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5 Ways to Boost Your Credit Score

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5 Ways to Boost Your Credit Score

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  1. How Different Types Of Credit Can Boost Your Credit Score?

  2. A credit score is calculated taking several factors into consideration; a statistical account of your creditworthiness & credit history.  Credit mix is basically the types of accounts that build your financial history and as A result, your CREDIT SCORE.  Credit types that can be part of a credit mix includes credit cards, mortgages, loans of any kind. It constitutes 10% of the credit history as it indicates the different kinds of credit. Borrowers are required to have a credit score of 700 or above to have the freedom to avail loans

  3. There are a total of 5 factors that affect your credit score:

  4. Different Types Of Credit You Can Have Credit Is Available For Borrowers In 3 main Categories:

  5. If It Is Good, Should You Overdo It? The fact that it constitutes only 1 out of 5 parts of your credit reporteasily but it will help you only as long you are able to repay it on time. You can have even one line of credit & ensure that you make timely payments to clear it. Having a mix of credit basically demonstrates the ability of the borrower to pay back different kinds of credit lines, indicating that you are responsible. 

  6. How Can You Apply This To Your Credit Score? Revolving credit is vital to keep an eye on your credit cards & home equity lines of credit. Another reason to pay close attention to it also determines your credit utilization, which constitutes 30% of your credit score. Building a good credit score doesn’t limit to only picking up different lines of credit, but also your timely repayments & other historical data. A major part of it is the credit utilization ratio! Repay your credit card dues each month & ensure that you keep a low balance on it to keep your credit utilization low, as a result of which your credit score will strengthen.  Credit card limits keep increasing gradually and often land borrowers in debt. So make sure you don’t fall in that trap & maintain good credit utilization. 

  7. You can get both your Personal Credit Scoreand Business Credit Score by applying directly on the link mentioned below: https://cir.crifhighmark.com Follow CRIF India on : /CRIF INDIA

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