When you apply for a home loan or any other loan, you might have heard about CIBIL score, right? If you are unaware of this term let me tell you, a CIBIL score is a determinant of your creditworthiness. It determines whether or not you are eligible to get a loan and how able are you to repay it. If you have defaulted on CIBIL and want to know how to improve CIBIL score immediately. I have a few tips for you in this answer. But before that let us check the bands of CIBIL score:
300-579: Very Poor
580-699: Fair
670- 739: Good
740-799: Very Good
800-850: Excellent
Improving CIBIL score is a gradual process, however there are a few things which can have an immediate positive impact on your CIBIL score. Here are a few tips to help you:
Clear old debts and loansWithout any delay, try to clear all small loans and debts. You can set reminders for timely repayments in case you forget to clear the debts. Untimely payments often impact your CIBIL negatively. Be sure of the timelines for your EMIs as well.
Don’t exhaust your credit limitI know it can be tempting to use your credit card or overdraft limits to meet the expenses but did you know while computing the CIBIL score, it is taken into account. How much have you utilized your credit limits? Have you exhausted them? If you have a pattern of using credit cards till the limit, it indicates that you have low repayment capacity. Hence, stop doing that!!!
Maintain your accountsTo increase the CIBIL score you will have to carefully maintain your accounts. It will further help you in maintaining a reputation and increase the chances of applying for a loan in the future.
Opt for debts or loans for longer tenureIf you have applied for a loan, make sure that you take it for a longer loan tenure which will allow you to buy time to make repayments.
Don’t ask for loan from multiple channelsOh yes, you might not be aware of this but when you drop multiple loan queries, your CIBIL score gets negatively affected. So, before anything stop yourself from submitting loan applications immediately.
This are a few tips on
how to improve CIBIL score immediately. Hope this helps :)
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Authors Of The Question
How to improve CIBIL score immediately?
Barbara
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1 Answers
3 Year
2021-08-11T12:17:26+00:00 2023-06-29T11:32:40+00:00Comment
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