Learn about credit scores like your financial report card, ranging from 300 to 850. Explore key components: payment history (on-time payments boost, late payments hurt) and credit utilisation (maintain below 30% for a healthy score). Additionally, dive deeper into components like credit history length (longer the better), and credit types diversity (handle various credit responsibly). Avoid opening too many new accounts rapidly, signalling instability. Make sure you check reports for accuracy, pay bills on time, and manage credit wisely. Your credit score reflects your financial habits. Knowledge empowers financial control and a step toward empowerment.
Your credit score reflects your financial behaviour, so pay on time and manage credit responsibly to boost it
Keep credit card balances below 30% of the limit for a healthier credit score
Long-standing credit history demonstrates responsible financial habits and strengthens your score
A mix of credit types can positively impact your score, but only take what you need
Opening too many new credit accounts quickly can raise concerns for lenders
Check your credit report regularly for accuracy and manage bills punctually
Understanding your credit score empowers better financial decisions and control