Is 675 a Good Credit Score?

A credit score of 675 is considered good news. This falls within the "good" range (650-749), indicating you're a reliable borrower. You'll likely qualify for various loans and credit products. However, it might not guarantee the absolute best interest rates. 

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Let's explore what a 675 credit score means in the Indian market, how it impacts your borrowing power, and what steps you can take to reach an excellent score.

Make timely payments

Your payment history is the most significant factor in your credit score. Ensure all your bills, including loans, credit cards, and utilities, are paid on time. Setting up automatic payments or reminders can help you stay on track.
 

Reduce credit utilisation

Aim to keep your credit utilisation ratio below 30%. This means if your total credit limit is Rs. 1,00,000, you should keep your balances below Rs. 30,000. Paying down existing balances can significantly impact your score positively.
 

Avoid opening new accounts

Each new credit application results in a hard inquiry on your credit report, which can temporarily lower your score. Try to limit new credit applications and focus on managing existing credit responsibly.
 

Check your credit report

Regularly review your credit report for errors or inaccuracies that could be dragging your score down. Dispute any incorrect information to ensure your report reflects your true creditworthiness.
 

Diversify your credit mix

Having a variety of credit types, such as credit cards, instalment loans, and mortgages, can positively influence your score. This shows lenders that you can handle different types of credit responsibly.
 

A credit score in the good range may reflect a relatively short credit history marked by good credit management. It may also characterise a longer credit history with a few mistakes along the way, such as occasional late or missed payments, or a tendency toward relatively high credit usage rates.
 

Lower interest rates

With a higher credit score, lenders see you as a lower-risk borrower. This often translates to lower interest rates on loans and credit cards, which can save you a substantial amount of money over time.
 

Better loan approval chances

A good credit score increases your chances of being approved for loans and credit cards. Lenders are more likely to offer you credit with favourable terms, making it easier to access funds when you need them.
 

Higher credit limits

As your credit score improves, you may qualify for higher credit limits. This can help improve your credit utilisation ratio, further boosting your credit score and giving you more financial flexibility.
 

Improved rental opportunities

Landlords often check credit scores during the rental application process. A higher credit score can make you a more attractive tenant, increasing your chances of securing a rental property.
 

Enhanced employment prospects

Some employers review credit scores as part of their hiring process. A good credit score can demonstrate responsibility and reliability, qualities that are valuable in the workplace.

Use credit cards wisely

If you have credit cards, use them responsibly by keeping balances low and paying off the full amount each month. Avoid maxing out your cards and aim to use only a small percentage of your available credit.
 

Pay off debt

Paying off outstanding debts can significantly boost your credit score. Focus on paying down high-interest debts first while making minimum payments on others.
 

Become an authorised user

Ask a family member or friend with good credit to add you as an authorised user on their credit card. This can help you build a positive credit history without the risk of managing a new account on your own.
 

Set up automatic payments

To ensure you never miss a payment, set up automatic payments for your bills. This helps maintain a positive payment history, which is critical for a good credit score.
 

Avoid closing old accounts

The length of your credit history affects your score, so keep older accounts open even if you don’t use them regularly. Closing accounts can shorten your credit history and reduce your available credit.

By following these strategies, you can steadily improve your credit score and enjoy the numerous benefits that come with having good credit.