Data Science and AI are the basis of Credit Risk. Knowing how various models are created for credit risk (All Major Scores details are publicly available), you can leverage the same to identify best practices to maintain high credit score.
This document provides a practical approach to maintaining a good credit score. The 10 best practices suggested to follow are:
1. Timely Payment of Bills: Always pay bills on time.
2. Maintain Low Credit Utilization: Keep credit card balances low.
3. Build a Long Credit History: Keep older accounts open.
4. Maintain a Diverse Credit Mix: Have various credit types.
5. Limit New Credit Inquiries: Minimize hard inquiries.
6. Regularly Monitor Your Credit Report: Check for accuracy.
7. Reduce Debt Levels: Pay down existing debt.
8. Avoid Opening Multiple New Accounts Quickly: Open new accounts sparingly.
9. Use Credit Responsibly: Make purchases you can pay off.
10. Stay Informed About Credit Scoring Changes: Keep up with changes.
Hope you find this document insightful. Keep following for more “Data Science for All” Posts.
📬 Stay Ahead in Data Science & AI – Subscribe to Newsletter!
- 🎯 Interview Series: Curated questions and answers for freshers and experienced candidates.
- 📊 Data Science for All: Simplified articles on key concepts, accessible to all levels.
- 🤖 Generative AI for All: Easy explanations on Generative AI trends transforming industries.
💡 Why Subscribe? Gain expert insights, stay ahead of trends, and prepare with confidence for your next interview.
👉 Subscribe here: