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Five Easy to Meet Credit Resolutions for the New Year

Improve your credit in 2023 and set yourself up for financial success in the future by following these easy credit resolutions.

As we enter a new year, it's a great time to look at our finances and see where we can make improvements. One area that many people struggle with is credit. Here are five easy credit resolutions that can help you get your credit back on track in 2023:


1. I will make all my payments on time.

This may seem like an easy one, but late payments can have a serious impact on your credit score. They not only attract high penalties, but also add to your overall outstanding debt. And that can become challenging to repay later if left to accumulate.
Tip: Set up automatic payments for your credit cards and other bills to ensure that you never miss a payment.

2. I will keep my credit card balances low.

High balances on your credit cards can have a negative impact on your credit score, so it's important to keep them as low as possible. Aim to keep your balances at 30% or less of your available credit limit.
Tip: Become a CIBIL subscriber to avail 24x7 Credit Monitoring with CIBIL Alerts* - our email & SMS notification system that keeps you consistently up to date about changes in your credit balance.

3. I will be judicious in applying for new credit.

Lenders make hard inquiries to check your credit report every time you apply for credit. You may be viewed as a riskier borrower if you apply for multiple loans in a short period of time.
 Avoid opening multiple new accounts in one go over a short period of time to avoid damaging your credit.


4. I will check my credit report regularly.


It's important to regularly check your credit report to ensure that all the information is accurate. You can get a free copy of your credit report from TransUnion CIBIL once per year. Tip: We’re repeating ourselves: Avail 24x7 Credit Monitoring with CIBIL Alerts* and never miss another change to your credit profile, ever.

5. I will thoroughly research the market before taking a loan.


Comparing different loan options before you apply for one will help you understand the different terms – fees, interest rates and tenure. Ensure that you find the loan that optimally meets your needs and budget.
Tip: Use a loan simulator, they’re available on most lender websites. It is a tool that helps you calculate the monthly payments, total interest, and total cost of a loan based on the loan amount, interest rate, and term length.

By following these five easy credit resolutions, you can start to improve your credit in 2023 and set yourself up for financial success in the future. Remember, good credit is important for everything, from getting approved for a credit card, to getting a good interest rate on a car loan, so it's worth taking the time to improve your credit profile now.

* Available with CIBIL’s ‘Standard’ and ‘Premium’ Subscription plans

** Free feature for 3 months when you purchase your CIBIL Score or Report.


Stay credit-ready by monitoring your CIBIL Score & Report.

Disclaimer: The information posted on this blog (Information) is prepared by TransUnion CIBIL Limited (TU CIBIL). This Information is for generic informational purposes only and is meant for consumer education and awareness about credit scores, credit history and credit reporting. The Information posted on the blog does not constitute credit advice and the user will need to consider the same and take independent informed decisions . No part of this Information may be quoted out of context, distorted ,distributed, published and/ or reproduced in any form and manner whatsoever. Consumers are advised that the Credit Information Reports (CIRs) prepared by TU CIBIL are based on collation of information, substantially, provided by credit institutions who are members with TU CIBIL. TU CIBIL is not responsible and /or liable for errors and/or omissions caused by inaccurate or inadequate information submitted to it by credit institutions. TU CIBIL does not guarantee the adequacy or completeness of the Information and/or its suitability for any specific purpose nor is TU CIBIL responsible for any access or reliance on the Information. TU CIBIL expressly disclaims all such liability. Further, this Information is based on the data available with TU CIBIL at the time of publication and therefore may not be up-to-date.