A Credit Score is a numerical value that is assigned to a person illustrating a score of his credit rating. A higher credit score shows the better ability to payback. Credit Score and Credit History are relatively new terms for Pakistani personal finance consumers and are becoming increasingly important in their day to day financial matters. It is becoming vital to maintaining a good credit history in order to avail better offers, deals and applications being accepted by the financial institutions in Pakistan.
So how you should be planning for a better credit score. This would require you getting small loans approved by banks or financial instructions in Pakistan including making regular payments through credit card transactions and paying those amounts back within time. Keep, your credit card balances utilised under the allowed limit. Such efforts will help you to maintain your successful credit history with a financial institution. Equally important, it helps banks to understand and evaluate your capability to pay the money back in time.
So you must focus on this moving forward as it is a relatively new concept in Pakistan and very few people are aware of it. If you would have good credit history score maintained, the chances to get your loan applications being accepted are quite high.