Jul 28, 2022
Your credit history shows how you have previously handled debt. This history is reflected in your credit score, a three-digit figure that sums up your credit report's details and creditworthiness. Your credit score is calculated based on your credit history, which includes information such as the history of your payment history, the number of loans or credit cards you have used, and so on. Keeping a good credit score can have a crucial effect on your financial health, which means lower interest rates and easier access to loans and credit.
A good credit score depends on responsible credit usage over time. Here are some pointers to help you boost your credit score.
Prompt payment of bills
The most important thing you can do to improve your credit score is to pay your bills on time as payment history is the most vital component in evaluating your credit score. However, this includes paying all your bills, not just credit cards and loans. So ensure to pay all your bills on time to keep your credit score high.
Review your credit report regularly
Knowing what could work in your favour or against can help you improve your credit score. So keep an eye on your credit report for any errors as they can hurt your credit score. Carefully review them and contact the respective bureau immediately for clarifications.
Keep old credit cards to maintain credit history
Your credit score is also affected by your credit history’s length. Therefore keeping old credit cards open can improve your credit score as they help you enhance the length of your credit history. So the longer you display good credit habits, the higher your credit score.
Take one loan at a time
Borrowing multiple loans simultaneously is considered a sign of high credit risk. So, avoid taking multiple loans simultaneously if you want to keep your credit score intact. It is preferable to prioritize your needs, research various product offerings and find the best fit before applying for a loan.
Avoid exhausting your credit limit
Avoid using your credit limit to the maximum, raising your credit utilization ratio, and lowering your credit score. However, if the expenses exceed the credit limit on the existing credit line, you can request the bank to increase the credit limit.
Avoid applying for a new credit card
Applying for new credit cards leads to a hard enquiry where a credit card issuer assesses your credit report. This causes your credit score to get lowered by five or fewer points. Also, new credit applications account for 10% of your total score. If you want to keep your credit score high, avoid applying for new credit cards or loans unless necessary.
Avail of at least one credit product
People with no credit history may also find getting loans in their names challenging. Even if they get approval for a loan, the interest rates offered will be higher than those available to people with a credit history. So, obtaining at least one credit line, such as a credit card, could be a feasible option for maintaining your credit history and increasing your credit score.
Contact your creditors if you encounter issues
If you run into financial difficulties that would impair your ability to pay your bills, you should contact your creditors right away. Often, you might be able to negotiate a lower interest rate, arrange alternate payment options, or otherwise mitigate the situation.
To sum up, if you want to improve your credit score, focus on lowering your outstanding amounts and maintaining a good credit history through prompt payment and mindfully handling your credit account. At BanqMart you can get competitive loans and the best credit card in Dubai for your requirements without impacting your credit score.
Purchasing a home and obtaining a mortgage can be a time-consuming and stressful process for first-time buyers. Even though many buyers prefer to pay in cash to avoid paying interest, mortgages in the UAE provide the buyer with a great deal of flexibility when it comes to managing money, budgeting payments, and selecting the ideal property. We compiled the best tips to help you stay ahead of the competition. Here are five pointers to help you acquire the mortgage you desire.
Sep 30, 2022When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Sep 30, 2022Travel expenses, from plane tickets to hotel stays, can be extremely pricey at times. Some banks and financial organisations provide credit cards for travel purposes. If you travel frequently you should surely get the finest travel credit card that can save you a large amount of money on your travel bookings while also making your trip enjoyable. Travel cards are specifically created for travellers to receive a variety of rewards such as Skywards miles, Air miles, and free taxi rides.
Sep 16, 2022When you have some savings, the first thing that should come to mind is to invest them and make a profit. But how to invest is a question that remains in mind. Good investment plans are crucial for the development and sustainability of any business and individual. The UAE, with its diverse economy and strategic location, offers potential investors a thriving financial environment. Evolved into one of the most sought-after luxury tourist destinations in the world, the UAE offers a promising venue for international trade and business.
Sep 16, 2022Having a credit card makes life much easier, especially now that internet transactions and cashless payments are the norms. As a result, banks in the UAE have introduced relevant credit cards to meet a variety of needs. The ideal credit card for you is determined by your circumstances, credit score, spending habits, lifestyle, and financial objectives. With an array of alternatives available and the incredible perks they all provide, deciding on the best credit card in the UAE might be difficult.
Sep 16, 2022The UAE is home to some of the world's most lavish locations and masterpieces, including the Burj Khalifa, Palm Jumeirah, and others. Except for five months in the summer, the UAE offers great weather.
Jan 11, 2023Do you ever wonder where your monthly money goes while you still have bills to pay? Almost 70% of the population has difficulty keeping their expenses within their income. If you have been facing this issue, budgeting is the one-stop answer to your troubles. Budgeting is one of the most important financial habits you can develop. You can assess in advance if you will have enough money to do the things you need or want to do by developing this spending plan.
