KNOW HOW TO BOOST YOUR CREDIT SCORE

Keeping up with a healthy CIBIL score is required by most of the individuals. Having a low CIBIL sometimes results in loan rejection, leaving an off-putting impression on the loan provider.

Are you worried about your score? Looking for easy loan approval? Well, if this is so, then there is no need for you to get worried. Below are a few points that will assist you in improving the credit score.

Now you can easily check your credit score online for free!!

Reduce your inquiries

Are you enquiring about a loan approval again and again? Well, it is advised not to do so. Every time you ask about a particular loan, the bank, in order to check your credit history makes an examination in CIBIL to get details about your repayment history as well as the credit report. Numerous inquiries specify to the loan provider that you are in urgent need of funding. The bank might also think of you as an unstable individual and therefore reject the loan. It is suggested that earlier than raising a request for loan, you must undergo detailed research in order to increase your chances of getting the loan approved. This will keep you away from destroying your CIBIL score in the future just because of multiple inquiries.

Pay-off your dues on time

Looking for some financial support and your request for a personal loan got rejected? Well, your loan might be getting rejected due to a bad CIBIL score. But, don’t think you can’t get a loan in the future as you have a low CIBIL. Yes, you heard it right!! You can obviously get the required funding if you want. But, to make that happen, you need to keep paying your dues on loans and credit cards on time. Start paying back the outstanding amount in time, especially if you have any unsecured loan. Try to clear it with proper repayment and timely. This will not only improve your credit score but will also make you eligible to ask for any type of loan you want with a CIBIL score matching the eligibility criteria.

Smart credit use

In the finance industry, the unsecured loans are considered inferior to in comparison to the secured ones. This is for the reason that banks feel more secure if you go for the loans that are secured as these are low on risk as compared to the unsecured ones and the reason is that these are offered without any collateral. A number of people tend to overdo their credit cards by making use of the full limit, which will have an effect on your CIBIL. On the contrary make an effort to consume just about 30–40% of the limit, for creating a positive impact on the CIBIL score.