5 Tips to boost your credit score in no time

1. close any unused credit cards

an open credit card that is not being used may harm your credit score in the long run. besides, you don’t even need more than two credit cards, as the more the number of cards, the more statements you will get, leading to confusion and potential mismanagement. 

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2. consolidate your debts

to build your credit score, it is vital to reduce your debts. however, it often gets challenging to keep up with multiple repayments, leading to stress and missed payments. 

3. lower your debt-to-income ratio

debt-to-income ratio is a simple but important concept to get your credit score on track. it can be explained as the ratio of your total debts vis-à-vis your overall income. thus, a higher debt-to-income ratio indicates a higher level of debt, which also means a lower credit score. 

4. increase your credit limit

if your credit card company wishes to increase your credit card limit, embrace it joyfully as a higher credit limit reduces your credit utilization without any effort on your part. besides, a higher credit limit is handy for emergencies unless you cannot control your urge to splurge, in which case a lower credit limit may be better

for you.

5. review your credit report regularly

every credit bureau in India, including CIBIL, must provide a free credit score and report to individuals once every year. this means you can download your credit report annually and review it for any incorrect listings, free of cost.

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