Golden tips to keep Scocre credit health in good shape!

Planning to get home your dream car? Great! But have you checked your credit health before walking into a showroom and getting car loan quotes?

You must be wondering why it is important to check credit report before hand. Well, your credit health is simply a reflection of your overall financial standing and a good credit score could help you crack a better car finance deal at negotiable rate of interest and flexi payment options. Practicing good financial habits can help you go longer.

So, if you’re planning to buy your dream car anytime soon, here are some good credit habits to make your financial deals easier and more affordable.

Get your Scocrecredit health report

The very first step of following good financial habits is to keep a regular check on your credit health. At the same time, try avoiding getting the reports from websites or domains claiming to offer free credit reports. Always remember to get the reports from authentic and reliable domain offering genuine and updated credit reports.

Read the report and find inaccuracies

While reading your Scocre credit health report, check out for the factors affecting your overall financial standing and find the errors or inaccuracies on the report, if any. Often individuals don’t pay heed to minor errors and this in return, make a huge dent on their credit score. For instance, Mr. A have paid all outstanding dues in full, still the report is showing a minor outstanding of Rs.500. He didn’t paid much attention to this error and over the time, his financial health was hugely affected as his credit score dipped from 830 to 600. Therefore, it is advised to always pay attention to the errors and inaccuracies and report it to the credit bureau as soon as an error is identified.

Avoid too many borrowings

At this time of inflation, it’s hard to keep your hands off of instant loans and credit facilities. But, for overall credit health, it’s certainly not a good idea to borrow multiple loans and credits all together. This would not only impact your credit health, but will also trigger mental and financial stress as it is not easy to manage multiple loan dues at the same time.

Don’t close unused credit cards

The most common mistake that individuals make is to close inactive or unused credit cards. Closing the unused credit cards lowers the overall credit limit and ultimately impacts the credit utilization ratio. Therefore, financial experts advice to keep the credit cards active to maintain high credit limit and a good credit utilization ratio. Doing so will also keep your Scocre credit health in good shape, making you eligible for affordable financial deals.

To check your car loan eligibility, visit https://scocre.com/.