Hello friends, in this article today, we are going to tell you how you can increase your credit or CIBIL score. By the way, we all know that credit cards are used for loans. But many people still do not know about credit cards. Many people know about it but still, they do not use it.
What is CIBIL or Credit Score?
The credit score is also known as CIBIL Score by many people. By the way, a credit score is based on your previous credit card and debit payments. If said indirect language, there is a report prepared by your last credit payment. Which shows your ability to repay the loan. You are given a loan based on your credit score because your credit score reflects your loan potential.
Some measures have been made to measure the credit score such as less than 650, between 650 and 750, more than 750. If your credit score is more than 700, then you easily get a good loan, but if your credit score is less than 650 then it is not easy to get a loan. Because this score is given to you based on the payment of the previous loan. If your score is less than 650 then you need to improve your credit score as soon as possible.
How to check CIBIL score?
When any person takes a loan, then they have a desire to know their CIBIL score, because the credit score will know whether you will get the loan or not. By the way, in today’s time, many websites allow you to check your credit score for free.
Otherwise, you have to spend 1000 to 1500 rupees. Although the CIBIL score is important for entrepreneurial individuals, one can know its CIBIL score. This shows his current status. The following are the steps to know the credit score or CIBIL score:
- To check the CIBIL score or CIBIL score, first, you need to go to its website. Bankbazaar, CIBIL.com
- After visiting the website you will have to fill some of your information. Such as – PAN card, Aadhar card, etc.
- After giving your information, you will be asked some loan-related questions, after which you will get the CIBIL score.
You get the facility to know your CIBIL score only 2 or 4 times in a year. At the present time, you can easily check your credit card. And you can check your credit score by visiting the credit rating website.
Why CIBIL score decreases?
There can be many reasons that your credit score or CIBIL score is bad, which can affect your credit score.
1. Delay in EMI payment of loan or credit card Late EMI Payments
What most affects your CIBIL score depends on the mode of your payment. If you delay the payment of your EMI, you will be given such a CIBIL score. On which you will not get a loan easily. But if you pay your credit card properly, you will get a good credit score and you can get a loan again easily.
2. Multiple loans in less time
If you have taken more loans in less time and are not paying it at the right time, then you will not get a good CIBIL score. Because there is a fear of having more loans, whether this person will repay the loan or not.
3. Unsecured loan
If you have taken an unsecured loan, you should repay it as soon as possible so that your CIBIL score is not affected.
How to improve credit or CIBIL score?
If your CIBIL score is poor, then you can be rejected for loan application. So let’s know how you can improve your CIBIL score.
1. Pay EMI on time Pay EMI on time
To improve your credit score, it is most important that you pay your EMI at the right time. If you do not fill your loan EMI all the time, you will not get a good CIBIL score.
If you forget to give your EMI, then you should choose the facility of Auto-Debit in your bank account, so that your EMI will not stop if you forget your payment. Because the bank automatically fills your EMI every month.
2. Don’t take an excessive loan
If you want your CIBIL score to be good, then for that you should not take more loans simultaneously. Because taking more loans, the companies providing loans are afraid of whether it will be able to repay the entire EMI or not. This can therefore lower your credit score. While taking a loan, keep in mind that only take one loan at a time.
3. Apply for a secure loan
If you want your CIBIL score to be good, then you should always take a secured loan. If you take an unsecured loan, then pay its EMI as soon as possible. Which does not affect your credit score.
4. Close old Credit Card
बहुत से लोगो की क्रेडिट कार्ड की अवधि (AGE OF CREDIT CARD ) उनके सिबिल स्कोर को प्रभावित करती है।
इसलिए यदि आप के पास कोई पुराना क्रेडिट कार्ड खाता है, तो उसे आप बंद करे। इससे आपके क्रेडिट स्कोर पर अच्छा असर पड़ सकता है।
5. Professional help
Friends, if your credit score is not good, you are trying to correct your CIBIL score and it is not getting well. So you should get help from a professional to improve your credit score. Who has the right knowledge about it? While seeking help from a professional, keep in mind that it is not a fake man who takes money by fooling you.
6. Check your Credit Score
Many times your credit report gets affected due to some mistakes by banks. That is why you should check your credit report and if there is any error in it, then it should be corrected so that there is no impact on your CIBIL score.
7. Understand the problems which decrease CIBIL or Credit Score
It could also be that your CIBIL score is deteriorating because of you, so you should understand that your credit score is not deteriorating because of you. There are many reasons which cause the credit score to deteriorate – such as not paying EMI at the right time, taking many loans and not repaying at the right time, taking an unsecured loan, etc.