply for any kind of loan product. It also determines the quantum of loan you will be eligible for. In this short series, we will share with you some smart tips that can help you boost your credit score and maintain it too.
While it might make more financial sense to use the credit card only for emergencies, if viewed from the perspective of credit score, it’s important to put it to use every now and then. How this helps is that the card stays active and the timely repayments positively impact your credit score.
It’s commonly seen that people get new credit cards tempted by the reward points and offers that come with them. However, many of those cards sit idle and are never put to use. This can be detrimental for your credit score. Hence, one of the ways of boosting your credit score is by opting only for cards that you’re going to use.
It’s important to check your credit report and credit score from time to time. This can help you stay on top of any errors that might negatively impact your chances of availing a credit/loan in the future. Getting rid of mistakes in your credit report will automatically have a positive impact on your credit score.