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News India Live, Digital Desk: NBFC: Applied for the loan and the bank refused? When asked the reason, you came to know – “Your CIBIL score is bad.” This is a line that can break anyone’s heart. The CIBIL score is a ‘report card’ of your financial behavior, and if it gets a bad stain on it, it is almost impossible to get a home loan, car loan or personal loan.

In such a situation, the biggest question that comes to mind is that – “How long does CIBIL once take a bad score to fix?”

How long does it wait?

First of all, understand that a bad CIBIL score does not cure any magic wand overnight. It takes both time and patience.

According to the rules, any negative information in your credit report, such as defaulting loan or not paying EMI on time, Up to 7 years Keeps maintained. This does not mean that you will not get a loan for 7 years, but the effect of that mistake is visible on your report for a long time.

But the good news is that if you improve your habits from today, then your score 6 months to 2 years The inside slowly starts improving and looks better.

How to improve your bad CIBIL score? (Step-by-step guide)

To improve your financial ‘report card’, you have to behave like a good student. Just keep these 4 things in mind:

1. Fill your EMI and Bill on time: This is the first and most important rule. Always pay the bill of EMI and credit card of your loan before the last date. A single day’s delay can damage your score.

2. Do not use credit card limit completely: If the limit of your credit card is Rs 1 lakh, then try not to spend more than Rs 30,000 (ie 30%). Emptying the card completely shows that you are very dependent on the debt.

3. Do not apply for repeated loans: Whenever you apply for a loan or credit card, the bank checks your CIBIL report, which is called ‘Hard Inquiry’. Doing too much inquiry can reduce your score.

4. Find mistakes in your report: Please check your CIBIL report at least once a year. Many times a loan can be seen in your report by the mistake of the bank which you have not taken. On receiving such a mistake, immediately inform CIBIL and the concerned bank.

Remember, making a good CIBIL score is a marathon, not sprint. Be patient, improve your financial habits, and your score will definitely be better.

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