North India Statesman
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News India Live, Digital Desk: Financial Health: Are you also one of those whose credit score is ever up and down? And when you go to take a loan, the banks show you cheated in the name of bad Cibil Score? Or someone says that you will not even get a credit card? If your answer is ‘yes’, then you have to understand that the cibil score is not good overnight or in a few days. This is a process, a journey – which is determined by discipline and correct habits. Usually It may take more than 6 months to 12 months or sometimes more than thatEspecially if there are serious shortcomings in your credit history.
Cibil Score is actually the ‘mirror’ of your financial health, which tells banks and financial institutions how reliable you are in repaying your borrowing. This is a digit between 300 and 900, where the score of 750 or above is considered very good. But if it is reduced, then your pockets are closed.
So how to fix impaired cibil score? Start these 5 things from today
If your CIBIL Score has deteriorated, these methods will take it from footpath to the highway:
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Fill your EMI on time, no delay, no excuse!
Your loan or credit card has every EMI date. Never miss him. This is the biggest stone of your score. You can dig a ‘big’ pit for your little late CIBIL score. Even if you are late, talk to your lender (bank/institution) before you, both of them are fined and bad records. -
Fill the full bill of credit card, not in pieces!
Credit card is easy to use, but always pay its bill. By filling the ‘minimum du’ you can think that you are safe, but it is not so. The remaining bill increases your dues and negatively affects the cibil. Also avoid using your credit limit more (try less than 30%).
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Reduce your borrowings and dues!
If you have a large arrears of many loans or credit cards, reduce it gradually. The less your credit, the better your score will look. Try to take another loan only after repaying a loan. -
Do not apply for new loans or credit cards again and again!
Many people apply for loans or credit cards in many banks to quickly improve their score. Every time you do this, the bank does the ‘hard inquiry’ of your cibil, which reduces some points on your score. At a time, the bank thinks too much inquiry that you are too desperate for money, and it shows your score bad. -
Keep checking your CIBIL report, become your ‘detective’ yourself!
Once a year you get your CIBIL report for free. Check it. Is there any mistake or wrong information? Many times your score can also look poor due to the mistake of bank or lender. If you see a mistake, immediately contact the cibil and get it fixed. This will also help to improve your score faster.
Remember, a good cibil score not only helps in taking a loan, but also gives you a loan and easily access to financial services at low interest rates. From getting a job to rent a house, it shows your honesty and reliableness in many places. Your cibil score is not only a mirror of your financial health, but the biggest weapon to fulfill your dreams! So, adopt discipline and work on improving it.
