People can avoid late payments by putting payments to auto-pay, automating reminders, and creating a monthly task sheet.
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Lower your Credit Utilization
A credit user should keep their credit utilization ratio below 30% of the entire available credit limit.
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Earn more spend less
It simply means don't spend more than you make. When spending exceeds earnings, credit becomes necessary, which may lead to additional spending and debt collection.
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Maintain a Healthy Credit Mix
To keep a good credit score, one should always choose a combination of credit because the risk component balances out, resulting in a better credit score.
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Do not exhaust the allotted credit limit
Avoid exceeding your credit limit, as this increases your credit use ratio, which reduces your CIBIL score.
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Do not close old accounts
Closing old credit cards or accounts cancels your previous record with the bank and has a negative influence on your credit score.
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Credit score monitoring
Checking your credit score regularly allows you to understand the situation of your credit and provides you the opportunity to improve it.