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Denied Loan Due to Low Credit Score? Here’s what you can do to get next time

Maintaining a good credit score is vital to get your loan or credit card sanctioned from the lender. However, most of the people are unaware about their credit score and apply for a credit card or loan. When the financial institutions decline their loan and credit card applications, they feel frustrated as they donu2019t know what to do about it particularly when they are in a dire need of funds. https://www.clix.capital/check-credit-score/

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Denied Loan Due to Low Credit Score? Here’s what you can do to get next time

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  1. Denied Loan Due to Low Credit Score? Here’s what you can do to get next time Maintaining a good credit score is vital to get your loan or credit card sanctioned from the lender. However, most of the people are unaware about their credit score and apply for a credit card or loan. When the financial institutions decline their loan and credit card applications, they feel frustrated as they don’t know what to do about it particularly when they are in a dire need of funds.

  2. Improve Your Credit Score • Pay credit card bills and loans on time • Settle down past credit defaults • Increase your credit card limit • Avoid being a guarantor to anyone • Get errors in your credit report corrected immediately • Don’t make unnecessary loan enquiries • Don’t over utilize your credit limit

  3. Try One of these Options to Get a Loan Approved If you are married and your spouse is working and have a good credit score too, then you can apply for a loan along with your spouse. It will improve the chances of getting your loan approved many times. On the flip side, if you fail to make time payment of EMIs, then the credit score of both of you will plummet.

  4. Seek Loan from NBFCs • NBFCs refers to Non-Banking Financial Institutions. They do not have a banking license but they provide loans. As compared to banks, NBFCs are flexible with credit score but charge higher interest rates.

  5. Peer to Peer Lending • To keep a tab on your latest credit score, you can request your credit report from one of the three top credit bureaus i.e. Equifax, Experian and TransUnion CIBIL or you can register with Clix Capital that offers free credit score checkservice.

  6. Clix Capital Services Pvt. Ltd. Address: 901b, 9th Floor, Two Horizon Centre, DLF Phase V Gurgaon, Haryana, India – 122002 Phone Number: 1800 200 9898 Website: https://www.clix.capital/check-credit-score

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