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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