News India Live, Digital Desk: You must know that if your CIBIL score is good, then the bank does not hesitate to give you a loan, but may also give you at low interest. But if the score is bad, it becomes difficult to get a loan, and there is a fear of getting a loan rejection reasons.
Many people also have a question in the mind of how to improve CIBIL Score can be cured in a month? If you are also making up your mind to take a loan, then it is very important for you to know how much time it takes to improve the bad CIBIL score and what to do for it. With this, you will be able to apply for loan with the right planning.
Your CIBIL score will improve like this – easy ways:
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Pay all the bills, that too on time:
This is the first and most important thing. Paying any bill late can make your CIBIL score down. Whether it is a credit card bill, an EMI of a loan, or any other payment, always make a habit of repaying before the last date. Payment on time improves the score quickly. -
Create your credit history (if not):
Some people think that if they never took a loan, then their CIBIL score will be good. but it’s not like that! If you have never used a loan or credit card, then you do not have any credit history, and it is difficult for the bank to know whether you are reliable or not. Therefore, how to build credit history is necessary. You can start it with a credit card. Even if you use it less, you will start to become an identity. Credit card is a good means of score and improvement. -
Use credit cards thoughtfully:
If there is a credit card, it does not mean that the entire limit has to be abolished. Remember a thumb rule: Do not use your total credit limit more than 30%. For example, if your limit is ₹ 1 lakh, try not to exceed ₹ 30,000. Experts believe that by accepting this rule, your CIBIL Score Using Credit Card can be better in just 30 days i.e. a month. This score is considered an effective way of increasing how to increase cibil score fast. -
Take advantage of increasing credit limit:
Many times banks increase the credit card limit increase by looking at your good record. This does not mean that you start spending more! Rather, keep your expenses within 30% despite the increased limit. With this, the credit card company feels that you manage your money well, and your CIBIL score can improve even more quickly. Nowadays it also provides facility to increase the limit online, you can take advantage of it. -
Consider ‘Syord’ Credit Card:
If your CIBIL score is very bad or there is no credit history, then you can take ‘secured credit card’. In this, you have to deposit some money (such as FD) in the bank, and based on that you get a credit limit. Because the bank has a guarantee of your deposit amount, the correct use of this card improves the credit score rapidly. -
Avoid taking several loans or cards simultaneously:
Do not apply for many loans or credit cards at the time of improving the score quickly (Avoid Multiple Loans). This will increase the burden of paying EMI on you and there will be a risk of missing payment (Risk of Loan Default). Banks can also consider such people financially irresponsible. It is better that after repaying a loan correctly, after stopping for some time, apply for another. -
See your credit report regularly:
You should keep an eye on your credit credit report regularly. See it at least once a year. In India, agencies like CIBIL (Transunion), Experian, Equifax, Crif Highmark make this report. Sometimes there may be a mistake in the report (such as someone else’s loan appear in your name), which can make your score unnecessarily spoil. If you see any mistake, then complain to the concerned Credit Bureau immediately. When the mistake is corrected, your score can also improve within 30 days (Cibil Score Update Time). Seeing the report, you reveal your financial health and you are able to make a correct decision to take a loan.
By adopting these methods, you can gradually improve your CIBIL score and increase the chances of getting a loan. A little understanding and discipline can help you a lot!
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