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Tata Capital > Blog > Personal Use Loan > 5 Habits to Have to Get yourself in the above 800 Credit Score Club

Personal Use Loan

5 Habits to Have to Get yourself in the above 800 Credit Score Club

5 Habits to Have to Get yourself in the above 800 Credit Score Club

Where you land on the 300-900 credit score scale can significantly impact your loan approval chances. Lenders customarily use this score to determine whether to forward you a loan and at what interest rate. While any score above the 750-mark is considered good, an 800+ score can get you the most favourable personal loan interest rates.

Besides, with careful credit management, anyone can become a member of the coveted 800+ club. If you’re on a similar quest, here are five tried-and-true habits to get a brag-worthy credit score.

Set up autopay

Timely repayment of your EMIs and credit card bills plays a significant role in boosting your credit score. By setting up auto-pay, you are essentially automating the repayment task, thus, making it easy on yourself. With it, you don’t have to be constantly reminded of your due dates.

As long as the bills are paid on time, your credit score will follow an upward trend.

Keep your credit utilisation in check

Just because you have a high credit limit doesn’t necessarily mean you should utilise it all. As a general rule of thumb, try not to spend more than 30% of your available credit. Keeping it lower than 30%, preferably 10%, can get you into that 800+ club quicker. For securing a personal loan, 800 credit score is an excellent feat.

Also, apply for new credit sparingly. Too many loan applications in a short period can reflect poorly on your credit score.

Additional Read: Tips to Improve Personal Loan Credit Score

Budgeting

Getting an 800+ credit score means spending within limits and not overextending yourself. Budgeting can help you do that effectively. Keeping an eye on your monthly cash inflow and allocating chunks of it for routine expenses, recreational activities, and savings can reduce your credit usage and hence the credit bills. Low-priced credit bills translate to timely personal loan repayments and an increase in your credit score.

Diversify your credit

Credit bureaus love to see that you’re able to maintain and manage a variety of credit. By adding diverse forms of credit – credit cards, loans, mortgage – and timely repaying them, you’ll be on a fast track to that 800+ club.

Additional Read: All You Need to Know About CIBIL Score

Wash, rinse, and repeat

Consistency is key when it comes to building credit scores. Repeating the steps listed above and staying on course is crucial. It’s wise to monitor your progress and check your credit score frequently to make sure you’re on the right track.

In conclusion

By embracing the habits mentioned above and keeping reasonable goals in mind, you will attain an 800+ credit score in no time! Consequently, getting a personal score above 800-scorewill be a piece of cake.

If you’re looking for a personal finance option to fund your next purchase, apply for a loan from Tata Capital. Enjoy quick disbursals, flexible repayment terms, and extended loan tenures with us.  Avail of loan amounts as high as Rs. 25 lakhs.

Check your personal loan eligibility on our website today!

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