#FUGEES THE SCORE HAVE IT YOUR WAY FREE#
You can get your free credit score by simply adding some basic details.Ĭreate credit history by choosing different forms of credit As a result, your credit score will improve. This will help you identify any errors and correct them by submitting a CIBIL dispute resolution form online. So, ensure that you check your CIBIL report from time to time. In certain cases, CIBIL may make mistakes when it comes to updating your records, note incorrect information against your report, or delay recording details. On the other hand, if you take a loan and repay it successfully, it will boost your credit score.Īdditional Read: 4 top factors that led to the growth of NBFCS in India Check your CIBIL report for mistakes and rectify them As a result, your credit score will fall further. If you take multiple loans at once, it will show that you are in an unforgiving cycle where you have insufficient funds. Repay one loan and then take another to keep your credit score from crashing.
The number of loans you take in a fixed period of time should be minimal. When you don’t default, delay or skip paying EMIs, your credit score will improve.Īdditional Read: Personal loan for low CIBIL score Avoid taking on too much debt at one time This will ensure that your EMI is low, and so, you are able to make payments on time. When borrowing a loan, try choosing a longer tenor for repayment. Opt for a longer tenor when you take a loan One way of tackling this is to get in touch with your lender and customise your credit limit based on your expenses. Reaching the limit has the opposite effect as it lowers your credit score. The more you are able to restrict your credit usage as per the allotted limit, the better it is for your credit score. Your credit utilisation ratio has a significant impact on your credit score.
#FUGEES THE SCORE HAVE IT YOUR WAY HOW TO#
This will help you build a solid and lengthy credit history, which will help you increase and maintain a good credit score in the future.Īdditional Read: How to check CIBIL score If you have old credit cards, you should continue to maintain them as long as you can pay your bills in full, on time. Must Read: What is loan account number (LAN)? Ensure you maintain older credit cards to lengthen credit history So, if you find that this is something that you’re guilty of, make it a point to set reminders for EMI payments so that you can tackle them on time. Delays in EMI payments force you to pay a penalty fee and lower your credit score. This is why you need to maintain discipline when it comes to paying EMIs. Your repayment of outstanding debt can have a significant impact on your credit score.
Set reminders for payment and be disciplined with credit Take a look at 7 such tactics that will help you improve your CIBIL score. If you keep at it, you can easily improve your CIBIL score over time. Scores belonging to either category can be improved.įocus on understanding the factors that impact your credit score and take conscious measures to improve it. While a score between 300 and 549 is deemed to be poor, anything from 550 to 700 is deemed to be fair. The closer the score is to 900, the better it is considered. TransUnion CIBIL is one of the four credit bureaus generating reports related to credit scores in India. While a score that is at least 750 helps you get a loan on favourable terms, you can easily remedy a score that is less than ideal. Your CIBIL rating is based on your CIBIL report, which is a summary of your credit history.
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