FAQs
A credit score is a three-digit figure representing your creditworthiness. It is calculated based on your credit history which includes payment history, credit utilisation and credit types.
A good credit score usually ranges between 750 to 900. In case your credit score is above 750, then the credit history is excellent, and hence you can easily get a personal loan from banks & financial institutes.
This score below 600 is usually termed bad credit, and the low score simply means that you have bad credit history, and you will not qualify to borrow loans or credit cards with easy terms and conditions of credit.
Credit scores are used by banks to assess the risk factor attached to lending people. Good credit ratings make a customer’s chances of getting their loan accepted higher, and receiving a lower interest rate.
Having a good credit score takes a long time and builds after you stay punctual and make all your repayments on time. Hence, it is advised to start early and try to keep a good credit history.
One of the things that you should always avoid is to delay your payment as this can significantly reduce your credit score. Also, you should avoid exhausting your credit card’s full limit, and avoid making multiple credit inquiries.
Usually, bill payments and rents do not get reported in your credit report. If these get included, then you should avoid any late repayment and be on time so that you can build a higher credit score.
As a consumer you get to obtain one copy of your credit score and report for free, annually. Self-checking often is beneficial to ensure that you are able to detect anything wrong in your credit score.
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Introduction to Credit Cards
A credit card gives you access to funds right when you need it. It gives you the liquidity needed to maintain and upgrade your lifestyle and purchase aspirational products with ease. Amid the rising cost of living, a credit card can come in handy when you need to buy appliances, furniture or other essential items and pay back over time. When you run out of money but need to make an important payment, the card comes to your rescue. You can also use it to stretch your budget during a festival or for a holiday with family and friends. Keeping a good credit score and repayment record are essential to boost your eligibility to get a credit card.
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