How is 658 credit score? Is it okay?
No, your credit score of 658 falls under the ‘fair’ range. To enter into the ‘Good’ category, you have to push your score to 700 or more.
Then it signals that you can manage your credit accounts well. Banks or NBFCs consider you as a reliable borrower and approve loans without making you wait for months. But getting the best rates or a higher credit limit is still far away.
To avail such benefits, you can follow the strategies that helped me a lot to raise my score from 628 to 700! Here they are:
- Keep your card utilisation ratio as low as you can. I will recommend using only one-third of your available card limit.
- Make bill payments on or before the due date. Remember, 1 missed payment can drag your score by a few points.
- Don’t apply for new credit accounts for the time being. One card or loan application triggers a hard inquiry, which can lower your score.
- Review your credit report periodically. I do it once every month.
- If you found any mistakes in your report, fill out the dispute request form. It takes 30 to 45 days to resolve.
Just stick with these habits for 1 or 1.5 years, and you can steadily improve your credit score.