New to the world of Credit Scores? Worry not! Here are some simple and smart ways to crank up your credit game!
The hype is real – the Credit Score has taken the banking world by storm. Today, lenders and customers alike are banking on (pun intended) Credit Scores to take important loan and Credit Card decisions. If all this seems like Greek and Latin to you, then don’t worry, this read will get you up to speed on all things Credit Score and alike.
Additional Reading: A Brief History Of Credit Scores
First things first – how to check your score
Gone are the days when you had to wait for days to get information about your credit portfolio. Today, you can check your Credit Score and get a detailed report within 3 minutes. Don’t believe us? Try it for yourself by clicking here.
Additional Reading: Love Keeping Score? Boost Your Credit Score
See where you stand
Now that you’ve checked your Credit Score, you’ll have a fair idea of where you stand in the Credit Score spectrum. For starters, you can refer to this simple list to gauge your score:
0-300 – Needs improvement
300-600 – Decent, but can be improved further
600-720 – Average Joe. Not bad, but not great either
720-800 – You’re doing it right. Keep it up!
800-900 – You don’t need to read this article coz you’re already a legend
Scan your report
Whatever be your score, it always makes sense to go through your credit report. It contains useful insights about various aspects of your credit portfolio. You can use these insights to scale up your Credit Score by making smart credit decisions in the future.
What’s in your report?
- How much credit you’ve used out of the given limit on your Credit Cards
- A record of any late or missed payments
- Your credit line or the average age of all your credit accounts
- The total count of your open and closed loan and Credit Card accounts
- Hard enquiries made by lenders
- Suits filed against your name by banks, if any
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Track your improvements through your phone
If you’re looking to strengthen your credit history, you may want to track your Credit Score closely. You can make progress in your mission to getting a good score by making informed decisions based on the information available in your credit report. But, you’ll have to regularly refresh your score and report in order to do this.
Luckily for you, we’ve made this task oh-so-simple! Not only can you check your Credit Score on our website at any time for FREE, you’ll also be notified every few days about your Credit Score. If that’s not enough, we’ve made it even simpler – you can now even track your score on your phone through our Mobile App.
Additional Reading: What Can Hurt Your Credit Score?
See what’s working and what’s not
The best thing about reading your credit report is you’ll identify the decisions that worked in favour of your score and those that didn’t if any. This way, you can avoid whatever will potentially bring your score down and concentrate on credit decisions that will help you reach a zone where lenders will easily approve your loan and Credit Card applications.
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Some other handy tips
Now that you’ve figured out an easy-breezy way to rock your credit world, here are some extra tips you can keep in mind as you move forward:
Mix up your credit portfolio
If you own three Credit Cards but no loans, your score may not grow as well as it would if you had a Credit Card, a Personal Loan, and a Car Loan. In short, diversification is a huge plus.
Pay your credit bills
Not paying your Credit Card bills in full can not only affect your score but also trap you in debt. So, when you’re given the choice of minimum payments and settling your monthly bill in full, choose the latter.
Pay off your debts on time
Missing your loan EMI or Credit Card due date is surely going to hurt your Credit Score. So, be highly vigilant about not erring when it comes to agreed payment terms and dates.
Alright, you now know all you need to become a Credit Score pro! By the way, have you checked your Credit Score lately? Check it, already!