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February 06, 2015 17:18

Are you worried about how to improve your credit score? Unfortunately, every little financial investment or decision you take has an impact on the credit score. Credit score is not as reflective as the engine of a sports car, where the car shoots forward as soon as you press the accelerator. It takes months and months of patient calculations, sensible investments and also keeping a track of all the past records. Apart from the fact that you have to be absolutely consistent, some other factors might just push your score in the right direction. Whether you are taking a house or a car loan, some smart decisions can be score changing while moving forward.

One of the most important factors while improving the credit score is the amount involved while revolving your credit card and the amount you are using. The lesser the percentage of the revolving credit is the better is the credit score. Car finance in India is an important part of the financial aspect and it should be taken great care of, while going for a choice. The debit-to-credit ratio should be kept as low as possible. In fact, it has been found out that the lower the ratio is, the better it is for credit score.

Another important but much overlooked aspect is the presence of nuisance balances in your account. This factor might become a pain while maintaining the correct credit score. Suppose, you have a number of credit or debit cards, which underwent a couple of small transactions. This slight error might lead to a downfall to your credit score. A lot of people might ask for a solution regarding this aspect. The better way to deal with this problem is to carry out these transactions with a single card. It would be even better if these are done with such a card, which has a higher interest rate. This factor can really boost your credit score forward.

These factors might have answered you somewhat if you had the question of how to improve your credit score in mind. Now you can move forward with your house or car loan plan and just not worry about maintaining a good score.

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