Credit Score at 700? Here Are 5 Proven Ways to Improve Credit Score

While having a credit score of 700 in India is commendable already, aiming for a higher credit score can definitely unlock better personal loan terms, lower interest rates, easier home loans, premium credit card offers and much more.

Why Is A High Credit Score Important?

Consumers, purchasers as well as business ventures are all depended on credit in the present day and age. The entire system of the availability of credit and the time period of the acceptance of an offer is dependent on your credit score.

Therefore, it is important to have a high credit score so that consumers can avail loans and credit.

Additionally, good credit scores can also help you get more attractive insurance options.

How Can You Improve Your Credit Score?

Here are five effective ways in which you can improve their credit score:

* Timely Payments: When users pay all credit card bills and loan EMIs are paid on or before the due date they automatically ensure a high credit score. Setting up automatic payments can help in avoiding missed deadlines.
* Maintain Low Credit Utilisation: Aim to use less than 30% of your  credit limit and try not to exceed that usage.
* Diversify Your Credit Mix: If you have a combination of secured credit source (like home) or unsecured credit source (like credit cards), credit can positively impact your score.
* Limit Your Credit Applications: Frequent applications of credit can lead to multiple hard inquiries, lowering your score. Apply for new credit only when absolutely necessary.
* Regularly Monitor Credit Reports: Check your credit reports periodically to monitor errors or discrepancies.

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