750 Or a credit score of higher reflects your financial stability and your habit of paying on time. This makes you more reliable in front of lenders (banks and financial institutions), which can easily get a loan. Credit scores in India are between 300 and 900 and release them major credit bureaus such as Crif High Mark, Cibil, Experian. The score of 750 or more is considered very good.
Benefits of having a high credit score of 750+
- Your loan application is easily approved by high credit score.
- High credit score gives you a low interest rate on loan. So that you will have to pay EMI of low amount every month.
- You can get more limit on credit cards or a loan of large amount.
- This strengthens your financial credit and reputation.
What to do to make a high credit score of 750+?
- Pay on time: Ensure that EMI, credit card bills and other related credit payments of all loans are repaid on or before the date. Avoid delayed payment at all costs.
- Spend less than the credit card limit: Try to use your total credit limit less than 30%. High use can mean more dependence on credit, which can reduce your credit score.
- Check the credit report regularly and monitor: Keep checking your report from time to time for errors and discrepancies. If a mistake is found, inform the Credit Bureau immediately to get it fixed.
- Do not apply for loans everywhere: Avoid applying for several loans or credit cards simultaneously, as each application is recorded as a “hard inquiry” on your credit profile. This can reduce your credit score.
- Maintain a healthy credit mixture: A balanced mixture of home loans such as secured loans (safe loan) and personal loans such as unseeded loans (unsafe loans) reflect responsible credit behavior. Therefore, try to maintain a proper mixture.
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