A credit score is a prerequisite if you need a smooth borrowing experience. It is one of those eligibility criteria that you need to meet if you need a loan at an affordable rate. Without a good credit score, your loan application will be simply rejected. It is better that you build your credit score and check credit score often so that you are credit-ready. Here is everything that you need to know.
Get a free credit score from Clix Capital
- Visit the website of Clix Capital.
- Find the option of credit score
- Check your credit score option by clicking on it
- Enter all the details like your name, contact, personal information, Pan card, Aadhar card, and various other financial details.
- Submit all the information
- Click on the get score option
- Get your score on the screening for free within 2 minutes
Why is a credit score important?
A credit score is the first and foremost credit eligibility criteria that are checked by every loan provider. It is important to understand that a loan provider checks your credit score before offering you a loan. A credit score is in respect to the debt repayment, financial activities, and credit health that you have had in the past. If you have a good credit score this means that you are capable of handling a loan as you have handled a debt repayment smoothly in the past. This is why a credit score is important. With a good credit score check online, you will be able to get a low rate of interest and low charges as well. Therefore it is important.
How to improve your credit score to avoid loan rejection
Make your payments on time
Make sure you make your payments on time. It will help you build your credit score very early. It is important to maintain your credit score by building up credit. When you make payments you need to make sure you are doing it within the due date. Payments are always done before the due date so that you can get a perfect credit score to work on different debt portfolios. Keep your payment time for the whole year.
Manage your credit card payment
When you pay your credit card bills, make sure you pay the whole bill amount and not just the minimum amount. When you pay the minimum amount and not the full bill amount, you end up with an overdue or outstanding. An outstanding and overdue amount is not a good idea. It will bring your score down.
Manage old credit
If you are looking out for a loan or borrowing, you need to make sure you manage the old credit. If you want to increase your credit score, you need to make sure that you keep your credit account open. Do not close a credit account even when you don’t use it. Make sure you let your credit age so that you get a better score. It will help you build your score.
Monitoring
Monitor your credit score every now and then. It is important for you to understand that credit score monitoring is an important step. You need to monitor and evaluate your credit score from time to time to understand where you stand.
Take a secured credit card
When you take a credit card, it will help you build credit. Credit building happens when you open a credit account and you build credit. Opening a savings account will not help you build credit. Make sure you build credit by making payments. How you make payment will decide whether you build credit or lose out on credit points.
When you build credit, you will explore various financial objectives. Make payments on time, because when you make payments on time, you will be able to build credit. A good track record will help you add to your credit score and give you the best opportunity to build a credit score and make a difference. For Business Loan visit: business loan apply online.
Take a credit-building personal loan
A credit-building personal loan will help you build credit. Here you need to pay your loan provider EMI or installment to get a lump sum amount. You pay first and then you get back the entire amount in total from the loan provider. This is done because when you pay your EMI every month, these Payments are registered in your credit report. This will get added to your credit report and will give you a good credit score. It will help you build a good credit score after you successfully make payment on time.
Finishing up
Check your credit score regularly for free with Clix Capital so that you are updated. It helps you to check your credit score online for free and be credit-ready.