How to increase Credit Score: CIBIL score is a very important criterion in the banks to get personal loan with minimum interest rates. However many low-income groups and middle-class people are facing bad CIBIL score problems while applying for personal loans in the banks. Due to the linking of all the bank records with PAN card in Aadhar card, any bank in India can identify your CIBIL score easily and you may face difficulty in every Bank to get a personal loan. So today we will help you to improve your low CIBIL score or Credit Score Kaise Badhaye where you have to follow the tips to increase your CIBIL score in 2024 and after that, you can easily get a personal loan and other services from the bank with a good offer.
Touch 3 digit ranking number of CIBIL score ranges between 300 to 900 and you have to achieve nearest to the 900 to be considered as a good CIBIL score person. Usually, if a customer has more than a 750 CIBIL score then he will not have any difficulty in the bank to get a personal loan. However, the problems happen with the individual who has less than the 600 or 650 CIBIL score.
How to increase Credit Score [750+]
Do not use credit limits
Banks have double benefits as they are already providing credit cards to customers where customers can get emergency funds by using the credit card but may also have to face difficulty if they use it for the maximum limit. It is considered to use up to only 30% of your credit limits. And pay it before the deadline. So if any individual used 100% credit limits then the Bank can doubt on the person and will impact the CIBIL score directly.
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Don’t get an unnecessary loan
The loan is very helpful for needed persons but if you cannot pay the loan timely or do not have a backup to return the amount to the bank then you are not required to get unnecessary loans. If you fail to repay the loan or any other deficiency then the bank will directly reduce your CIBIL score and you have to face problems to increase it.
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Multiple loans are impacting
The personal loan is a very unsecured loan scheme for banks as they do not have the guarantee to receive the loan amount from the person. So they use the data of CIBIL score to identify the trustworthiness of the customer. So if you are applying for more than one loan amount at the same time from different banks then it can increase the doubt on you and will affect your CIBIL score.
However, if you need an extra amount that is greater than your loan, then you can use the add-on loan feature on your existing loan offer where the lander will increase the loan amount on your plan and will not calculate it as an extra loan scheme.
Return the money before the deadline
Once you apply for the loan amount, you have to prepare the EMI section to return your loan amount monthly in small installments. So it is important to select the good installment of EMI according to your monthly source of income so you can easily return the amount to the bank before the deadline.
In case you miss the deadline then the bank will remind you which will impact on your CIBIL score. You can also use automatic deduction of EMI so the bank will automatically deduct the payment per month and it will not impact on your CIBIL score.
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Apply loan for the first time
Many individuals who have not applied for personal loan have a very bad CIBIL score automatically. However this customer can be very good and do not have any problem in there bank account but may face the low CIBIL score problem. So this customers can use a trick to get very short loan amount from the bank and return it with the monthly EMI accordingly. You can get 2000 rupees to 5000 loan also instantly from the bank.
So first time bank will charge you the extra interest rate due to your bad CIBIL score, but once you return the amount they will again update your CIBIL score and will mark your application as a good CIBIL score person. This trick will work for all the citizens who are facing low CIBIL score problem and are not getting approval from the bank for their loan application.
