Credit Point Hacks: Having a good credit rating is not as easy as it looks. Initially, one must mark all the boxes: to clean up temporary fees, make full payments (instead of just the minimum owed) on credit cards, and so on. Even it may not be sufficient to maintain a strong score. It takes it all, and much more. Here we give a low point on some credit -worthy hacks to help you maintain a high score, regardless of your financial situation. Six creditworthiness -Hacks for a high score I. Unpaid bill: As mentioned above, there should be no unpaid accounts or fees. One has to clean them well in time. Credit card accounts and loans -EMIs can be paid on the deadline. Some people believe that one day delay would not make a significant difference, but do. Ii. Full payment: If your credit card fees clean up, make sure you pay the entire account instead of the minimum due. While it is okay to pay the minimum, it is certainly not for you if your goal is to maintain a high creditworthiness. Iii. Put the fees: There is a general pattern among some credit card users to resolve the fees at a discount when the accounts mount heavily. This is another no-no for those who strive for a high creditworthiness. For example, if your credit card account hits £ 1 Lakh, it can be tempting for £ 70,000 to get rid of this liability. But it will have a negative effect on your score. Iv. If you come out a card: Another misconception among credit card users is that your card can maximize when the need arises. While not a very bad thing to do, it will lead to a decrease in your score. In other words, it is recommended that you hold a credit limit that is higher than your usual requirement. For example, if your usual requirement is £ 5 lakh, it is recommended that you have a credit limit of £ 10 or more. The ideal credit consumption ratio should typically be 30 percent or lower. V. Existing Card: You may have an old credit card that you do not use, and you may be tempted to cancel it. Be withheld to do so for the sake of your high creditworthiness. As outlined above, a higher credit limit will help you maintain a high score. VI. Review Report: Last but not least, you should review your credit report from time to time. What if there is a mistake that needs to be corrected? Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. Visit here for all updates for personal finance
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