Want a Credit Score Above 800? Here’re The Effective Ways to Achieve It

Aiming for a credit score above 800 is best when you want to go above average. It’s just that borrowers find out the borrowers of this credit score range are credit-worthy. However, a CIBIL score of 800 is not so high in terms of possibility. You can aim for even higher than a credit score of 800 with the following tips.

Want a Credit Score Above 800

How to Achieve a Credit Score Above 800?

Credit History

Your credit history with different lenders in combination is responsible for 15% of your credit score. So, irregular, very short, minimum or no credit history at all can halt your progress from reaching a credit score of 800.

Repay on Time

The most important factor that affects your credit score by around 35% is payment history. Making all the payments on time will have a significant effect on increasing your credit score by close to 800. However, even delaying a single payment can cause your score to go down easily.

Mind Your Credit Utilisation Ratio

Your total credit limit is how much your lender has decided to let you borrow. If you are using more than 50% of your total credit limit then you will have to restrain yourself from doing so. It is recommended by experts to use not more than 30% of your credit limit to maintain a low credit utilisation ratio for a high credit score.

Also read:

Canara Bank Becomes First to Allow Credit Card UPI Payments

Periodically View Your Credit Reports

Keeping track of your credit score and reports is the best way to prevent any discrepancies or faults from showing up for a long time. Your credit score can also slide down if your credit report is showing any defaults like misinformation, incorrect figure, or negative details. You can check your credit score for free on several platforms including Paytm, GPay, Amazon Pay, the official app of CIBIL (only once a year), etc.

Benefits of a Great CIBIL Score

  • Increased loan approval chances
  • Better loan offers with low-interest rates
  • Credit cards become more lucrative
  • Get low-premium insurance plans

Find Your Daily Dose of NEWS and Insights - Follow ViralBake on WhatsApp and Telegram

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

Related Articles

Back to top button

AdBlocker Detected

Please Disable Adblock To Proceed & Used This Website!