Since you are new to credit, banks can’t investigate your credit score and history to determine whether to lend you money or not. In these cases, banks often look at other factors to determine your repayment capacity (such as your income and employment stability) and decide whether you are creditworthy or not.

If you are new to credit, then you can follow these tips to build a good credit score.

• Get a secured credit card: A secured credit card can be availed against a fixed deposit and helps in building a positive credit history, provided you pay all your bills on time.
• Make sure that you don’t apply for too many credit cards/loan products in a short period of time.

There is no fixed time for your score to improve. Your consistent and disciplined financial behaviour over a sustained period of time will ensure improvement. Since the credit score is based on consistent performance, one can assume you need to give yourself minimum six months for your score to show significant improvement, and sometimes the entire process can even take up to a year.

Every customer’s account is different and hence there is no fixed pattern. We can provide personalized plan after analysing your credit accounts. However, the basic process is to check for errors, keep a watch on your credit utilization ratio, avoid fresh applications immediately after rejection, do timely repayments, don’t settle – aim to clean close the negative impacting accounts, borrow when needed and choose a good credit mix.

There is no fixed time for your score to improve. Your consistent and disciplined financial behaviour over a sustained period of time will ensure improvement. Since the credit score is based on consistent performance, one can assume you need to give yourself minimum six months for your score to show significant improvement, and sometimes the entire process can even take up to a year.

A financial institution reports a loan as ‘settled’, will inform the case to Credit Bureaus. Though there are no further transactions between the lender and borrower as the account is terminated, the loan settlement effect on Credit Bureau is negative as the loan account closure is not a usual one. A waiver /discount given by the financial institution is reported as settled and until the same is repaid back to the lender, settled status will reflect against the mentioned Credit Account. The term ‘settled’ is generally regarded as a borrower’s negative credit behaviour, and therefore, his or her credit score drops.

• Check your credit score for free!
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• Boost your credit score and resolve issues which are bringing down your credit score

No, CreditMantri offers free Credit Score check.

• Regular monthly downdates of your credit activities sent directly to your inbox.
• Keep track of your credit activities and get actionable insights on how to improve your credit score.
• In-depth account level analysis – find out what you’re doing wrong and rectify it; find out what you’re doing right and continue doing it.

The process is very simple. Click on the link and avail the report immediately after subscribing.

We coordinate with the lender to get the best repayment plan for you to clear your outstanding dues or guide you to get the same. We then guide you regarding the residual amount that you have to pay to the lender directly. Once you have made the payment, we follow down with the credit bureau to ensure that the negative account is resolved successfully.

• Credit Assessment: Offer a thorough assessment of the individual's credit situation to identify areas for improvement.
• Education and Training: Provide comprehensive modules covering credit management, budgeting, and debt repayment strategies.
• Personalized Action Plan: Develop a customized plan for each individual based on their unique challenges and goals.
• Credit Building Strategies: Offer step-by-step strategies for building credit and improving creditworthiness.
• Supportive Assistance: Provide access to credit counselors who offer ongoing Support, answer questions, and address concerns.

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