Nobody had much awareness about CIBIL scores. But as it is known that CIBIL score is required for the loan given by banks and credit cards, the awareness of increasing the credit score is increasing among the transacts. CIBIL Score: Follow these tips to increase your CIBIL score.
Many people don’t know how to improve credit score. By following these tips you can slowly improve your credit score. If you have a good credit score, you can get a loan at a lower interest rate A credit report can be said to be a progress report of a person’s financial discipline.
As well-educated people get better scores, financially disciplined people have better scores. A CIBIL score is a three-digit number. CIBIL score ranges from 300 to 900. This is the score given by Credit Information Bureau Limited, one of the credit bureaus in India.
A CIBIL score above 750 is said to be good. A low credit score will take some time to achieve a good score. It requires patience and financial discipline. It is estimated that it takes 18 months to 36 months to achieve a good credit score. Learn how to improve your credit score.
Don’t take on excessive debt even if you don’t need it. If your expenses exceed your income and you go into debt to cover those expenses, your credit score will suffer. When expenses increase, income increases, but borrowing is difficult. Having too many credit cards and loans can damage your credit score.
Do you use a credit card? If so pay the bills on time. If you are unable to pay your credit card bill on time, it means that your financial situation is not good. The same applies to loan instalments and EMIs. Be it loan EMI, other EMIs or credit card bill payment should be paid on time.
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If you don’t have CIBIL score yet, it means you haven’t taken any loan. If you want CIBIL score you should take loan or credit card. Bills and EMIs should be paid on time. Only then will your credit score be generated.
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