Darrell Lesueur’s Post

If you find yourself with a less-than-stellar credit score, focus on steps you can take to improve it and get back on track. Here are five key actions you can take to boost a low credit score: ✅ Pay down credit cards below 70% of your limits. Remember, revolving credit like credit cards carries more weight in your credit score than other types of debt such as car loans or lines of credit. So focus on reducing those credit card balances! ✅ Limit your credit card usage. Accumulating a large amount of debt and paying it off in monthly instalments can actually harm your credit score. Aim to keep a low balance or pay it off in full each month to maintain a healthy score. ✅ Keep an eye on your credit limits. Sometimes, lenders take longer to report your monthly transactions, which may affect how others view your creditworthiness. Ensure that your information is up to date, including paid bills, to avoid any unpleasant surprises. ✅ Hang on to your old credit cards. Did you know that older credit is considered better credit? If you stop using your oldest credit cards, their impact on your credit score may diminish over time. To maintain their value, use them periodically and promptly pay them off. ✅ Don't let mistakes haunt your credit. Mistakes happen, but it's important to address them. If you come across any errors or situations that could harm your credit score, be proactive and dispute them with the credit bureau. You have the power to rectify any inaccuracies! 💡 Remember, building and maintaining a good credit score is a key component of your financial health. By following these tips, you can take control of your credit and pave the way to a brighter future. #CreditScoreTips #CreditScore #FinancialEmpowerment #TakeControlOfYourCredit

Don’t use your credit card Without knowing your ideal credit limit. This is because spending more than your ideal credit limit can not only affect your financial plan but also negatively affect your credit score. The ideal credit utilisation ratio (CUR) is 30% of your available credit. This means if your credit limit is ₹7 lakh, the ideal spend should not exceed ₹2.10 lakh (30% of ₹7 lakh). In case you didn’t know, your credit utilisation ratio represents the percentage of your available credit that you are currently using. It plays an important role in determining your credit score. Lenders use this to study how much of your credit limit you are utilizing and whether you’re managing credit responsibly. This is how you can manage it: - Always aim to pay off your balance before the statement closing date. This ensures that your reported balance is low, improving your CUR. - A higher credit limit can help reduce your CUR, assuming your spending remains the same. More available credit means your usage ratio will be lower. - If you have more than one credit card, you can distribute your spending across them. This prevents any one card from exceeding the 30% CUR threshold. - Closing a credit card reduces your available credit, which can inadvertently raise your CUR. Instead, keep your older cards open to maintain a lower ratio. Your credit score shows your financial habits and can affect everything from loan approvals to the interest rates you’re offered. You should be very conscious about how much credit you use, to keep your score high and make smarter financial decisions. What steps do you take to maintain a healthy credit score? #creditscore #moneymanagement #finances

𝐂𝐫𝐚𝐜𝐤𝐢𝐧𝐠 𝐭𝐡𝐞 𝐂𝐨𝐝𝐞: 𝐓𝐡𝐞 𝐂𝐫𝐞𝐝𝐢𝐭 𝐔𝐭𝐢𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐑𝐚𝐭𝐢𝐨 𝐚𝐧𝐝 𝐘𝐨𝐮𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 💳 In the world of personal finance, there’s a silent force at work—one that can either elevate your credit score or quietly chip away at it. Meet the Credit Utilization Ratio.What exactly is it? Simply put, it’s the percentage of your available credit that you’re using at any given time. Think of it as the pulse of your financial health. If your ratio is low, your credit score pulses strong; if it’s high, you might find your score lagging, even if you’re paying bills on time. 💡𝐋𝐞𝐭’𝐬 𝐛𝐫𝐞𝐚𝐤 𝐢𝐭 𝐝𝐨𝐰𝐧: Imagine you have a total credit limit of ₹2,00,000 spread across several credit cards. If your current combined balance is ₹60,000, your utilization ratio is 30%. That’s a healthy range. But if you’re carrying ₹1,50,000 in debt, your ratio shoots up to 75%—a red flag for lenders. 🚩 𝐇𝐞𝐫𝐞’𝐬 𝐰𝐡𝐲 𝐭𝐡𝐢𝐬 𝐦𝐚𝐭𝐭𝐞𝐫𝐬: A high credit utilization ratio can signal to lenders that you’re overly reliant on credit, which could make you a riskier borrower. This perception can lead to higher interest rates or even declined loan applications. On the flip side, a low ratio demonstrates that you’re managing your credit responsibly, which can strengthen your credit score and give you more negotiating power when applying for loans or credit cards.Want to optimize your credit utilization? 𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐚 𝐟𝐞𝐰 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: • Pay down your balances before your statement date to lower the reported utilization. • Request a credit limit increase (but avoid using the extra credit). • Distribute your spending across multiple cards to keep each individual utilization low. Your credit utilization ratio isn’t just a number—it’s a reflection of your financial habits and discipline. By keeping it in check, you’re not only protecting your credit score but also positioning yourself for greater financial opportunities. 💼 How do you manage your credit utilization❓ Share your strategies below! 👇🏻 #CreditUtilization #FinancialStrategy #CreditScore #PersonalFinance

