SimpliFi is a Fixed Deposit-backed Credit Card issued by Federal Bank through the Fi app. People with no or poor credit scores can use this to boost scores and build a healthy credit history.

Here's how you can build a credit score.

Get a credit limit: With SimpliFi, you get 90% of your Fixed Deposit amount. Let's say you open a Fixed Deposit of ₹1,00,000 — you'll get a guaranteed credit limit of ₹90,000.

Use responsibly: Make regular purchases and try keeping your credit utilisation under 30%. If you have a credit limit of ₹1,00,000, try spending not more than ₹30,000 every month.

Make timely repayments: Pay your full Credit Card bill on or before the due date to avoid late fees and a negative impact on your credit score.

Note: Any information provided herein does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors prior to acting on the information set forth herein.