Jan 6, 2023Yet again, it's that time of the year! The holiday season is around the corner, and so is the Dubai shopping festival. This is when shopaholics' dreams will come true, with unbelievable prices on anything they want, from fashion to jewellery, gadgets, vehicles, and accessories. But it's not only about looking for bargains. The world's largest shopping event features endless thrills and entertainment. There will be fireworks, fashion shows, live concerts, and much more.
Jan 6, 2023There's a reason why the holiday season is called the most joyous time of the year. It truly is wonderful to spend time with loved ones, attend holiday parties, and enjoy good cuisine! Unfortunately, this time of year may also bring on stress, which prevents many people from enjoying the season's delights. Much of that stress is typically due to the high costs. With the holidays coming around the corner, now is an excellent time to prepare ahead so that stress does not interfere with your holiday happiness.
Jan 17, 2023With ‘Connecting Minds and Creating the Future' as the theme, the end of six magnificent months of Expo 2020 Dubai saw millions of tourists from all over the world rush to Dubai to experience the 6-month mega event. Visitors were captivated by Expo 2020's world-class music, athletic events, breathtaking pavilions, and family-friendly activities. But, now that the Expo is over, what is the future of the international fair? Well, we have got some wonderful news for you. Expo 2020 Dubai will soon be renovated and reopened to the public as Expo City Dubai.
Sep 30, 2022Purchasing a home and obtaining a mortgage can be a time-consuming and stressful process for first-time buyers. Even though many buyers prefer to pay in cash to avoid paying interest, mortgages in the UAE provide the buyer with a great deal of flexibility when it comes to managing money, budgeting payments, and selecting the ideal property. We compiled the best tips to help you stay ahead of the competition. Here are five pointers to help you acquire the mortgage you desire.
Sep 30, 2022When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Sep 30, 2022Travel expenses, from plane tickets to hotel stays, can be extremely pricey at times. Some banks and financial organisations provide credit cards for travel purposes. If you travel frequently you should surely get the finest travel credit card that can save you a large amount of money on your travel bookings while also making your trip enjoyable. Travel cards are specifically created for travellers to receive a variety of rewards such as Skywards miles, Air miles, and free taxi rides.
Sep 16, 2022When you have some savings, the first thing that should come to mind is to invest them and make a profit. But how to invest is a question that remains in mind. Good investment plans are crucial for the development and sustainability of any business and individual. The UAE, with its diverse economy and strategic location, offers potential investors a thriving financial environment. Evolved into one of the most sought-after luxury tourist destinations in the world, the UAE offers a promising venue for international trade and business.
Sep 16, 2022Having a credit card makes life much easier, especially now that internet transactions and cashless payments are the norms. As a result, banks in the UAE have introduced relevant credit cards to meet a variety of needs. The ideal credit card for you is determined by your circumstances, credit score, spending habits, lifestyle, and financial objectives. With an array of alternatives available and the incredible perks they all provide, deciding on the best credit card in the UAE might be difficult.
Sep 16, 2022The UAE is home to some of the world's most lavish locations and masterpieces, including the Burj Khalifa, Palm Jumeirah, and others. Except for five months in the summer, the UAE offers great weather.
Jan 11, 2023Do you ever wonder where your monthly money goes while you still have bills to pay? Almost 70% of the population has difficulty keeping their expenses within their income. If you have been facing this issue, budgeting is the one-stop answer to your troubles. Budgeting is one of the most important financial habits you can develop. You can assess in advance if you will have enough money to do the things you need or want to do by developing this spending plan.
Jan 6, 2023Yet again, it's that time of the year! The holiday season is around the corner, and so is the Dubai shopping festival. This is when shopaholics' dreams will come true, with unbelievable prices on anything they want, from fashion to jewellery, gadgets, vehicles, and accessories. But it's not only about looking for bargains. The world's largest shopping event features endless thrills and entertainment. There will be fireworks, fashion shows, live concerts, and much more.
Jan 6, 2023There's a reason why the holiday season is called the most joyous time of the year. It truly is wonderful to spend time with loved ones, attend holiday parties, and enjoy good cuisine! Unfortunately, this time of year may also bring on stress, which prevents many people from enjoying the season's delights. Much of that stress is typically due to the high costs. With the holidays coming around the corner, now is an excellent time to prepare ahead so that stress does not interfere with your holiday happiness.
Jan 17, 2023With ‘Connecting Minds and Creating the Future' as the theme, the end of six magnificent months of Expo 2020 Dubai saw millions of tourists from all over the world rush to Dubai to experience the 6-month mega event. Visitors were captivated by Expo 2020's world-class music, athletic events, breathtaking pavilions, and family-friendly activities. But, now that the Expo is over, what is the future of the international fair? Well, we have got some wonderful news for you. Expo 2020 Dubai will soon be renovated and reopened to the public as Expo City Dubai.
Sep 30, 2022