How To Get A Crackling Credit Score This Diwali

By | November 2, 2018

Slip into a state of absolute joy as delectable food and trippy lights wash away your worries this Diwali. But keep these tips handy to keep from overspending as this can harm your Credit Score.

How To Get A Crackling Credit Score This Diwali

Diwali is the time to slip into a state of absolute joy as delectable food and trippy lights wash away your worries. It’s fun to participate in the festive fervour. You might even find yourself liberally using your Credit Card. That’s all right. Just don’t get too carried away. Raking up huge debt and not repaying it on time is sure to knock the lights out of your Credit Score.

Diwali is supposed to usher in a period of happiness and celebrations and not trouble. So, follow these steps to ensure that your Credit Score stays as crackling as your Diwali celebrations.

Overcome All Evil

The markets look prettier than usual during the festive season. And then, of course, you have killer discounts and tempting deals on practically everything. After all, Diwali is all about ushering in a prosperous phase in your life. So, by all means, knock yourself out. A little splurging never killed anyone.

But you know that an excess of anything is bad. In the end, you will have to repay that huge Credit Card bill or the loan you took to meet the festive season expenses.

One way to strike a balance between fun and frugality is by making a shopping list before heading to the market or mall. While you make the list, do consider things that can be used from last Diwali such as lights, diyas, etc. You can even put your DIY expertise to the test and try making sweets at home. It would be a whole lot cheaper than buying boxes of them from your friendly sweet shop owner. Don’t you think the personal touch will make Diwali all the more special?

Try our suggestion and you will find a lot more prosperity in your bank accounts when your bills come in. Remember, not paying your bills or delaying payments is harmful for your Credit Score.

Give Your Credit Card A Diwali Break               

The convenience of a Credit Card is best realised when you have to do festival shopping. You can buy all you want with a single swipe. But careless use of a Credit Card can have you raking up a big bill.

Avoid this pitfall by using your Credit Card only for online shopping where retailers often offer special discounts for Credit Card purchases. If you are short on cash, you can apply for a Personal Loan for your regular shopping. However, make sure you apply for only an amount that you can repay easily. Then, try and fit all your Diwali shopping within this amount.

Additional Reading: Drama Lama Under Low Credit Score Trauma

Once your loan EMIs start, make sure you pay them on time. Timely repayment and a mix of loans and Credit Cards in your kitty is good for your Credit Score. It tells lenders that you can service your debts well and are a responsible borrower. This will work in your favour when you apply for a Home Loan or a Car Loan in the future.

Additional Reading: Going For A Loan? 5 Facts You Must Know About Your Credit Score

Don’t Forget The Due Date

We start looking for the precise date on which Diwali will be celebrated months before so we can start planning our finances well in advance. While this is good, you must not forget about your Credit Card bill and loan EMI due dates with Diwali just around the corner.

It’s possible to get a little forgetful during the festive season, but doing so could cost you dearly. You can avoid such lapses by setting payment reminders on your phone or activating the auto-debit facility on your Savings Account.

These small gestures will ensure that you don’t have to experience any Credit Score or financial trauma post Diwali.

Additional Reading: 7 Shockingly Simple Reasons Your Credit Score Isn’t Improving

Gift Yourself Financial Security

Nothing like pampering your family and friends with gifts on Diwali. However, most often, people forget about these gifts with the passage of time.

Why don’t you take a detour from the common gifting norms this year? Instead invest in Mutual Funds, Life and Health Insurance Plans and other financial tools which will multiply your money and protect yourself and your loved ones over time.

You and your family will surely appreciate these gifts in the long run.

If you have long-running debt, you can use your Diwali bonus to pay it off. Clearing old debts will light up your Credit Score. And a good Credit Score can get you feature-loaded Credit Cards and loan on the best of terms.

Make The Most Of The Auspicious Period

Diwali is an auspicious period. It’s a good time to start something new. One new thing that you can definitely do this Diwali is checking your Credit Score. If you didn’t already know this, we’d like to clarify that checking your Credit Score counts as a soft enquiry only and does not lower your score.

Additional Reading: 6 Obvious Reasons To Check Your Credit Score Regularly

To help make this Diwali special for you, we are offering free Credit Score services to our customers. You can check your Experian Credit Score at no cost at all here. Not just this Diwali season, you can check your score for FREE as many times as you want and whenever you want.

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