How to improve your credit score for better credit details

1. How to improve your credit score for better credit details

2. Improving your credit score becomes mandatory to let yourself count in the good note of banking and financial institutions. You can easily get a loan by having a good credit score. • CIBIL Score or Credit score is the rating to avail the bank loans. It basically determines the person’s creditworthiness and whether he/she is eligible for a loan or not. With the matrix of 13 information categories and the scoring of each category; the final score is calculated in the credit scoring system that with 700 or above is considered good. Below 600 makes it difficult to get the loan. Before approving the loan, lenders check the score and make an informed decision. Add a footer

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4. But if in case you have a bad score, then the mentioned tips can help you improve your credit score. • Avoid long-term loans with credit cards providing low credit scores: • It is better to avoid having multiple liabilities on your credit record that adversely affect your credit score. You need to decide whether you have to pay tiny or long-term loans that which way affects your credit record. This will help in balancing the credit report. • Continuous checking or credit report will help evaluate the score • Sometimes we take a loan without thinking twice just because we are in need. But this can put adverse effects later. It is ok to take a loan but checking the score on regular basis ensures that you make the report with accurate information. This will help you determine the errors and clear them harming your credit score. Add a footer

5. Make sure you are making on-time payments • Put a reminder for timely payments so that you don’t miss one. Keep track of whether you are paying on time or not; because making the payment later can have a negative impact on your score. If you have EMI payments to be made then ensure you are making it on time using the quick payment options like NEFT which can do quick money transfers where cheques take a longer time to get clear. • Avoid the whole credit utilization in a short span of time • This is one of the most effective techniques to improve your credit score. Refrain using the credit card to the full limit in a shorter time and for that, you have to limit the monthly expense. Make sure you are not crossing the credit limit of your credit card by more than 30%. • Hope these tips help you balance your credit score and avoid any negative impact. Add a footer

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