Yes, there is no easy way to wipe the slate clean and delete bad credit record, but you can definitely put efforts to gradually improve it. Following good credit habits like timely payments of balances and due amounts would surely help enhance the credit status. But, there are some lesser known, easy ways to improve your credit score. Here we compiled a few of them.
Share Your Landline Number: Sharing your landline number in your applications or bank related documents helps increase your credit score. Unlike mobile number, your landline adds weight, as it is linked to your residential address. It is the most simple way to rise your credit score.
Being A Member Of Electoral Register: Being enrolled on electoral register means, you are eligible to vote from a particular address. This is an effective, yet simple way to instantly improve your credit score. According to the recent data from the special enrollment drive conducted by the Election Commission, 3.36 crore people in India, aged between 18 and 19, are not part of the electoral register. So, get on electoral register, if you are not.
Stop Shopping For Loans: Carry out research on best loan offers, ask for quotations, but do not apply for loans at multiple places at once. Too many applications, in a short span, add bad effect to your credit rate. And the chances for rejection would be more. So, simply do your research but apply with just one offer that appeals to you.
Ensure Not To Become A Victim Of Fraud: In many cases, it takes more than 10 months for people to identify and evaluate a fraud. This may show up a negative impact on your credit rate. So, it is important to keep a regular check on your credit bill and bank statements. It is the best way to identify theft early on. Never, ever share personal details through mails or calls to anyone to reduce the risk on online fraud.
Close Unused Credit Cards: Close long-pending credit cards, which are not in use to improve your score and to save more. If you have a few cards with little balance, clear them to improve your credit score.
In conclusion, it is always better to maintain a healthy credit score all the time. Even simple ways, drastically help improve credit rating within no time. Follow healthy money habits to maintain a healthy financial profile. For more advice on personal finance, approach ArthaYantra – online fiduciary, established to bring expert advice affordable to every household, irrespective of the wealth status. Get the best to shape up your financial future!
