Your credit score is one of the most important measures of your financial health. It tells lenders at a glance how responsibly you use credit. The better your score, the easier you will find it to be approved for new loans or new lines of credit. A higher credit score can also open the door to the lowest available interest rates when you borrow.

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If you would like to improve your credit score, there are a number of simple things that you can do. It takes a bit of effort and, of course, some time. Here’s a step-by-step guide to achieving a better credit score. 

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Why Does a Good Credit Score Matter?

A good or excellent credit score will save most people hundreds of thousands of dollars over the course of their lifetime. Someone with excellent credit gets better rates on mortgages, auto loans, and everything that involves financing.

1. Review Your Credit Reports

To improve your credit, it helps to know what might be working in your favor (or against you). That’s where checking your credit history comes in.

2. How often should you check your credit score?

You should check your credit score regularly to check for errors, but make sure that you are doing so through soft inquiries so that your score isn’t dinged. 

1. Check your credit score to see why it is low.
2. Pay down your revolving credit as much as possible to lower your credit utilization percentage.
3. Have any inaccurate things removed (especially late payments).
4. Be added as an authorized user to an old account with perfect payment history, ideally with a low utilization rate. Ideally, this is done by a friend or relative, and they do not even have to give you the card. You can also pay certain credit repair services that will broker a deal between you and a stranger to do this.

Owning a Credit Card is a boon in many ways. If you are struggling with a shortage of cash or want to buy an expensive gadget or require immediate funds for an emergency, a Credit Card will always be helpful. Know the reasons why you should have a Credit Card.

A Credit Card is an easy pay-back option. It allows you to shop for goods and services without any requirement for cash or credit. Right from daily spending, fine dining at restaurants, and grocery shopping to luxury purchases, it takes care of your expenses.  

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If you’re a frequent shopper, then here are five reasons you should have a Credit Card:  

• Credit score: The major benefit of having a Credit Card is it helps you build your credit score. If you are making a timely bill payment, it creates a positive impact on your score. Further, a healthy score is key for making you eligible for loans.
  
• Cashbacks rewards points and discounts: Every time you make a purchase using a Credit Card, you earn a reward point or a cashback or discount offer. To make the best use of the benefits, you should choose a card that suits your lifestyle and spending pattern.  

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• Avail Personal Loan: If you have a Credit Card, you can avail a Personal Loan, instantly. If you’re already an existing Credit Card user at ICICI Bank, the Bank offers you a loan on the card after evaluating factors like spending, transaction pattern and payment history.
  
• EMI facility on cards: In case you are making a big-ticket purchase, you have the flexibility to make a Credit Card bill payment through EMIs. For instance, ICICI Bank offers No Extra Cost EMI on ICICI Bank Credit Cards, for big or small purchases.
  
• Protection cover: Credit Cards offer protection cover that saves you from unpredictable losses. The insurance cover can be used in the event of a theft, loss, fraud or an emergency. The premium amount and cover features, differ from card to card. 

The benefits of owning a Credit Card are many but you also need to be responsible while using it. Frequent usage of the card can lead to unwanted debt. If you have a Credit Card, you must have the discipline of paying your bills on time; else you could face penalties and high interest charges. 

If you prefer using Debit Cards or Credit Cards for making regular and frequent transactions, you enjoy a host of benefits. Apart from greater ease of utility and convenience, one of the most popular advantages of using a card is the Reward Points. Reward Points are points or credits accumulated in your name for a specific frequency or volume of transactions.

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Every time a person uses a Debit or Credit Card for a particular transaction, the Debit or Credit Card company earns an ‘X’ amount called an 'interchange' fee. This fee is received from the merchant outlet. It often varies from 1% to 2.5%, and the outlet can also choose to negotiate a lower fee if the volumes are high.

Reward Points are basically used to encourage you to make greater use of Credit Cards and Debit Cards. Once you accumulate specific points, you are given a reward or certain benefits. These benefits are often in the form of discounts or cash-backs. 

How to redeem Reward Points?

Once you win specific Reward Points, it is important to redeem them. Usually, Reward Points are easy to redeem. They can be redeemed online, following an easy procedure.

Some banks also allow you to accumulate the Reward Points earned on the Credit and Debit Cards, belonging to the same bank, in one pool and you can redeem them together.

If you want to redeem your points with HDFC Bank, here are a few steps to follow-

• Log into your NetBanking Portal/Account on the HDFC Bank website.
• Once logged in, click the ‘Cards’
• Then click on the ‘Enquire’ tab in the Debit Card section.
• Once you are taken to the next page, click on the ‘Cashback Enquiry and Redemption’ tab.
• Select the account number for which you want to redeem the points and Voila! You can redeem the Reward Points.