Clix > Credit Score > Credit Score – Why It’s Crucial, How to Improve It & Everything Else

Credit Score – Why It’s Crucial, How to Improve It & Everything Else

clixcapitalwp August 16, 2020

Understanding What is Credit Score

We all must have heard about ‘credit score‘ while either applying for a personal loan, home loan, or business loan or simply reading about it. However, most of you would be wondering what is a credit score after all and why is it a big deal?

Well, a credit score is a number that indicates a potential customer’s creditworthiness, his financial ability that makes him eligible for a personal loan. If you’re wondering how to check credit score online, simply tap on Clix Capital.

This number ranges anywhere between 300-900 and is directly proportional to the credit worthiness. The higher the credit score; the better the consumer looks as a potential borrower.

An optimal credit score always comes in handy when you are financially strapped and looking for a loan to manage personal expenses, kids’ higher education, vacation, wedding, or buying a home. Banks and other lending financial institutions refer to a borrower’s credit score to determine his ability to repay the debt.

Why Credit Score is Crucial?

Credit score, an index of the creditworthiness of the borrower, is the first thing a lender or a bank looks at while screening a loan application. It represents a borrower’s credit history and affects the overall financial picture.

Be it Clix Capital or other financial institution, credit score majorly assists in assessing the risk while lending money to a borrower. A higher credit score is often seen as favorable by money lenders as the borrower seems less risky while repaying the debt and vice versa.

Overall, maintaining a high credit score is your biggest catalyst while getting a loan approved.

Unleash Exclusive Financial Offers with Higher Credit Score

Apart from being an instigator for loan approval, a robust credit score opens many avenues to exclusive discounts, offers, and deals. A healthy credit score entitles you to curated deals on refinancing your home on slashed interest rates.

Not just that, a good credit score also exposes you to financial benefits and rewards as a credit card at considerably lower interest rates or more. These deals and offers go a long way in optimizing your financial resources in the future.

How to Boost Your Credit Score?

Reckoning to everything said above, it goes without saying that boosting and maintaining your credit score is super recommended if you wish to keep your financial picture sound. Here are some easy ways recommended by Clix Capital to boost your credit score and always keep it optimal:

  • Keep Yourself Knowledge Equipped

    – The first step towards maintaining a good credit score is understanding the basics about credit score. One should know how to check credit score online and always keep a track of the same.

  • Skipping Payments are a Strict No-no

    – For the most part, the credit score is all about a consistent credit history which emphasizes the fact that one must never skip making a payment. Even if it is a minimum payment, make sure you are always consistent and on time with payments. However, only paying the minimum amount each month is not advised as the remainder amount owed will add greatly to the interest you pay.

  • Use Your Credit Wisely

    – While it is important to use your credit card regularly, one must make sure that they do not exhaust the credit balance. Use only up to 30-40% of your available credit balance and plan out the payments wisely. It is extremely crucial to be careful and logical while using credit cards or handling loans to maintain a good credit score.

  • Make Credit Score Check a Habit

    – A regular credit score check is essential to keep you from any deviations when it comes to having a healthy credit behavior. Doing a periodic credit score check will help you identify and bridge the gaps that might be negatively affecting your credit score.

How to Check Your Credit Score?

Checking your credit score online is as easy as a child’s play. Clix Capital, together in collaboration with Experian, empowers you with an easy option to check your credit score online.

All you need is to hop on to creditscore.clix.capital, fill out a quick form, and sit back! You will be presented with your current credit score with an option to download a detailed credit report. It’s that easy!

Parting Thoughts

Whether it is about meeting life’s milestones like a marriage, purchase of property,  higher education, or boosting your business with some capital; Clix Capital is always your trusted companion.

Bid adieu to your financial worries with fast, reliable, and hassle-free business, personal, and home loans from Clix Capital!

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