👉Have no knowledge about credit score CA SAKSHI JAIN has something informative to tell you about the positives in having a good credit score which would be eventually helpful in getting your credit application approval faster and easier👇

Your credit score should be your priority. It becomes very important in determining whether your credit application gets approved or denied. If you have a high credit score, it will make it easier for you to access credit cards and loans, often with lower interest rates and extra benefits. On the other hand, a low score can be an issue because lenders are often hesitant to approve applications from those with a poor credit score and if they do, the interest rates are much higher. If your credit score is not where you want it to be, here is what you should do: → Set reminders or use standing instructions to automate your EMI payments. Consistency in repayments shows financial discipline, boosting your score over time. → Make sure you pay your credit card dues before the due date. If that's not possible, ensure at least the minimum payment is made to avoid a negative mark on the report. → Errors like wrong personal details, account balances or past overdue amounts can hurt your credit score. Correcting these can immediately improve your score. → Keep old credit card accounts open even if you don’t actively use them to increase the length of your credit history. It indicates stability and reliability to lenders. → The amount of credit you're using compared to your credit limit determines your score. It's generally advisable to keep your utilization below 30%. Don’t try to rush with the entire process as it can lead to mistakes. Give it time and build it with consistency and financial discipline. Do you take your credit score seriously? #finances #creditscore

Getting good credit is one things, keeping good credit is another 🎯. Looking to improve your credit score and take control of your financial future? Start by developing positive credit habits that can make a real difference. Here are some tips to help you on your credit repair journey: 1. Pay your bills on time, every time: Timely payments are crucial for a healthy credit score. Set up reminders or automatic payments to ensure you never miss a due date. 2. Keep your credit card balances low: Aim to keep your credit card balances below 30% of your available credit limit. Low credit utilization can positively impact your credit score. 3. Monitor your credit regularly: Stay on top of your credit health by checking your credit report regularly. Look for errors or suspicious activity that could be dragging down your score. 4. Be strategic about new credit: Opening new credit accounts can temporarily lower your score. Only apply for new credit when necessary and avoid opening multiple accounts at once. 5. Build a mix of credit: Having a diverse mix of credit types, such as credit cards, loans, and a mortgage, can demonstrate responsible credit management and boost your score. 6. Work with creditors: If you're struggling to make payments, reach out to your creditors to discuss payment options or hardship programs. Communication is key in managing debt. Remember, improving your credit score takes time and patience, but by focusing on these positive credit habits, you can set yourself up for long-term financial success. Stay committed, stay informed, and watch your credit score 🚀🚀💳 #CreditRepairTips #FinancialWellness #PositiveCreditHabits #CreditScoreBoost #FinancialFreedom

📊🔍 Decoding the Enigma of Credit Scores! 🧐📈 Hello, everyone! 💡 Interested in understanding the components of your crucial credit score? Let's explore the factors that contribute to shaping your financial reputation: 🗓️ Payment History (35%): Consistency is key! Making timely payments for loans, credit cards, and bills positively impacts your record. Maintain those due dates to establish a strong foundation. 💳💰 Credit Utilization (30%): Balance is crucial! The ratio of your credit card balances to limits is significant. Aim for a utilization rate below 30% to demonstrate a healthy reliance on credit. ⏳ Length of Credit History (15%): Patience brings rewards! The longer you've managed credit, the more dependable you appear. All accounts, from the oldest to the newest, contribute to this factor. 🛍️🏠🚗 Types of Credit in Use (10%): Diversity matters! Having a mix of credit types, such as cards, loans, and retail accounts, showcases your financial adaptability. It's all about managing responsibly! 🆕📝 New Credit (10%): Proceed carefully! Frequent applications for new credit may raise concerns. Each application has a slight impact, so strategize when seeking new credit. 📜😟 Public Records and Negative Information: Beware of these warning signs! Bankruptcies, liens, and foreclosures can cast a shadow on your credit profile. Keep in mind, your credit score is akin to a financial report card, reflecting your ability to handle financial responsibilities. Building a robust score requires time and effort, but it pays off for future financial freedom! 🌟🚀 #CreditScores #FinancialWellness #CreditScoreIncrease #CreditScoresMatter #CreditScoreTips #CreditScore #Credit

