- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
An individual who is seeking a loan to get approved has to have a good financial history. Otherwise, it is very difficult to get a loan or credit card approved. Just like an individual is considered to be fit and fine if their health is up to the mark, an individual who has a good CIBIL Score is also considered to be a person who is financially fit and fine.
You need to follow the steps given below to make sure that you are financially fit and secure.
1. You should maintain a credit that is of mixed type. Mixed type of credit related to a combination of both secured and unsecured loans.
2.The CIBIL Score is a 3 digit number that ranges from 750 to 900.
3. Compare the credit limits that you can take. It is required to reduce your credit balance.
4. Make sure that all your bills like utility bills or credit card bills are always paid before the due date.
5. It is important to keep checking the balance that is outstanding and also ensure that this information is updated in the credit report.
6. It is very crucial to keep checking for any errors related to the personal details of an individual like their address or the balance that is outstanding and report the errors if any.
7. Sometimes there is an entry of a loan request, late payments etc. that have not been actually not initiated by you. Check for the loans or credit card requests that were not initiated by you because this is an indication of identity theft and it has to be checked upon as early as possible.
8. It is always better to consolidate the loans. Consciously keep track of your active and closed accounts.
9. You should keep tracking the closed as well as active accounts.
10. In order to avoid the identity theft in an individual’s name, it is important that the individual opts for credit monitoring. This will help you in maintaining a good record of having a history of being a guarantor for a loan.
11. Many people are of the opinion that their credit score is reduced because they have checked their credit report frequently. But, this is not true. Instead of checking your credit report on a frequent basis, is always beneficial for your financial well-being.
12. Another most important thing that has to be kept in mind is that you do not apply for loans at various banks simultaneously. The best way out is to research about the list of all those banks that are offering the best options at reasonably low-interest rates.
13. It is recommended to check the credit report once for every 6 months.
14. It is crucial to maintaining a good ratio of debt to that of income. You should make it a point that you haven’t exceeded debt more than 40 % of the income.
Therefore one can stay financially fit and fine after following the above- given steps in a disciplined manner. If an individual is financially fit and has a good payment record, then it is easy to get new loans and there is trust factor that is also developed by them in the eyes of the lender.
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