No credit profile? Here is what you can do to build a robust score

 No credit profile? Here is what you can do to build a robust score

A good credit score is crucial for securing loans and credit cards. But what about those who have never borrowed and hold a clean slate? If your credit profile does not exist, here is what you can do to start building it.

Start with a secured credit card:

One of the easiest ways to start building credit history is by applying for a secured credit card. This type of credit card is issued against a fixed deposit (FD). By using this card for small expenses and repaying the bill on time, you can begin generating a credit history.

Apply for a small loan from a bank or NBFC:

Another effective way to build your credit score is through small loans. Some fintech lenders and NBFCs provide personal loans to first-time borrowers.

Use ‘buy now pay later’ (BNPL) services:

Many fintech platforms offer BNPL options that are reported to credit bureaus.

Check your credit report regularly:

Once you begin building a credit record, monitor the information accuracy.

Be patient and consistent:

Building credit takes time. Focus on making all payments on time and managing your finances responsibly.

 

For More Details: Pooja Manoj Gupta, visit www.giia26.com

Email: pmgiia26.com Mobile  9868944340