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It is crucial to maintaining good credit scores because this will help you in availing a loan easily. If you want to get your loan approved without facing any trouble, then you should maintain a credit score that is above 700. It is an actually a tough task to maintain a good credit score always, but you can manage to do so if you avoid some practices that would hurt your credit score.
How Will Creditseva Help You
Creditseva is a platform through which you can avoid the bad practices so that your credit score is not bad. You can improve your credit score with the help of credit advisory services offered by Creditseva.
1. Closure instead of Settlement: It usually happens that most of the borrowers go for loan settlement whenever a dispute about payment arises. In such cases, across the borrower’s name it is mentioned: “Settled”. This tag of settled is bound to cause a bad impact on the CIBIL Score of the individual. Therefore one should avoid settlement and opt for closing the loan account.
2. Follow Up For Receiving NOC: It is very important that an individual who has closed their credit card or loan account asks the lender to send them an NOC. In many cases, the individuals do not follow up to receive the NOC from the lender. This is a bad practice that should be avoided by all borrowers who wish to maintain a good CIBIL Score.
3. Lot of Inquiries on a Frequent Basis: It is always recommended to avoid making a lot of enquiries about loans and credit cards on a frequent basis. If an individual is making many enquiries about loans and credit cards from different banks in a short interval of time, then it will surely lower the credit score of that individual. Therefore, it is very important to avoid making too many enquiries in a short span of time.
4. Excessive Usage of One Credit Card: If you have been using your only one of your credit card for all your financial requirements, then you need to stop this immediately. Because continuing this will lead to a reduction in your credit score.
5. Charging Off Your Account: When it is confirmed by the creditors that the individual is not going to pay the credit card bill, then the account is said to be charged off. This situation should completely be avoided so that the credit scores do not get hurt.
6. Closing Credit Cards with Balances: When an individual closes a credit card that still has some balance, there is a drop in your credit score. Thus, doing this should be avoided completely.
Therefore it is always advisable for an individual to not follow any of the above bad practices that lead to bad credit scores. Instead, you should work towards increasing your credit score by paying your bills on time, not defaulting on any of your loans and increase the credit limit. Because these factors are known to improve the credit score.
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