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Make sure to repay outstanding on your cards, loan EMIs on time

CREDIT score, a three-digit number, is a numerical expression based on a statistical analysis of an individual's credit history, to represent the credit worthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.


This can actually determine whether you can do certain important things -buying a car, house, computer, or getting a student loan, and even how much it will cost you.

Credit health is a state of complete financial well being and not merely the absence of indebtedness.


Being financially healthy is the means to social and emotional well being. Defaulting on credit card repayment or loan EMIs are the two most worrying points of a person's credit behaviour, which impacts their credit worthiness in future.

At this outset, it is important to know how one can improve one's credit score and, thereby, do away with the dejection of not being able to avail of a loan, when it is needed most and also avoid other negative social impacts.

It is, therefore, very important to know what determines your credit score.


Payment history:

According to Cibil and other credit institute officials, as high as 35 per cent of your credit score depends on your payment history. How often you miss your payments will have high impact on your credit report. If you don't miss it, it would be good.


Credit utilisation:

Then 30 per cent of your credit score depends on credit utilisation, which means the degree and extent of debt you've already utilised compared with your capacity or the limit set by loan institute.

Credit history:

Then comes the length of the credit history (which determines 15 per cent of the score).

Longer the credit history, more will be the impact. If you have been responsible with your credit over a longer period, it's good for you and vice versa.

Credit enquiry:

Recent search of credit and types of credit used contribute 10 per cent each to your credit score. Therefore, it makes sense not to enquire for a loan if you don't really need it. More enquiry means desperation for credit, which adversely affects your credit score.


Types of credit:

You'll get the fastest improvement in your scores if you show you're responsible with both kinds of credit -revolving-based (credit cards) and instalments-based (personal loans, auto, mortgages and student loans). If you don't already have an instalment loan on your credit reports, consider adding a small personal loan that you can pay back over time. Again, you'll want the loan to be reported to all three credit bureaus.

Credit limit:

Lenders like to see a big gap between the amount of credit you're using and your available credit limits. Getting your balances below 30 per cent of the credit limit on each card can really help; getting balances below 10 per cent is even better.

Mind you, we depend on credit for so many important things in life and, therefore, the need for knowing how to improve one's credit score can hardly be over emphasised.

Happy Investing!!

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