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How Do You Improve Your Credit History

You will have a good credit age only if you have enough credit history. https://cir.crifhighmark.com/Inquiry/B2C/B2CFFCRPortal.action

KaranKumar
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How Do You Improve Your Credit History

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  1. How Do You Improve Your Credit History?

  2. Do you know that you can check a Free Credit Score on credit bureau websites such as that of CRIF High Mark? Well if you haven’t checked yet, you can do that first. Well don’t worry, it shows -1 or NH because you don’t have any credit history yet. “why is my credit score -1 or NH or not available?” In case you have never applied for a credit card or a loan in your name, your most likely reaction after viewing your score would be This is your step 1 of building your credit score.

  3. Start Early  You will have a good credit age only if you have enough credit history. Hence, although you may be in a position today where you seldom require a credit card, it would be advisable to own one. In this way, your credit history will be established at an early age and would help improve your credit score. Later, when you are actually in need of a loan, you can use this to your benefit.

  4. Pay Your Dues On Time So, if your credit history indicates that you’ve missed payments or over utilized credit cards, a long credit history might not help. Good credit history is what lenders are looking for. On the other hand, if you have a long history of timely payments with a low credit utilization ratio, it shows that you are responsibly managing credit and are worth the risk for lenders. This means that when a lender performs a credit check, you could be more likely to be approved for credit cards and loans at a better interest rate.

  5. Retain Older Credit Accounts Since credit age is all about how old your payment history dates back to, It’s worth considering old credit accounts with a decent track record before closing them. Generally, the longer an account has been open and active, the better it is for the credit score. They surely add to your overall creditworthiness. Having said that, Even when you close a credit card, it will stay on your credit report and continue to reflect for around 7 years. That’s particularly true for an account with positive payment history, without any delinquency.

  6. Limit Loan Applications It also does not help with your credit history length as the average age is reduced due to the opening of simultaneous accounts. Applying for multiple loans with multiple banks indicates credit hungry behavior. Also, each time you apply for a loan, the bank conducts a hard inquiry on your account, a number of which hampers your credit score.

  7. Check Your Credit Score Every Once in A While Regular checking of your credit score is known as a Soft Inquiry. Although, overdoing the same is not recommended as it may lead to anxiety and worry. It does not affect your credit score in any way and is rather a good and harmless practice to keep a track of your progress. You can check your Credit score for free from CRIF services.

  8. You can get both your personal credit score and 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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