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- Credit Score & Report
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A credit score of an individual is an utmost crucial most factor that helps the lending authorities to decide whether to lend a particular individual or not. The following tips are to be kept in mind while trying to improve your CIBIL Score.
1. Maintain Your Owed Credit in Limits: It is always advisable to keep the outstanding unsecured credit above 50% of your salary. Your credit balances should not exceed beyond 50% of the limit that is allowed.
2. Pay Dues On Time: Do not spoil your record of repayments by not paying on time. Make it a point that you complete paying back at the date specified by the lender. If you have not made timely payments, you will end up with a low credit score.
3. Manage Two Credit Cards: If you have a habit of spending completely through your credit cards, then the best option for you is to manage two credit cards, this will help you in maintaining the credit limit.
4. Pay Off Higher Interest Loans First: You need to make the perfect decision of paying off those loans that have a higher interest rate. This tip is immensely useful in improving the credit score.
5. Close Savings Bank Account: The best option is to close the Savings Account that you are not able to maintain. It is also important that you close your loan properly and collect the NOC on time without delay.
6. Close off Your Education Loan: The best thing to do when you are planning to improve your credit score is by closing off your education loan as soon as you get your first job. By doing this, you will be able to build up your credit profile.
7. Don’t Be A guarantor: If you become a guarantor for someone and they default on the loan, then your credit score will get affected. So it is better to avoid being a guarantor for the loan that belongs to someone else.
8. Select Your First Credit Card Smartly: Select Your First Credit Card in such a way that it is useful to you in the best possible manner and suits all your requirements. It is important to not only check the interest rate, but also other factors like the fees, reward points etc.
9. Improve the Pattern of Payments: It is a good choice to make sure that all the balances that are outstanding are completely paid by making automatic deductions of the dues from your account. This will certainly help in improving the CIBIL Score.
10. Be Careful If You Have Joint Accounts and Co-Signed Accounts: If you are an individual who has a joint account or a co-signed account, then you need to be extra careful. Because any default by any joint account holder, will lead to a decrease in your credit score.
11. Long Duration of Credit History Is Good: If your credit history is for a long duration, it is good for your credit score. In simple words, the longer the credit history, the better is your credit score.
12. Cut Down On Your Unsecured Loans: Unsecured loans portray that an individual has a shortage of resources. This causes a decrease in the credit score. Therefore it is always good to cut down on the number of unsecured loans.
13. Apply In A Planned Manner: You should apply for a credit card in a planned way. By doing proper research, you can avail good offers and this proves that you have applied in a planned manner.
14. Do Not Extend Your Payments: If you extend the payments that are due from your side, you will see a decrease in your credit score. So it is always good to avoid extending your due payments.
Creditseva provides various tools and apps that enable you to understand every detail of your credit score in a simple and convenient manner. Once you are aware of the things that form your credit score, you can work towards improving your credit score in a much more focused and strategic manner. Following these tips is an excellent way to improve your credit score. Maintaining as well as improving the credit score is a continuous process and not a one-time effort. If an individual is responsible and disciplined while spending, the credit score can be improved easily without any hurdles.
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