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Get answers to commonly asked questions related to credit bureaus
A good CIBIL™ score acts as proof of the individual’s credibility and is important while applying for a new credit card or getting loan approval. A CIBIL™ score is a 3-digit number that ranges from 300-900. The closer the score to 900 the better will be your credit profile. It is an important screening criterion used by banks and lenders to determine the creditworthiness of an applicant.
Achieving a good CIBIL™ score can take a long time, but it is not impossible. For individuals who wish to avail credit facilities at reasonable terms, it is important to have a good CIBIL™ score. The need for a good CIBIL™ score arises when you have a poor or no credit score at all. When you are planning to apply for a new credit card or loan, you will need to have a good CIBIL™ credit score. Here, we explain some of how you can work towards improving your CIBIL™ score.
Periodically Check Your Credit Report
Regularly checking your credit report can help in learning if there is any misinformation in the report and also important details that impact your credit score. This helps in immediately fixing the credit score since negative information that has been incorrectly presented can be remediated by the credit agency. The next thing to check in the credit report is any loan or credit card defaults or delayed payments. These can significantly bring down your credit score and are therefore important to work upon. Make Corrections to Errors
It is important to dispute all errors as soon as possible to CIBIL™. A dispute that is acted upon within 30 days can help in the fast rectification of misinformation like a low credit score.
Ensure Low Credit Utilization Ratio
Try to use your credit card only for essential transactions and not for all. Try to limit your credit utilization ratio to 30% or less. This will help you to achieve a good CIBIL™ score in the long run.
Don’t Apply for Credit Immediately Post Rejection
In case you have applied for a loan or a credit card and the same is rejected, the information gets recorded in your credit report. If you immediately apply for fresh credit after such rejection, it can result in a low credit score since banks and lenders will consider this as your credit hunger. The ideal step in such cases is to avoid applying for fresh credit and work towards improving your credit score before making a fresh application.
Limit Number of Applications
Every time you apply for fresh credit, the bank or lender will request CIBIL™ for your credit report. Such inquiries get recorded in the credit report. This can also cause the score to drop with each request on your report. It displays that you are credit hungry and your credit score can come down and impact your chances of easily getting credit in the future.
Ensure Timely Loan Repayments
In case there are any outstanding loans, make sure that you do not delay the payments and prioritise these over all other payments. If you are facing a financial crunch and are unable to make timely EMI payments, you can approach your bank for restructuring your debt and request them for extended loan tenure or modification of other loan terms.
Avoid Settling Loans and Credit Cards
Sometimes people may opt for credit card and loan settlement in the hope to clear negative points from their credit report. This requires approaching the lender and requesting closure of debt by accepting a lower amount than the actual due amount. While banks may entertain such requests, such settlements do not reflect positively on the credit report and mostly hurt the credit score.
Choose the Right Credit Mix
Normally, loans come in two formats, secured and unsecured. If you have borrower too many unsecured loans, banks see it as a negative sign and may decline future loans. It is ideal to opt for both unsecured loans such as personal loans and secured loans such as car or home loans. This will help in maintaining a good credit score.
Additional Reading: How Can I Improve My CIBIL™ Score Quickly
A bad credit score can hamper the chances of getting future credit. However, it can always be improved by taking the right steps. It may take a few months to get to an acceptable or good credit score, hence, you must begin taking the right actions and showcasing good credit behaviour.
1. How much time will it take to increase my CIBIL™ score?
It can take a few months to improve credit score if the damage is limited. However, for some individuals, it may take a few years to recover from a poor credit score. This depends on the extent of negative information reflecting in the credit report.
2. How can I increase my CIBIL™ score from 500 to 750?
You can improve your CIBIL™ score by focusing on timely loan repayments, credit card bill payments, and using the right mix of credit. It also helps if you ensure a low credit utilisation ratio at all times.
3. How can I raise my credit score in 30 days?
If you want to improve your credit score in a short time, you can look through the details of your credit report and check for any misinformation. Sometimes, there could be errors in the report which can be notified to the credit agency and remediation can be requested immediately.
4. Does gold loan increase CIBIL™ score?
Timely repayment of any loan can improve credit score significantly. Gold Loan works in the same way. A Gold Loan which is repaid on time will result in a positive impact on your credit score. Always ensure a good mix of secured and unsecured loans to have a good credit score.
5. What is the minimum CIBIL™ score to get a loan?
While there is no minimum credit score requirement to get a loan, it is advisable to have a score above 700 to get loans easily and on good terms.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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