How to Get a Good Credit Score above 750?
A good credit score will help you get lower interest rates on loans as you are considered a low-risk borrower, and it also helps you get better offers and deals in the market. On the contrary, you will be regarded as a high-risk borrower when you have a poor score making it difficult to get a loan. Thus, it is essential to improve your credit score above 750 to enjoy maximum benefits.
Let us look at how you can get a good score above 750.
How to Improve Your Credit Score to 750?
Check Your Credit Report
Reviewing your credit report helps you get insight into what is working in your favor or against you. Hence, check your information from major national credit bureaus such as Experian, Equifax, and TransUnion. Review the report at least once a year to rectify any potential errors that may harm your score.
Make Timely Repayments
Payment history accounts for most of the FICO score model (30%). Hence, it has a significant impact on your credit score. Therefore, make repayments within the stipulated time to improve your score significantly. You can also set reminders to make payments on time without fail.
Maintain your Credit Utilization to less than 30%
Credit Utilization Ratio (CUR) shows your credit usage to your credit limit. Hence, maintain your credit utilization to less than 30% by paying your credit balances fully. You can also request your lender to increase your credit limit to keep your credit utilization.
Limit your Hard Inquiries
When you apply for multiple loans from different lenders, each lender will check your credit score to assess your creditworthiness. As a result, it will generate a hard inquiry each time the lender checks your score, thereby harming your score. Hence, apply for a loan only once at a time to avoid unnecessary hard inquiries.
Keep Your Old Accounts Open
If you have old accounts that you don’t use, do not close them. Maintaining your old accounts increases the length of your credit history. The longer your credit history, the more favorable you appear to the lenders as it shows consistent repayment history.
Do you have a Good Credit Score But Still Loan Rejected
Do you have a Good Credit Score But Still Loan Rejected? A good credit score does not mean you can always get the loan you need. Check the article to know what other factors impact the Loan application. Also, if you want to get a personal loan without any collateral check Buddy Loan website. Buddy Loan is a lending platform that helps people with easy approval of personal loans who are still rejected by banks, NBFC’s.
EndNote
A good credit score is mandatory when applying for a personal, car, or home loan. Following the above tips can help you improve your score considerably within weeks or months. Thus, it will also benefit you in getting the best offers and perks when getting a loan. Buddy Score is an online financial service platform. It helps you to check your credit score for free anywhere, anytime in minutes. You will get an idea about borrowing capacity before applying for a loan and making the decision. Buddy Loan will help you identify your financial goals and assist you to achieve them by providing the best lenders. The whole process takes less than 2 minutes! You can find out your Experian Credit Score with us, for free. Check Now!
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