The "Balance" company specialized in financial consulting has identified the most important advice that maintains good credit scores for individuals, explaining that the more the customer knows the details of his credit assessment, the easier it will be for him to achieve good results.
It showed that five main pieces of information are used to calculate the credit score, which is the date of payment, the level of debt, the age of the credit, the credit mix, and modern credit.
"The Balance" pointed out the importance of paying bills and dues on time, because this applies to credit cards and loans as well, while keeping card balances low. She explained that the higher the credit card balance in relation to the permissible limit, the worse the score, since the accumulated card balances must be within 30% of the credit limits, to maintain a good score.
The company advised not to close old credit cards, as this leads to reducing the available balance, explaining that for example, if the customer has three cards with a uniform limit of 10 thousand dirhams, and one is closed with a maximum of 3000 dirhams, then his unified credit limit will be reduced To 7000 dirhams, and since the customer’s goal is to maintain balances in less than 30% of the available balance, closing this card reduces his account by 900 dirhams.
She added that credit card balances are not the only accounts that affect the degree of credit, as loan balances and other lines of credit affect the level of debt, pointing out that the existence of many debts can cost the individual points in their grades, the lower the debt, the easier it is to maintain the degree of Good credit.