Credit Score: Make your credit score strong in these 9 ways, you will get loan in a pinch

Credit score concept. businessman pulling scale changing credit information from poor to good, excellent. Payment history data meter. Vector illustration in flat style.

The CIBIL score starts from 300 and goes up to 900. If your credit score is between 750 to 900 then it will be considered as a good score.

Credit Score: If you apply for a personal loan then your credit score should be good. According to the Credit Information Bureau (India) Limited (CIBIL), if you have a good credit score, your chances of getting a credit card or loan increase to 79 percent.

CIBIL Score starts from 300 and goes up to 900. If your credit score is between 750 to 900 then it will be considered as a good score. The interest rate of the loan you get on a good credit score is also low.

On the other hand, if the score is between 700 to 749 then it is considered as a good score and many financial experts believe that your application will be accepted. A score below 649 is considered a poor CIBIL rating.

Here we are telling you 9 ways to improve your credit score.

1. Pay all your bills on time

Are you late in paying your EMI? Or forgot to make a credit card payment? But, it is not right to be careless in these works. Set up payment reminders and pay off the loans on time. Your credit score largely depends on the way you repay your loan.

2. Take a loan of small amount only at one time

There should be a minimum number of loans that can be applied for at any one time. To prevent your credit score from falling, you should repay all your past debts.

3. Have a Balanced Credit Portfolio

There should be a good mix of secured and unsecured loans. Also, long and short-term loans should also be on the right scale. Even this gives you a good credit score.

4. Take loan only when needed

Apply for a new loan only when you need it and you can repay it. Too much debt can ruin your credit score.

5. Review Your Credit Report Frequently

Check your CIBIL score regularly and report it if you find any flaws in it. CIBIL can also make mistakes while updating your records.

6. Keep track of your co-signed, guaranteed and joint accounts

All partners are liable for payment defaults in co-signed, guaranteed or joint accounts. Ignoring your joint holder can take a toll on your credit score. Therefore, it is necessary to track them.

7. The rejected loan will also show in the credit report

Avoid applying for loans again and again and wait for the credit score to improve.

8. Use Credit Cards Properly

Keep your credit usage ratio at or below 30%.

9. Collect Secured Card

Your CIBIL score will improve only if you take a secured card from a good bank. These include banks like ICICI Bank, HDFC Bank, Axis Bank, SBI. Also, keep paying the outstanding amount from time to time.

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Article first Appeared on Informalnewz

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