Managing your credit wisely is one of the most important steps toward financial freedom. Yet in India, topics like credit scores, debt management, and financial literacy are rarely taught in schools or openly discussed in families. Whether you’re in Hyderabad, Mumbai, Delhi, or Chennai, avoiding these common credit mistakes can save you from years of financial stress.
🚫 Top 5 Credit Mistakes You Must Avoid
- Ignoring Your Credit Score
Your CIBIL score affects everything—from loan approvals to interest rates. Not checking it regularly can lead to unpleasant surprises. - Missing Credit Card Payments
Late payments not only attract penalties but also damage your credit history. Set reminders or automate payments to stay on track. - Maxing Out Your Credit Limit
Using more than 30–40% of your credit limit can hurt your score. Keep your utilization low to show lenders you’re financially responsible. - Applying for Too Many Loans or Cards
Multiple applications in a short time can signal financial distress to lenders and reduce your score. - Not Reviewing Your Credit Report for Errors
Mistakes in your credit report can cost you. Check your report annually and dispute any inaccuracies with CIBIL or Experian India.
Read also : Filing ITR – You Hire a Tax Expert or Go DIY?
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