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Dear Customer,
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A good credit history and credit score can be the difference
between being able to purchase a home, buy a car, or pay for college.
Proactively managing your credit report is a great way to stay in
control of your finances, and ultimately achieve your goals. A good
credit history can be maintained by following these 5 simple rules:
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Rule 1: Always pay your EMIs/Dues on time
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Late payments are viewed negatively by lenders and may affect the chances of your loan getting approved
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Rule 2: Keep your balances low
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If you consistently exhaust your Credit Card limit, and end up
carrying some of the outstanding balance to the next billing cycle,
lenders may view it negatively as this indicates high debt. It is always
prudent to use this instrument wisely
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Rule 3: Maintain a healthy mix of credit
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Your credit history should contain a mix of secured loans (Home
loan, Car loan, etc.) and unsecured loans (Personal loan, Credit Card,
etc.). If you have a high mix of only unsecured loans, it may be looked
at more cautiously
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Rule 4: Apply for new credit with reasonable limits
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A behaviour of seeking excessive credit indicates that your debt
burden is likely to or has increased, and you may be less capable of
honouring any additional debt
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Rule 5: Monitor your co-signed, joint and guaranteed accounts monthly
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In co-signed or jointly held accounts, you are held equally
liable for missed payments. This is extremely important because your
joint holder's negligence could affect your ability to access credit
when you need it
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Subscribe and also get a trace of your liabilities so far. We
bring you the exclusive monsoon bonanza offer of Rs.100/- * cashback.
Hurry, the clock is ticking!
Offer Valid from August 01st to August 31st, 2017.
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Regards,
ICICIdirect.com |
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