maintain a good CIBIL Score or Credit Score: It is very important to maintain a good CIBIL Score or Credit Score in the bank to maintain the trustability of the bank towards the customer. CIBIL score is checked by the bank or financial company at the time of providing personal or any other type of loan to the customer. If any of you wish to apply for a personal loan then you should maintain a good CIBIL Score or Credit Score and increase it to more than 750. Today we will discuss with you some easy and important tips that are very beneficial to maintaining and increasing your CIBIL score without any burden. You can also follow them to maintain a good CIBIL Score or Credit Score which will help you to get a personal loan in future or any emergency
The CIBIL score ranges between 300 to 900. The average CIBIL score is considered 750 so it is important to maintain 750 or more to be listed in a good customer list of the bank. However, if you do not engage in transaction activities then your are cibil score may also decrease without your mistakes. However, before discussing the tips for maintain a good CIBIL Score or Credit Score, we should talk about the word CIBIL or credit.
Why Maintain a good CIBIL Score and Know What is Credit Score/Cibil Score?
Credit is a term that is mostly used in the bank’s terminology but the root meaning of credit is trust. It means credit score is the representation of the trustability of the customer. If you are more trusted then the bank will provide your banking facilities without any limitations. But if your trust is not good with the bank then you have to face difficulties for banking and financial activities. So basically you have to build your trust and increase your trust in the bank so they will automatically increase your CIBIL score in their data. Now you can follow these tips to increase your trust and maintain a good CIBIL Score by more than 750.
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maintain a good CIBIL Score by Limited use of credit
If you are availing credit card facilities of the bank then you should not use more than the limit which is decided by the bank for your credit card. In case you are using more than the credit limit then you should instantly pay the bill without any delay so the bank will maintain or increase your CIBIL score automatically. However, if you are using the maximum credit limits you should not make a habit of using maximum limits as it will negatively impact the bank for their customers.
Maintain a good CIBIL Score Factor – FD can increase credit score
The fixed deposit scheme is provided by all financial companies and banks to their customers. However, most citizens do not apply for FD schemes as there are other Future Saving schemes where customers can get maximum returns which are more than the FD. But in case your credit score is low and you want to increase it, Then you can deposit some amount for FD ( however it may be a small amount). After that, you will get double benefits as the bank will provide the interest rates on your deposit amount, and will also increase your credit score accordingly.
Always Remid To maintain a good CIBIL Score – Do not apply for multiple loans
If you are already engaged in any loan including personal loan, home loan, car loan, or any other type of loan then you should not apply for any loan in the bank without submitting the existing loan amount. However, if you want to get money instantly from the bank then you can apply for an add-on loan which will help you to increase the loan amount in your existing loan plan, so you will not need to apply for an additional loan. Multiple loans are considered as low trustability and will decrease the credit score accordingly.
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Don’t be everyone’s Guarantor for Maintain a good Credit Score
Banks do not provide loans or open bank accounts without guarantors for their specific customers. So if you are going to become a guarantor of anyone then it is important to you to check the individual personally as in case, the individual does not pay the loan amount to the bank then the bank will ask to repay the loan amount to you as a guarantor. However, if you do not pay the loan amount then the bank will decrease your credit score too.