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5 Financial Habits That are Good for your Credit Score

· credit score,Pre-approved loan,Personal Loan
Credit Score

Maintaining a good credit score is a vital aspect of financial planning. It is because your credit score is a reflection of your creditworthiness. It is the most important eligibility criterion for every lender in determining your credibility. You can check free cibil score with the help of some easy financial habits. Read on!

 

1. Paying your debts regularly

You can maintain a good credit score by making timely payments of your loan instalments and credit card bills.

 

2. Maintaining a proper credit mix

If you avail secured loans, lenders feel that you do not have any asset left to provide as collateral. Whereas more unsecured loans give an impression of high debt liability. Hence, you should maintain an optimum combination of your credit type.

 

3. Checking your credit report

There might be mistakes in your credit report on account of wrong information. You can keep your credit report error-free by checking it at regular intervals.

 

4. Avoiding too many credit applications

Lenders check your credit score when you apply for a loan or credit card. If you make too many applications, it hurts your credit score because of numerous inquiries. So you should try to avoid making multiple applications at a single time.

 

5. Maintaining your credit utilization ratio

The credit utilization ratio is the ratio of your credit card balance to the credit limit. You should not reach your credit card limit for maintaining this ratio. You can also opt to increase your credit card limit for the same.

You can check free cibil score before applying for a loan. Now you can apply online for a personal loan a get one as per your need.

Bajaj Finserv brings to you pre-approved offers on its various financial products like personal loans, home loans and many more.

An easy way to check your pre-approved loan offers is by submitting basic personal information like name and contact number.

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