How to Increase Credit Score to 800?

While applying for a credit, a credit score of 750 is considered a good score by the banks and the lenders. Even though, if you want to increase your Credit Score to 800, here is a guide for achieving your goal. This will help you to increase credit score by 100 points

Better Management of Credit Utilization

Credit Utilization is arrived at by dividing your outstanding loan by your credit limit. Maintain Credit Utilization below 30% to 40%.

Avoid Multiple Loans

You must avoid applying for Multiple Loans at the same time as it negatively impacts your credit score. In fact, you should not apply for multiple loans during a short period of time.

Maintain Consistent Repayment Track Record

Always maintain a consistent Repayment Track Record with timely repayment of all the dues whether it is an EMI or Credit Card Bill.

Do not go for Unsecured Loan

You must avoid taking unsecured loan in order to increase your credit score. Always avail secured loan as it raises your credit score.

There should not be too many enquiries

Though 'free credit score' or 'free credit report' is being offered by many websites, you should not make too many enquires even if it is available free of cost. Too many enquiries has a negative impact on your credit score

Raise your Credit Limit

If you are offered to increase you credit limit by your bank or lender, you must go for it and avail higher credit limit as it will lower your Credit Utilization Ratio.

Don't avail Credit during Dispute Resolution Period

If you find any discrepency in your credit report, your credit report may be disputed with credit bureau immediately which is resolved by the financial institution as soon as possible. Never go for availing credit during Dispute Resolution Period.