Lifestyle
Here are seven tips to help you improve your credit score in the financial year 2025
Obtain free copies of your credit reports from the three major credit bureaus (Experian, Equifax, and TransUnion) at least once a year.
Set up automatic payments or reminders to pay all bills. Payment history makes up 35% of your credit score, so consistent on-time payments significantly boost your score.
Aim to keep your credit card balances below 30% of your credit limit. If possible, pay off the balance in full each month.
Use a mix of credit types responsibly, such as credit cards, instalment loans, and mortgages.
Use your oldest credit cards infrequently but keep them open.Older accounts might boost your credit score because 15% of it is based on credit history.
Be selective about applying for new credit accounts. Each application can result in a hard inquiry on your credit report.
Focus on paying down existing debt rather than moving it around. Prioritize high-interest debt to reduce the overall debt load.