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Is your Credit Score >750?
A good credit score can prove very helpful especially while applying for a higher credit limit or while borrowing a fresh loan. A high credit score can mean easy access to additional credit and quick loan processing. Today all banks first verify the CIBIL™ score of applicants of all form of credit, such as personal loans, credit cards etc. CIBIL™ is a leading credit rating agency in India. Banks and other lenders often use the CIBIL ™ credit score to check the credit-worthiness of borrowers. A credit score of 700+ is considered good.
If an individual has a low CIBIL™ score, there are many ways in which he/she can work towards improving it.
Additional Reading: Smart Tips To Improve CIBIL™ Score
An individual can build his/her credit score by using some of the below-mentioned tips. However, these have to be regularly practised to maintain a high score consistently.
Loan borrowers and credit card users must ensure to set reminders for timely repayments. This will help in staying disciplined with credit. Settlement of outstanding debt can significantly impact an individual’s credit score. Delays in EMI payments or credit card bill payments can result in penalty and also lower the credit score. Thus, individuals who are looking to improve their CIBIL™ score must pay their dues on time and fetch up a good score. It makes sense to use services like automated bill payments so that the bill payment deadline is never missed.
Judicious Use of Credit
Use credit appropriately. It is advisable to avoid taking a lot of debt at the same time. The number of loans applied for, during a given period should be restricted to a minimum. To ensure a good credit score, it is important to first repay the existing loan and then take a fresh credit or loan. Opting for multiple loans at the same time is an indication that the borrower is unable to use credit judiciously and is always in a situation of insufficient funds. Thus, the credit score can reduce further.
Aim for A Healthy Credit Mix
A right combination of secured loans and unsecured loans with a mix of long and short tenure can help in building a good credit score. Too many unsecured loans are often looked at negatively by lenders.
Borrow New Credit Within Limits
No borrower should indicate to the lenders that he/she often requires credit. It makes sense to apply for new credit only when needed and if the borrower can repay it as per the scheduled timelines. Borrowing too much can also affect credit score.
Regularly Monitor Joint Accounts
In the case of co-signed or joint borrowings, both borrowers are held equally liable for all repayments. One joint holder’s negligence can affect both the borrower’s ability to access fresh credit when needed. Therefore, it is recommended to regularly monitor loan accounts in case of joint borrowings.
Frequently Review Credit History
Monitoring CIBIL™ score regularly and can help in identifying any inconsistencies. Sometimes there could be errors in the CIBIL™ score or report and it may also require updating. If a loan that has already been repaid is not yet updated on the credit report, it can hurt the individual’s credit history. Hence, such errors should be immediately reported to the agency for remediation and improvement of credit score.
Build up a good history gradually
Debt is essential for many individuals. But taking the right kind of debt, using it prudently and repaying it on time is essential in building a good credit history.
If required, one can choose a longer loan tenure to ensure that the EMIs are low and get paid in time. Another easy way to ensure a good credit history is to increase the credit limit. The idea is to have more credit to maintain a lower credit utilisation ratio.
Additional Reading: Is it possible to improve my Credit Score?
Improving CIBIL™ score may take time but it is not difficult if one follows the right steps and ensures good credit behaviour. This can open up doors to better credit terms and additional financial assistance in the future.
1. How can I increase my CIBIL™ score quickly?
Some of the ways in which you can improve your CIBIL™ score quickly are:
2. How can I raise my credit score in 30 days?
It is possible to raise credit score in a limited time if you go through your credit report and find errors that can be remediated by the credit agency. Also, in case you have outstanding debt, repaying the same can help in increasing your credit score.
3. How much time will it take to increase the CIBIL™ score?
Credit score usually takes 4-12 months to improve depending on the specific case. A credit score above 750 is considered ideal. If your credit score is lower than 600, it may take a longer time to improve the same, depending on your credit behaviour.
4. How can I increase my CIBIL™ score from 500 to 750?
Increasing a CIBIL™ score from 500 to 750 may take time, but it is not impossible. It can be done through consistently good credit behaviour, debt repayment, timely credit card bill payments, checking errors in the credit report, etc.
5. How can I get a credit score of 750?
Yes, it is possible to get a good credit score by ensuring consistency in credit usage. Judicious usage of credit and timely repayments can help in building a good score over time.
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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