Last Updated:
From responsible use of credit cards to timely payments, leveraging your bank’s offerings can make a significant difference.
Avoiding multiple loan applications can be helpful in improving credit score.
The secret to maintaining an impressive credit score might be closer than you think, right at your local bank. Far from being unrelated, your credit score and your bank are deeply interconnected, and treating them as separate elements of your financial planning could be a costly mistake. Banks offer a range of tools and strategic services designed to help you manage your finances more effectively, many of which can have a direct and positive impact on your credit score.
From responsible use of credit cards to timely payments and smart loan management, leveraging your bank’s offerings can make a significant difference. Here are some key strategies your bank can provide to help you improve and maintain a strong credit score.
Let The Bank Review Credit Score
Establishing a good connection with your bank by becoming an ethically abiding customer and letting the bank review your credit report is a sensible idea. Many individuals don’t know where they stand in terms of credit and loan eligibility, and start reviewing their credit reports. Your bank can take care of this review process and provide suggestions on how to manage and repay your debts.
How The Bank Views Credit
While long-term customers have a fair idea of what gives their credit score an upward or downward curve, asking the bank how it formally views the credit and what affects the credit score the most could be a beneficial exercise. Paying off your EMIs and bills on time is usually considered the best means to improve your credit score. The bank also keeps an eye on your credit utilisation; keeping it low is a prudent idea.
Use The Bank’s Free and Accessible Services
Consumers should always take advantage of the number of free and accessible services offered by their banks to fulfil their financial goals and ensure their credit score continues to soar.
Don’t Close Old Credit Accounts
Avoiding multiple loan applications at once and not closing your old credit accounts could be advantageous, as your bank enquires about your suitability for a specific loan while also keeping track of your credit history. Older accounts with long-term and safe credit management strengthen your profile and credit score quite significantly.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
- Location :
Delhi, India, India
- First Published:
