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Here’s How you can improve CIBIL Score Immediately
Thinking about how to improve CIBIL score immediately? Don’t worry! We will help you with 9 ways to improve your CIBIL score right here in this post. Keep reading till the end.
How to improve CIBIL score immediately
CIBIL score is an important factor that affects your credit history. A score less than 750 can be really bad for people looking for urgent loans.
However, it is just a number, and there is always scope for improvement. You can follow these 9 tips given below to help have your loan approved shortly.
- Make Credit Report error-free
There can be a list of unknown errors affecting your credit score which you are not aware of. For instance, even if you have cleared all the dues from your end, it might still appear as current due to the administrative error.
Just like that, there can be several suspicious activities affecting your score.
Hence always keep an eye on anything that can cause an error and resolve those issues immediately.
- Set Reminders to pay the dues
Forgetting to pay for the pending debt is the most common and biggest mistake that badly impacts the credit score.
So the first rule is to be punctual with your EMI. Delay in EMI means you will have to pay for the penalties, which will also degrade your credit score.
Set timely reminders so that you remember to pay on time.
- Maintain a Healthy Credit Mix
Maintain a mix of secured loans like home and auto loans and unsecured loans like credit loans and personal loans. The more the number of secured loans, the better credit rating you will have by the lenders for bureaus.
In case you have more unsecured loans than red ones, try to make a properly erly trained mix of both.
- Keep your Credit Cards slate clean
All the lenders need positive financial behavior to clean their slate of credit card dues. Just like that, clear all the credit card dues before the due date to help improve your credit score.
- Don’t be a Joint Account Holder
Don’t become a guarantor of loans for a joint account holder, as any fault from the adjoining party shall definitely reflect on your CIBIL score.
- Say no to Multiple Loans at a Time
Always repay your current loan before jumping into one more. This will not let your credit score go down. Multiple loans simultaneously represent that you might be short on money and unable to pay them all.
So just get one loan, pay it off completely, which will eventually help boost your credit score.
- Restrict your Credit usage
The most effortless way to improve your credit score is not to use it till the extreme limit. Each month you should only spend 30% of the limit. Crossing the limit will definitely give your score a drop and degrade it.
- Go for a Longer Tenure
Always try to get longer tenure for returning money when you take a loan. With such low EMI, you will make the payments perfectly without crossing the due date.
That way, you will stay away from being a defaulter and consistently improve your score.
- Raise your Credit Limit
Raising your card limit is never a bad thing for your credit score. However, it is not an allowance of spending more and more money each month, but you will be able to manage your expenses more smartly.
Doing so will keep your credit limit more and utilization low, which ultimately positively impacts your score.
How to improve CIBIL score immediately: Conclusion
Improving your credit score takes around 4 to 13 months, which also depends on one individual’s situation to another.
Just be disciplined, smart, and patient enough to follow the right rules while taking the loan and spending the money. Follow the tips above to see a definite change in the credit score.
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Also See: How to Increase your Credit Card Limit? Useful Tips and Tricks
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