A credit score of 717 good or not? Please tell.
Yes, if you have a credit score of 717 or more, you are in a good place. It is the result of using your existing credits responsibly. When my credit score was similar to this, I did not face too many hassles getting approvals.
However, I noticed that banks offer premium credit cards and many exciting offers to customers with a credit score of 750 or higher.
As you are already in the safe zone, I have 4 basic suggestions for you to increase your score:
- Clear Bills on Time: Ensure you pay all your credit card bills and EMIs before the due date.
- Ensure a Low Credit Utilisation: Always use less than 30% of your total credit limit. In my case, if I use it more than the limit, I repay the bills in advance before bill generation.
- Do Not Overspend: People usually use credit cards for impulse buys and face issues when repaying the amount due. So, spend only that amount you can repay easily.
- Avoid Too Many Applications: In a short timespan, you should not make too many credit card applications. It shows that you are hungry for credit.
- Keep Your Oldest Account Active: Always try not to close your oldest credit card, as banks prefer a longer credit age.
By following these simple hacks, you can improve your credit score and get premium offers and lower interest rates. But remember, your credit score can drop very fast for irresponsible use.