5 ways to improve your credit score - PowerPoint PPT Presentation

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5 ways to improve your credit score

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A poor credit activity can result in a negative credit profile and a weak CIBIL Score. Here are 5 basic ways to improve credit score. To improve your credit score connect us for the best credit report services in India. Our Business Information reports are one of the most trusted sources of business data and we provide the best debt collection service India. For any further queries, connect our experts at +91-9810010294 or visit us at . – PowerPoint PPT presentation

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Date added: 29 March 2022
Slides: 11
Provided by: DebtNirvana
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Title: 5 ways to improve your credit score


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  • When you begin your credit experience with a card
    or a loan, you leave a credit impression. This
    imprint is essential for the growth of your
    creditworthiness and CIBIL Score.
  • In a nutshell, it is a long-term representation
    of your credit activities. As a result, excellent
    credit activities result in a better credit
    profile and a strong CIBIL score. Whereas poor
    credit activities result in a negative credit
    profile and a weak CIBIL Score. And that is what
    will affect your potential credit facilities.
  • Upon approving your loan or credit card request,
    lenders will look at your CIBIL Score. This is to
    learn more about your credit record, behavioral
    patterns, and payback records.

3
Below are listed 5 ways to increase your credit
score
  • Cut down on your debt
  • Examine your credit history
  • Don't request credit too frequently
  • Don't close old accounts instantly
  • Create an automatic bill payment system
  • Conclusion

4
Cut down on your debt
  • Creditors want you to borrow a certain amount of
    money, but not too much. When you utilise more
    than 30 percent of your overall credit limit on
    all of your credit cards, lenders usually roll
    their eyes. Your credit utilisation score is only
    up to 30 of your Fair Isaac Corporation (FICO)
    score.
  • When it comes to fixed-rate mortgages like
    property or vehicle loans, lenders will look at
    your debt-to-income ratio, which shows how much
    of your annual earnings go toward debt repayment.
    Your debt-to-income ratio has no bearing on your
    credit report, but if it's too high, you might
    not be able to get a loan.

5
Examine your credit history
  • Your credit analysis is a comprehensive record of
    all of your credit transactions, and it's what's
    utilised to calculate your credit score. You can
    also engage a 3rd party Debt Collection firm to
    assist you in maintaining your credit records.
  • You must obtain a copy of your credit report
    because your credit score may struggle if it is
    inaccurate. You can also double-check that your
    name hasn't been hacked. Make sure your
    biographical details are correct, including your
    identity, location, mobile number, and
    Identification Number. Check your credit amounts
    and limitations, as well as the accuracy of your
    credit card details.

6
Don't request credit too frequently
  • Getting a new credit card periodically, as well
    as taking out a vehicle home loan, should not
    harm your credit. Lenders maintain a count of how
    many times you ask for credit.
  • Since individuals who fail on credit tend to
    build up a lot of debts before they collapse. New
    queries 10 of your total FICO score. When a
    creditor considers providing you a loan, they
    will look at your credit record.

7
Don't close old accounts instantly
  • 15 of your credit score is based on the period
    of your previous account, the period of your
    current account, and the mean lifespan of all
    your accounts. It's okay to let an account
    payable build rust as far as you're not paying
    interest charges on it. The more you have credit,
    the more your score will improve.

8
Create an automatic bill payment system
  • Using credit report services India, create an
    automatic bill payment system if you have the
    funds but tend to forget to provide them. You
    won't have to go and withdraw money because your
    payments would be completed before the deadline.

9
Conclusion
  • If you're late for the payment period, a late
    payment will often appear on your credit report.
    This will show a negative impact on your CIBIL
    score. To avoid such circumstances create this
    payment system.
  • Our Business Information reports are one of the
    most trusted sources of business data and we
    provide the best debt collection service India.
    For any further queries, connect our experts at
    91-9810010294 or visit our website.

10
To get any Debt related assistance
reach out to us at
https//debtnirvana.com/
rvm_at_debtnirvana.com
91-9810010294
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