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Credit Score FAQs
What is a credit score?
A credit score is a three-digit number that reflects your creditworthiness based on past repayment behaviour.
Why is a credit score important?
A higher credit score improves loan approval chances and helps you get better interest rates.
What affects a credit score?
Payment history, credit utilisation, loan mix, credit age, and recent enquiries impact your score.
How can I improve my credit score?
Timely repayments, low credit usage, and disciplined borrowing help improve your credit score.
Does checking my credit score reduce it?
No, checking your own credit score is considered a soft enquiry and does not affect your score.
How often should I check my credit score?
It is recommended to check your credit score regularly to monitor changes and detect errors early.