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Wednesday, January 29, 2025

How to improve Highmark credit score in 2025?




The process of improving Highmark credit score is very easy, if you are aware of the steps of that. The process combines some strategies and techniques which concludes of positive credit habits &addressing any negative remarks that affect your credit score.

You might awarethat Highmark credit score is one of the 4 credit scores available in India, typically ranging from 300 to 900.

The steps to improve Highmark credit score are as follows:

1.     analyse your Highmark credit score & report

·        The first step an individual should take to improve Highmark credit score, is to get your credit report and analyse it thoroughly so that you can identify the errors, which are affecting yourcredit score. It might be any mistakes and negative remarks. Dispute those inaccuracies immediately.

 

2.     Don’t delay on debt paying

·        If you fail to pay your debts on time will affect your Highmark credit score. So, always maintain a habit of paying your debts on time. If you are struggling to pay that on time, you might opt for auto debit facility.

 

3.     Maintain credit limits properly

·        Always maintain a habit of using your credits under 30% of the maximum utilisation limit, especially for your credit cards. Using your credit limit above that will decrease yourcredit score in a very short time. If possible, pay the excess balance that you used in a month,before the bill of that month is generated.

 

4.     avoid new credits if it is not necessary

·        Every time you apply for a new credit facility, it might result a hard enquiry, that impacts your credit score, and significantly lower the credit score. So, never apply for a new credit facility when it is not necessary.

 

5.     Maintain the versatility of your credits

·        Maintaining the versatility of your credit such as credit cards, gold loans, personal loans, etc. can help you to improve your score. So always, try to maintain the versatility of credits, so that the ratio of your secured credits and unsecured credits can be maintained properly.




 

6.     Maintain existing loan accounts open for long times

·        The length of your credit is very important, and to maintain a healthy Highmark credit score. Avoid foreclosing your existing loan accounts as they can help you to improve credit score by showing a long, established history of responsible credit use.

7.     find out negative marks of your Highmark credit score & report

·        If you fail to pay EMIs on time for your existing loans or credit cards, try to pay them as soon as possible. Most often the lending institute authority removes the negative remarks as soon as you pay them back their due amounts against your credit facility.

8.     use a credit score builder loan

·        Some banks and lending institutes offer credit score builder loans like secured credit card & mortgage loans. This credit builder loans helps you to improve your score by showing that you are reliably paying the loan amount from time to time.

9.     check your credit score very often

·        Use credit score monitoring tools like Highmark official website and apps to keep track of your score and get notified if there are any major changes. This way, you can stay on top of your progress.

Improving your credit score takes time, so be patient and consistent with these actions, or else you might take consultancy from a credit consultant, as their knowledge and experience can help you to improve Highmark credit score, in a better way with efficient steps. 

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