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How to make the credit score better

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By Ankit Awasthi

 Many times, it occurs that despite all the documentation being proper, the loan is not able to be identified. As a result, the banks inform the borrower that they have a negative credit score. Your credit score may suffer more damage if, in addition to the missed payment on the EMI, you are also late with the payment on the loan or credit card. If your credit score has dropped as a result of this circumstance, then it is important that you learn how to raise it here.

What factors lead to a decrease in one's credit score?

If you have taken out a loan from a bank and are unable to make the required monthly payments on time, then your credit score will suffer as a direct result of this circumstance. When a loan settlement, a loan default, or a credit card payment is not paid on time, a person's credit score suffers, and this is reflected in the person's overall creditworthiness. In addition to this, if you have agreed to be a guarantor for a loan and the money for the loan has not been returned, then your credit score will be low even in this circumstance.

How exactly is the credit score figured out?

Credit scores may range anywhere from 300 to 900 points, with a score of 750 or above being regarded as excellent. Credit scores are derived using these figures. The previous 24 months of credit history are used to determine a person's credit score.

It is important that EMI payments be made on time.

If one want to maintain a decent credit score, it is imperative that any loans or credit card bills be paid on time. If you are late with the payment of the EMI or the bill, you will be required to pay a late charge, which will have a detrimental effect on your credit score. In addition, if you want to increase your credit score, you shouldn't cancel any of your credit card accounts. Your credit score will be low regardless of whether or not you have any loans or credit cards in your name.

It is important to pay attention to these checks if you want a high credit score.

Examine the areas of the credit report that have been flagged as problematic. Continue your efforts to bring the credit balance up to par. Avoid having dual account holders whenever possible. In order to prevent placing undue strain on one's finances, it is best to avoid taking out many loans at the same time. The spending limit on credit cards should never be exceeded. It is recommended to go for a loan with a longer repayment period in order to make it simpler to hand over the cash.

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Location: Lucknow, Uttar Pradesh, India

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