A good CIBIL Score is a basic need to qualify for any loan.
What's a CIBIL Score?
CIBIL score is a three-digit number that varies between 300 and 900 based on various factors. This score helps the lenders know about how you repay your loans.
Those with a good credit score have nothing to worry about and stay assured of any loans. However, numerous people have a bad credit score or a score below 680. If you are one among such customers, don't worry! We are sharing 7 hacks that will help you improve your CIBIL score by more than a 100 points.
Hack 1: Take a Secured Credit Card:
Getting a secured credit card means you are getting a credit card against your Fixed Deposit. This is a great way to improve your CIBIL score in a short period. If you continue repaying the credit card bill properly, you will experience a good hike in your CIBIL score within a year.
Hack 2: Take a Home Loan:
A home loan is considered good credit as it builds an asset for you while you repay the loan every month.
Hack 3: Keep Using Your Credit Cards regularly:
Most people today own at least one credit card. Use yours regularly. This will help to improve your score.
Hack 4: Keep Your Expenses Within 30% of Credit Limit:
Everyone has a credit limit, i.e., the maximum amount a bank can give you. However, it is prudent never to use more than 30% of your credit limit.
Hack 5: Don't apply for too many loans:
Applying for too many loans is seen to be credit hungry. Avoid!
Hack 6: Speak to a certified credit counsellor:
Sometimes, you need professional help. That's when a person trained in the art of mending your ruined credit can be of assistance.
Hack 7: Track you credit regulary:
This is important to spot any unauthorised use of your credit report and prevent Identity Theft.
For More Information visit
Website : www.saralcredit.com