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CIBIL Score is the first and foremost factor that helps in determining the creditworthiness of an individual. It has been usually seen that many of the borrowers have a low CIBIL Score. This low score makes it difficult for them to get a loan from any lender. But the CIBIL Score can be improved if the borrower following some steps.
How Will Creditseva Help You
Creditseva will extend complete help to individuals in maintaining a good mix of credit so that it boosts your CIBIL Score and you do not face any problem while getting your loan and credit card applications approved.
Steps to Improve CIBIL Score
1. Careful Management of Money: It is important that you take a debt after being very sure that you whether you will be able to pay the instalments of the loan each month or not. Managing your money in the best possible manner is very important for maintaining a good CIBIL Score.
2. Credit mix: By maintaining a proper mix of credit, an individual can boost their CIBIL Score to a great extent. A proper credit mix is a good combination of secured and unsecured loans. If you pay your EMIs regularly and plan your credit card payments in an organized manner, then the lender believes that you are a creditworthy individual.
3. Being a Guarantor for A Loan: If you have become a guarantor for a loan, then the risk of the loan repayment is upon you if the primary loan applicant has failed to repay the loan. If the primary loan applicant has defaulted on the loan repayment, then you will see that your CIBIL Score has come down.
4. Correct Usage of Credit Cards: Using the credit cards in an appropriate manner can be a good way to maintain a good CIBIL Score. Precautions to be taken while credit card usages are as follows if you use the credit card in an appropriate manner, then the lender believes that you are a trustworthy borrower and you will not default on any of your payments.
- Maintain a rational credit card usage. You can keep it the same for every month.
- You need to make sure that you have enough funds to make the payments in a span of 20 days for the purchase made by you in a span of 20 days.
- It is advisable to utilize the credit card for minimal purchases too and make the payments of these credit card bills in a timely manner.
- Irrespective of your period of repayment, make sure that you clear off the credit card debt 6 days before the due date.
- After calculating the entire amount of purchases with the interest rate on the credit card, you need to pay the interest amount before the interest amount grows higher and the application of penalty rates begin.
How Is a Good Credit Mix Beneficial to You?
1. It is usually recommended that an individual should have a loan for most of the credit cards they financial experts recommend that you should have one loan for every 3-4 credit cards.
2. It is better to spread out your debts across different credit cards instead of carrying the entire balance on one card only.
3. If your credit profile is only dominated by credit cards then you should think of adding some variation to your finances.
4. If you have a couple of loans, it is understood that you are capable of repaying them on time. This creates a good impression in the eyes of a lender. Thus, there will be an improvement in the CIBIL Score.
5. Whenever you need funds, choose a loan rather than a new credit card.
6. Open a new account only if it is really needed and affordable by you.
Instalment credit is nothing but a loan that has a fixed repayment every month that has to be paid off at a time period that has been already specified.
Ultimately what is most important is to calculate the amount you earn and calculate the amount that you will spend. Keeping in mind these two things, you need to take calculated decisions so that you do not borrow more than you can repay. It is always recommended to maintain diversified debts so that your CIBIL Score does not get lowered down easily.
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