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How To Improve Your Credit Score – Dos And Don’ts
What is credit score: It is a statistical number based on your credit history, repayment habits and other financial data collected from financial institution by the rating agencies. Your credit score is an indicator of your credit worthiness. This data is collected by the assessing agency based on a key or unique identifier such as Permanent Account Number (PAN – issued by the Income Tax Department in India) or SSN in the United States. Each rating agency can assign different weight-age to different parameters used to determine it. In general, it ranges between 300 to 850 points.
With the credit score check, the lender gets an idea about the probability of default by the borrower, in the event that a loan/credit facility is given to him/her. Higher the credit score, better are the chances of getting a loan at cheaper rates. Therefore, it is important for you to check it before applying for a new loan or credit. A credit score below 600 is considered bad and generally the financial institutions avoid loans to such individuals. By maintaining financial discipline, you can easily improve it too. The very little things or ignorance can seriously damage your credit score. By paying little attention to these little things, you can improve your credit score and use cheaper credit facilities.
To improve your credit score, you need to follow certain dos and don’ts.
1. Never delay the payment of installments on existing loans.
2. Make credit card bills payment always on time. If possible, use the ECS or Auto debit facility on your card bill payment, so there is no chance of forgetting the bill payment on due date.
3. If possible, try to prepay the existing loans. Making a little extra payment over and above the due EMI or installments not only helps you reduce the interest but also helps improve your credit score.
4. Maintaining good and long banking relationship with existing banker helps you increase the credit score. Frequently changing your banker, especially the business credit facilities, can bring it down.
5. Also make payment of your utilities such as electricity, mobile, insurance premium, municipal taxes etc. Although these are not directly reported for the credit score check, but these help you maintain a financially disciplined life.
Don’t do it
1. Do not take different loans from different banks. Try to use maximum credit facilities from one or two banks. For example, you have two home loans, two car loans and one personal loan each from a different bank. This type of arrangement will pull your credit score. Try shifting all these five loans to one or at most two banks.
2. Do not transfer the credit card balance from one card to another card. Rotating balance from one card to another means, you don’t have resources to pay the credit card bills. This seriously damages your creditworthiness.
3. Not fully utilizing or over utilizing the credit card limit. If youare regularly reaching above 90% limit, ask the credit card issuer to increase your credit limit.
4. Do not stop your old credit cards for no reason or because you have taken a new card. Longer the credit history with regular bill payments, better the credit score.
5. Do not take too many credit cards from different banks. Hold a maximum of 3-4 cards with the same number of banks. If you use these cards regularly and make timely payments on the card bills, your card company would be happy to increase your card limit.
6. Do not withdraw cash from CREDIT Cards through an ATM unless it is an extreme emergency. Frequent withdrawal of cash from credit card account lowers your credit score, instead use Debit Cards linked to your savings account for cash withdrawals.
Try to get your credit score sheet once a year so you know where you stand. In case you find errors in the reported transactions on your sheet, immediately report the same to the concerned financial institution for correction and updating the same with rating agencies, especially if you plan to take a new loan / credit facility.
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