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What is a credit score? What can I do to build/improve it?

A credit score is your credit history expressed as a number. You can also think of it as a grade for how responsibly you’ve managed loans, lines of credit and other financial obligations over the years. While having a good credit score can help you get loans easily and hence make your life much easier and accessible in the future, having a bad credit score can cause serious harm to a peaceful future!

Always Strive to never miss a payment

A record of on-time payments is a key factor to ensure that you build a positive credit history

Don’t apply to too many lending platform at once

Your credit scores take a small hit every time there is a hard inquiry on your credit reports

Keep your credit utilization ratio at optimum level

Your credit utilization ratio is the amount of credit you use on a regular basis compared to the amount of credit that you have access to

Monitor Your Credit

You are entitled to one free credit report each year from each of the three credit bureaus. Review them to make sure they accurately reflect your credit behavior

Final Thoughts

Now that you know how to build credit, it’s time to go out and do it. If you follow these tips, you’ll be setting yourself up for a brighter financial future

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