Become the Secret Santa for your Credit Score this Christmas!

 The cheerful season is upon us and it is that time of the year when we play Secret Santa for our friends and family. When everyone is a part of this fun and exhilarating ritual, why leave your credit score out of it? After all, it is this number that acts as the Santa for you through the year.

When we think of Secret Santa gifts, we usually think of things that our loved ones and colleagues could get good use out of, right? Then, what would you consider in the case of your credit score? A gift that would give it the boost to grow and flourish for a long time would be the perfect addition to your credit report’s list of entries. What do you think?

Related Reads: 4 Proven Hacks to Build a Great Credit Score

There is a long list of gifts that can make your credit score happy too! Wondering what it could be? Here are some questions you can answer to decide the best gift for your credit score:

What does your credit score need?

Maintaining a credit score is an ongoing process. It always needs you to make moves that will help it build a stronger foundation and keep it consistent. In this season of jolly celebrations, you could take time out to evaluate your report and analyse what your credit profile needs. Find out things that your score already has and what it will need in the upcoming months.

Does it need you to clear your outstanding debts or could you use a new line of credit? Are there too many loan inquiries or has your account remained dormant for a long time? Take every aspect into consideration and decide what your credit score needs.

Finalise on your gift

Now that you have evaluated what your credit score needs this festive season, you would have a clear idea about what gift would be perfect for your credit score. For example, say you have a pre-approved loan on your bank account or a credit card. Take a look at these options against your requirements and finalise the gift you want to add to your credit report. 

Timing the gift is everything!

You want to give your credit score stability and strength which makes your timing of utmost importance. So ensure the perfect timing! Basically, apply for your credit card or loan at a time when your chances of approval are maximum. This will give your score the boost you want. Keep a close eye on your CRIF Credit Score beforehand to be sure that your score is stable and sufficient for credit approval.

If a lender runs a hard inquiry on your already low credit score, then it might bring a sour taste to your Christmas celebrations. So time your gift properly.

Enjoy your Credit Score’s reaction 

Once the gift is ready and given, keep track of your spending habits in case of a credit card and loan EMIs in case of the loan. If all of this is in place, then nothing can stop your credit score from smiling in the green zone! At this point, check personal credit score and watch it rejoice over your gift

We hope you have a cheerful Christmas!

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