New Delhi, Sept. 2 -- A credit score is a three-digit number that gives a fair idea about the creditworthiness and repayment capacity of an individual. Lending institutions are now increasingly relying on credit scores to permit loans to borrowers. The concept behind credit scores is simple: the higher your credit score better the chances of loan approval.

Here are six updated ways for individuals to build their credit score effectively:

To begin, you should focus on acquiring a simple credit instrument. This can be a secured credit card, a basic unsecured credit card, or a small personal loan. These products help you in establishing a proper credit history when utilised responsibly. Ensuring timely payments and low credit utilisation h...