Firstly let's understand the actual weightage of the factors determining credit score!
1 - 35% depends on your past timely payment.
2 - 30% depends on your utilization percentage. The lower the utilization, the higher the score.
3 - 15% depends on the duration of the credit.
4 - 20% on new credits and type of credits that you have.
Now secret tips to take your credit score ahead of all, you should take note of the below points:-
1 - Everyone knows that utilizing not more than 30% credit limit increases your credit score, what people don’t know is that, pay off 30-40% amount before the bill is generated. This will reduce the bill amount and the credit bureau will consider this as your actual utilization. This will have a much more positive impact on your score!
2 - Increase your credit limit from time to time, thus reducing the actual utilization which in turn will increase your credit score!
3 - Never close your old credit cards because the credit history that you have has a great impact on your credit score!
4 - Always pay off your highest balance credit card first!
If you want to know more about credit scores check out Piramal Finance Website. Check out the link below to get yout FREE credit score. https://www.piramalfinance.com/creditreport/user/creditPage?utm_source=facebook_org&utm_medium=reel&utm_campaign=manav&utm_id=influencer&utm_term=credit_score&utm_content=checkDisclaimer - This video has been created only for information purposes. Read all the loan/policy-related documents carefully before opting for such a loan/policy. The creator is not giving any suggestions/recommendations and is merely sharing their personal view. Viewers may proceed with this information at their own risk.
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Posted On: 02 Jul 2024 8:41 PM