As I was just having this conversation with a friend yesterday I believe in how important it is to have these discussions with each other. Helping each other be mindful of our finances, goals, aspirations and plan to do with the family or co-workers is important. Let’s get excited about NEW LEVELS of Priorities, again with a NEW Perspective 🤯 Feeling like this is something you want to take a run for and maybe stop procrastinating sitting down and having the “Tough Conversation”. ⬇️ 📲Let’s Talk About It, I look forward to seeing your thoughts in the comments below 👇 #ericadinspires #wfhm #zoom #support #teambuilding #growth #financialliteracy #September #lifeawareness #paiddebt #saved #invested #retirementgoals #ga #athens #athensmetropolitian #Atlantametropolitian

Did you know, checking your credit score regularly lowers it? NO, Not really! 😊 Just like this, there are a bunch of other myths surrounding your credit score and how it’s affected by various factors. We’re gonna focus on the top 3, let’s debunk! Myth: Checking your credit score regularly, lowers it. Fact: This is by far the biggest myth out there. When you’re just checking your credit score, it is counted as a soft inquiry and doesn't change ANYTHING. So when does it actually matter? If a bank or a financial institution pulls your score for approving an application for a loan or a credit card etc, this is called a Hard inquiry. Too many hard inquiries in a short duration can lower your score. 📉 Myth: Closing cards can help improve credit score Fact: Do you have a bunch of credit cards? Do you worry it will pull down your credit score? If you decide to close them, it will do nothing but shorten your credit history which is bad for your score ❌ A long credit history helps the lender better understand your credit behavior. Myth: Your monthly income affects your credit score Fact: It is calculated based on your credit report, which does NOT include income information. You could be making ₹15 lakhs 💰 a year and still have a poor credit score if your credit behavior is not good, meaning - untimely bill payments and high credit utilization, among other factors. What other myths have you heard about credit cards? Let’s discuss in the comments 💬 #creditcards #creditscore #personalfinance

Level Up Your Credit Score: Unlock the Key to Financial Freedom! A good credit score is essential for various financial opportunities. It impacts your access to loans, affects your insurance premiums, and even influences your ability to secure housing rentals. Building and maintaining a strong credit score is essential for a healthy financial future. Here, we'll explore key strategies to improve your credit score and unlock its potential: 1. Pay bills on time. This single factor has the greatest impact on your credit score. Late payments can significantly damage your score and stay on your credit report for up to seven years. Set up automatic payments or reminders to ensure you never miss a payment. This demonstrates responsible credit management and builds a positive credit history. 2. Keep your credit card debt under control. A crucial metric is your credit utilization ratio, which compares the total credit you're using to your total credit limit. Aim to keep this ratio below 30%. Pay down existing debt and avoid using your credit cards to their full limit. This demonstrates your ability to manage credit responsibly and avoid overspending. 3. Review your credit report Regularly review your credit reports from all three major bureaus (CIBIL, Equifax, and Experian) to ensure accuracy. You can obtain a free credit report from each bureau annually. This allows you to identify and dispute any errors that might be negatively impacting your score. Be proactive and address any discrepancies promptly. Here are some additional tips for improving your credit score: Limit inquiries for new credit: Applying for too many loans or credit cards in a short period can negatively affect your score. Don't close unused accounts (unless they have fees): Maintaining a longer credit history with responsible management can positively affect your score, so consider keeping old accounts open if they are inactive but don't have annual fees. Consider secured credit cards: If you have limited credit history, a secured credit card can help build your score. It requires an upfront deposit that becomes your credit limit and can graduate to an unsecured card with responsible use. Remember, building good credit takes time and effort. Implement these strategies and consistently manage your credit responsibly. Patience and commitment will lead to a strong credit score that opens doors to a brighter financial future. #creditscore #goodcredit #badcredit #credit #financerevolution #financialfreedom #secureyourfuture ##howtoinvest