Home Banking How to improve your CIBIL Score from 600 to 750?

How to improve your CIBIL Score from 600 to 750?

11 min read
See I let you know a case were in the customer was an employee with 10 years of experience in the marketing field he took one home loan of 35 Lacks a long ago and he was in regular payment of emi’s but during past he has few credit cards that are of high value were he couldn’t be able to pay the balance and got settled from bank, Now he plans to take another loan as the older one gets to close within 6 months, He contacts mymoneykarma. We check his credit score online and then told him regarding the credit report and the negative reports. Such a shocking story right he has dropped his credit score from 750 to 650.

The improvement of credit score is not big to anyone with the sense of financial discipline. But it can be a vicious work for those who do not have any rules or policies to invest and spend money they have earned.

But the Indian economy moves toward risk-based lending, which is essential for every person to fall in line with financial discipline; Otherwise, they will end up losing a lot. It is important to note that financial discipline is not impossible to achieve. Here are some steps:

Check the CIBIL Credit Report: This is the first and most important step in bringing a discipline into your financial life. Fill an online application form. Pay a fee of Rs 470 using a net banking or credit card. Go through the verification process, if successful, credit score will be emailed to you in a few days. Check your name, age, birth date and pan numbers correctly after receiving your credit score. Otherwise, report it to CIBIL immediately. Then check your accounts and accounts for accounts with your name. If there are any discrepancies, report to CIBIL immediately after reducing credit score.

Manage your credit cards: Some people prefer to drop their credit cards. If they have some 10 sections in their bag, they would like to fill it with 10 different cards. It is not accurate to the lender. “It shows that only one person is credit, which we do not want to see in a credit history,” said a credit card department official of Axis Bank. If you have more than two credit card accounts, close them immediately.

Make time payments: It’s a problem with having too many credit cards in payment. You may not remember the last date for all credit cards. Any delay in payments attracts additional charges, late payment fees, interest charges, and proportionate service taxes. So you might end up paying more than usual. And the banks do not let you go without their money. Make sure that you do not only pay your credit card dues, but also your telephone, utility and insurance premiums. “The missed payments are adversely affecting credit history, which is also considered by many lenders to identify risk for prospective debtors, as an example a default one decade ago does not have the same effect as a default one year ago,” a senior official in Bureau said. .

Pay your dues completely: every bill shows you the minimum amount. We are happy that you are less than what the bank owes. Always pay your sum, because the rest of your CIBIL score shows when you lose it, which can damage your score. Even if you pay a minimum amount, the banks charge interest.

Good credit mix is good (home loan, auto loan) and unsecured loans (personal loan, credit card). If your credit portfolio is skewed toward insecure loans, creditors can see this negative.

Do not use your total credit: If your credit card has a limit of 1 lakh, you will have to use a total of 1 lakh each month. Rs. Since you are eligible for a loan of 50 lakh, you do not have to pay a total of 50 lakh loan. Credit usage is a key parameter for credit score, so your users will be lower for health benefits

So wake up reality. Get your credit score and work towards achieving a dream home or car. Earn financially healthy life.

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One Comment

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    January 27, 2018 at 6:16 am

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