What is CIBIL Score
How to increase the CIBIL score from 600 to 750? – Shagun Properties. Cibil Score is a score maintained by credit activities. CIBIL stands for Credit Information Bureau India Limited. It is a credit information company engaged in the maintenance of all records of credit-related activities. Not only does a good score improve our chances of getting a loan/credit, but also helps us get a better interest rate (if played smart). While we give ourselves a makeover before approaching a lending organization. Paying attention to our score and giving it a makeover is just as important.
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What is a Good CIBIL Score ?
A CIBIL score ranges from 300-900, with 300 being the lowest and 900 being the highest. Your CIBIL Score should be closer to 900 to get the best deals on interest rates for loans. A CIBIL score of 750 and above (750-900) is considered ideal by the majority of lenders like banks and non-banking finance companies (NBFCs).
|CIBIL score range||What does it mean for your credit health?|
|1.||300-549||Poor CIBIL score – Irregular repayment behavior, Payment defaults, High credit exposure, High risk of turning into a defaulter|
|2.||550-649||Fair CIBIL score – Late payment of credit card bills/ EMIs, Multiple credit inquiries|
|3.||650-749||Good CIBIL score – Responsible repayment behavior, Long credit history, Eligible to avail loan and credit card, Might have to pay a higher interest rate, Low risk of turning into a defaulter|
|4.||750-900||Excellent CIBIL score – Timely payment of bills, No unpaid dues, responsible credit handling, Cheaper interest rates, High negotiation power, Clean credit report.|
How To increase CIBIL score from 600 to 750
Why do we need to increase CIBIL score from 600 to 750 ? A CIBIL score from 600 to 750 will helps you to get easy loans on the home. So at least maintain a score between 600 to 750 for the best results on any type of loan. Easy steps for increasing or maintaining your CIBIL score just focus on factors affecting and factors to increase the score. Avoid factors affecting on CIBIL score and try to not do such things. That will decrease your CIBIL score and decrease the possibility of a home loan or any loan.
Ways To Increase CIBIL Score:
There are many reasons for a low CIBIL score. A borrower’s score can reduce because of his/her own errors and due to errors made by banks. Generally, mistakes made by banks include wrong information sent about a borrower to CIBIL and failure to update records among others. The main factor that affects the CIBIL score of a person is his/her own behavior. The way borrowers deal with their finances can increase or decrease their scores. Most scores fall because of the past behavior of the borrowers.
1. Pay your loans
If there are loans on which you have been delaying the payments then you should make it your priority to start becoming prompt with the payment. If you are struggling with the current EMI that you have to pay then you can approach your bank to help you restructure the debt to make it easier to pay.
2. Pay your credit cards Amount on time
When it comes to credit cards, the best thing to do is to not come too close to the limit of your credit cards. You should also make sure that you are not paying back only the minimum amount due on your cards, you need to pay back the entire amount or at least a sizable amount.
3. Maintain credit history long & Clean
Make your high-value payments with credit and fulfill the payment. After a credit payment maintains a short gap for another high credit payment. Like as maintaining a high values credit payments history on time will help you a good credit score.
Reason for Low CIBIL Score:
There are many reasons for a low CIBIL score. A borrower’s score can reduce because of his/her own errors and due to errors made by banks. Generally, mistakes made by banks include wrong information sent about a borrower to CIBIL and failure to update records among others. The main factor that affects the CIBIL score of a person is his/her own behavior. The way borrowers deal with their finances can increase or decrease their scores. Most scores fall because of the past behavior of the borrowers. Some of the common errors that borrowers make are:
1. Outstanding Credit Card Balance
Some borrowers do not pay their total credit card bills every month and only pay the minimum amount due, which leaves them with an outstanding balance on their cards. What they do not realize is that this can reduce their credit score.
2. Too Many Loans/Credit Cards
If a borrower applies for too many loans or credit cards, then every time a bank checks his/her credit report or score for processing the loan or credit card application it is counted as a hard inquiry. Too many hard inquiries can result in a reduction in the score.
3. High credit usage
If a borrower uses over 30% of his/her credit limit, then it negatively affects his/her score as it shows his/her dependency on credit is high.
4. Delay in repayments
If a borrower delays in making his/her EMI payments, then it will be noted in his/her CIBIL report, which will reduce his/her credit score. Repayments are one of the important factors that are considered while calculating the credit score.
Conclusion: To increase CIBIL score from 600 to 750
The best way to increase your cibil score is to pay your credit bills on time and maintain a credit history long & clean of high amounts. A credit score is perhaps the single biggest determinant when it comes to your availing of a loan. Increasing cibil score will help you get your thing easily but also affect your credit scores. which makes it critical for us to maintain our scores. You can check your credit score/ cibil score on CIBIL.COM or search for how to increase your cibil score to get many possibilities to increase your score.
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