Increase your CIBIL Score from 0 to 750+ in India 2024: A large number of people are facing low CIBIL score problems and are not eligible to apply for personal loans and other banking and financial activities due to their bad CIBIL scores. If you are also facing a bad credit score then there some multiple ways to provide solutions to improve the CIBIL score. Today we will discuss with you techniques and Solutions that are very helpful in maintaining and increasing the credit score. You can also follow them according to your condition.
CIBIL score is a 3-digit number that is provided by financial companies and banks to their customers while checking multiple factors that are related to transaction and banking activities. The range of the credit score is between 300 to 900. If you have have more than a 750 credit score then it is considered good and banks will easily negotiate with you to provide Financial Services. While if the Civil score is less than 600 then it is a bad Cibil score. However credit score can go up or down and it is not fixed so if your credit score has gone down then you can increase it by using multiple solutions.
Maintain the EMI timely
EMI plays a major role while deciding the CIBIL score of the customer. If you are involved in any type of loan and are not eligible to pay the EMI timely then you may face low credit score problem in future. However, You should prepare the EMI while applying for the personal loan according to your monthly income and savings so you can easily pay rest of the amount accordingly. However if you do not remember to pay the EMI per month then you can set a reminder in your mobile phone to repay the EMI timely. Banks have also auto EMI deduction facilities, so if you cannot manage monthly Re payment of EMI timely then you can select auto EMI and bank will deduct the EMI from your bank account monthly automatically.
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Don’t reply more than one Loan at one time
While companies are providing personal loan other type of non facilities to the customers but if you are already engaged with any loan scheme so you should not apply for another loan in the same bank or any other bank. These practice will reduce the trust of the bank on you and banks will further decrease the CIBIL score accordingly. However if you need more loan amount then you can apply for the add on loan feature which is provided to the customers who are existing involved in the loan program and want to get more money so you need note to apply for other type of non memory as bank will add the loan amount on your existing loan term and conditions.
Secured loan is good
Personal loans are generally considered under and secured loan scheme and cibil scores are infected from unsecured loan. However there many other type of loan facilities which are under secured loan including gold loan etc. Most of the banks are providing gold loan for multiple purposes beside the gold. However you have to submit security to the bank while applying for gold loan as it is secured, after that it will not impact your CIBIL score.
Don’t go beyond credit limit
While providing the credit card to the customer, banks and financial companies decided credit limit according to the plan which customer purchase. However you can use the credit amount in case of any emergency or absence of money but should return as soon as possible to the bank once you arranged it. It is also important to do not use maximum credit limits otherwise it will directly impact on your CIBIL score and will decrease your rating.
Apply for small personal loans
However if you want to increase your cibil score instantly then you can apply for personal loan even if you need or don’t. After that you have to repay the EMI timely for your small personal loan. Once you repay the loan amount, bank will increase their trust with you and will also scale up the credit score accordingly.