I checked my credit score on gpay it shows 480. Is it good?
Unfortunately not! It does not even belong to the ‘Fair’ range, which is between 650 and 699. Actually, 480 is treated as a poor credit score in India. Lenders see you as a high-risk borrower. It means a lower chance of loan or credit card approval and even rejection in many cases.
But here is the thing: you have room for improvement and can achieve a score of 750 or higher. For that, you need to develop disciplined and calm financial habits from now on.
I was also stuck at the score 483, a 2-year-old story! Back then, I had no idea how badly missed EMIs and high credit card usage were pulling me down. So, I consulted with my banker friends and did some research.
And I got to know about some proven strategies that can pull me up and help me enter the ‘Good’ category.
I started paying bills on time, kept the credit utilisation below 30% and avoided taking unnecessary loans. Believe me or not, within 1.5 years, my credit score crossed 700. And today it stands at 785.
So, start doing the same while keeping one thing in mind: you must be consistent and dedicated. That is the only key!