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Developing creditworthiness: Tips for getting the best credit score

Summary: Achieving the best credit score unlocks several financial perks. If you are yet to build a credit journey, opting for the secured FIRST WOW! Credit Card is a good way to start.

10 Jun 2024 by Team FinFIRST

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Your credit score is a measure of how financially trustworthy you are. Banks use this three-digit number to quantify the risk of lending you money. That is why having the best credit score should be among your priorities.

Improving your credit score is a perpetual but highly rewarding process. Let’s find out more about how you can do this. You will also see how the FIRST WOW! Credit Card can help you build the best credit score.

READ MORE

Credit card limits: Striking the right balance for financial health

How to apply for the FIRST Select Credit Card

What is a good credit score?

Credit scores usually range from 300 to 900. The best credit score is a score above 750.

The main benefit of a good credit score is financial flexibility. Having the best credit score aids in qualifying you for loans and credit cards. This will also enhance your credit limit and, in turn, your purchasing power.

How can you increase your credit score?

Here are a few tips to maximise your creditworthiness.

Pay bills on time
Probably the most impactful factor affecting your credit score is your payment history. So ensure timely payments for all your bills. This includes credit card bills, loan EMIs, and utility bills.

Pro tip – Setting up automatic payments or reminders helps to avoid missing due dates.

The FIRST WOW! Credit Card can help with meeting due dates easily. Its balance transfer facility allows you to pay off your other bank credit card dues. This means you can pay all your credit card bills in one shot.
Keep credit balances low
Credit utilisation ratio is the proportion of credit used compared to the total credit available. Aim to maintain a low credit utilisation ratio, as this demonstrates responsible credit management. You can do this by keeping your credit card balances well below the credit limit.

Pro tip – Your credit balance should ideally be 30% of your credit limit.

The FIRST WOW! Credit Card is linked to a Fixed Deposit (FD). Moreover, your credit limit is at least 100% of your FD value. This amounts to having the benefit of a flexible credit limit.
Plan expenditures according to your billing cycle
Understanding your credit card’s billing cycle will help maintain the best credit score. You can optimise credit utilisation and payment history by aligning your transactions with the cycle.

For instance, suppose the first and last days of one billing cycle are 23 January and 20 February, respectively. Then your billing cycle length is 29 days. Try to make purchases early on and clear balances within these 29 days. This will lower your credit utilisation ratio and greatly improve your credit score.
Choose the right credit card
It is advisable to select a card tailored to building or rebuilding credit scores. The FIRST WOW! Credit Card is perfect for this purpose as it offers easy approval. You can get one without any income proof or credit history.
Check credit reports regularly
Any errors or discrepancies in your credit statement can negatively affect your score. To sustain the best credit score, always monitor your credit reports.

Pro tip – Keep track of your CIBIL score as well to regulate your spending behaviour.
Be mindful of credit applications

Each time you apply for credit, a hard inquiry is recorded on your credit report. This can temporarily lower your credit score. Try to limit the number of credit applications you submit, especially within a short period.

To sum it up

These strategies will keep you on the right track to have the best credit score. The benefits of a FIRST WOW! Credit Card can help improve your creditworthiness more efficiently. Apply today to start your journey towards being financially responsible.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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