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Jan 05, 2020 | Blogs | Banking

Here A 12 Month Strategy For Boosting Your Credit Score in 2020

Here A 12 Month Strategy For Boosting Your Credit Score in 2020

With New Year comes the enthusiasm to make way for better things. This time, why don’t you focus on taking control of your finances by boosting your credit score?

Maintaining a good credit score can help you buy that dream house or stay financially strong in the long run. And who wouldn’t want to be in a financially stable position when inflation rate is going up every passing day!

Now, it may sound a tough task but you can easily boost your credit score if you follow the right strategy. Here we have charted out 12-month strategy to uplift your credit score in 2020. Take a thorough look!

                                                                    The First Quarter (January to March)

Since it’s the beginning, we suggest you begin by mapping your steps for the coming months. Start by checking your credit report and reviewing where you stand. During this process, you must also note down if there are any errors in the credit report. This might be a tedious work but ignoring it may cost you a big deal.

 Now, it is also in the first quarter that you need to automate your bill payments since missed ones can directly affect your credit score negatively. So, go for automatic payment mode for your EMIs, Credit Card bills so that you don’t need to worry about the due dates ruining your score.

                                                                      The Second Quarter (April to June)

With the plan set, no errors in sight and no worries over delayed payment, you can now focus on the other most important thing – your credit card debt. If you want a strong credit score, it’s crucial to keep an eye on your spending and get away with any debts.

After this, the time for reviewing your progress will arrive. It will help you get a clear picture if your strategy is giving any fruitful results. For this, just analyse your credit report regularly.  By June, you should also get a new credit depending on your current situation. Take a credit card or loan to improve your credit score.

                                                                         The Third Quarter (July to September)

The journey is half complete so why not look back at your progress again? See if your efforts have worked out and if the result is not positive, try to change your strategy.

Apart from this, evaluate your debts. If your debt is higher than 40% of your income, it’s not a good sign. In such case, take a personal loan balance that can help you transfer the debts to a personal loan with lower interest rate. This won’t just improve the credit score but also save your money that would have gone into paying more interest rate.

                                                                         The Fourth Quarter (October to December)

Well, it’s the last quarter, so the best thing to do is review your progress by analysing your credit report. And if you have followed a good strategy, it’s also the time to celebrate your hard work. With all such analysis, paying off debts, keeping a tab on the expenses, we’re sure your credit score would have improved significantly. But this doesn’t mean you can just lay back, you must follow these steps to ensure a strong credit score in future too.

                                                                                           The Bottomline

Done reading? Well, then wait no more and start your plan. The only way to achieve a good credit score will be to thoroughly stick to you strategy and never be afraid to modify it to gain better financial holding. Have a happy and flourishing financial year!

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