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Credit score is an important indicator of your financial health and helps determine how trustworthy you are as a borrower. It pays to maintain and monitor a good credit score because it can help you get a loan approved faster and entitle you to a host of benefits like lower interest rates, better reward schemes on credit cards and cash backs. A good credit score will make you eligible for better credit cards that will help you make major purchases (like appliances, furniture etc) and pay back over a period of time. In fact, people with a good credit score are believed to be more employable because they are reliable, a quality that employers look for.
A credit score is a three-digit number that is obtained from your personal financial data and credit spending behaviour. Lending agencies, financial institutions or banks usually refer to this number before issuing any kind of credit. Credit reporting agencies usually calculate your credit score and this can also be obtained online for free. The score can vary anywhere from 300 to 850. The higher the number, the better the credit score, which means you will be eligible for lower interest rates on loans. A score of 720 or above is usually considered a good score.
It is always wise to enhance your score before applying for credit.
Apart from these measures, it is important to take note of the various factors that determine your credit score. It will always earn you points if you pay your bills, especially credit card bills on time. The payment history plays a crucial role in determining your score and always make it a point to try to pay your credit card bill in one shot and not in instalments every month. Keep your credit utilization ratio low, pay loan EMIs on time, maintain your credit limit and borrow only as much as you can pay back over a period of time.
