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If you have a poor CIBIL score, then you may face difficulties in acquiring a loan. Let’s learn about some methods on how you can improve your CIBIL score.
Pay your EMIs on time if you’ve already taken a loan. If own a credit card, then make sure to pay its bills promptly.
Not paying the EMIs on time even if you have the funds available, may negatively impact your credit score.
Penalties are levied when one fails to make timely payments. In the long run, it may affect your chances of taking a loan in the future.
Avoid taking multiple loans at a time. Doing so will increase your burden of paying the EMIs, which may lead to missed payments. And it will reflect badly on your CIBIL score.
When becoming a loan guarantor for someone, study everything smartly. If the borrower fails to repay the loan, your credit score may also suffer.
Experts recommend using only 30% of your credit card limit. Avoid frequently increasing the card limit.
A CIBIL score of 750 or higher is considered good, while a score between 550 and 650 is average, and a score between 300 and 550 is considered very poor.