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Best Way To Improve Your Credit Score

If you have bad credit/CIBIL score or no credit history, you need take a some actions to improve your score than. to improve your credit you have to follow the given suggestions. <br><br>For More Info: https://blog.bajajfinserv.in/great-ways-to-improve-your-credit-score-in-india/

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Best Way To Improve Your Credit Score

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  1. How to improve your credit score When evaluating your loan application, every lending entity checks your credit score and history to determine your repayment intent for the future. The higher your credit score, the better are your chances of having your loan approved. If you have a low credit score, these handy tips can you improve your credit score with ease.

  2. 1 Pay your EMIs on time Timely repayment of loans can keep your creditworthiness intact. Ensure that you don’t fall behind in repaying your EMIs. If you always pay the minimum amount due on your credit cards, it depicts that you are short on money. Pay back the entire or at least a sizable amount due on your credit cards. v 2 Limit your credit balances Avoid taking up too much debt. Ensure that you borrow only as much as you can repay comfortably. Reduce your credit card usage, otherwise the outstanding amount will shoot up and lower your credit score.

  3. 3 Avoid multiple loan applications When you apply for a loan, a lending entity approaches the credit information provider for your credit history and score. Each such enquiry gets recorded in your credit report. Too many enquiries into the credit-hungry behaviour on your part and hurt your credit score. database portray a 4 Ensure a healthy credit mix A credit mix comprises secured loans like a home loan, which is backed with an asset, and unsecured loans like a personal loan, where there is no backing. Even credit card debt is unsecured credit. If you have taken up several unsecured loans, lenders may consider it in a negative light and reject your loan application.

  4. Review your credit history annually Review your credit report at least once a year. This way, you can check whether the information under your name is up to date and identify any negative Sometimes lenders can make errors at the time of data entry or report you for loan defaults by mistake. If you spot any errors, report it to the credit information provider immediately. 5 or false details. Keep an eye on your credit utilization ratio Keeping your monthly balances low can have a positive impact on your credit score. Try to pay off high-interest and small debt such as personal loans first. Avoid using your credit cards for each and every thing. A good idea is to make sure your credit utilization ratio is up to 30% or lower. 6

  5. Think carefully before you become a guarantor Are you thinking of becoming a guarantor to your loved one or friend who is applying for a loan? Before you sign the dotted line, make sure that the borrower is capable of making timely repayments. If not, any loan default by the borrower will reflect badly on your credit rating too. 7 Click here for more Financial Advice TERMS AND CONDITIONS APPLY

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