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5 tips to improve your CIBIL Score

Is your CIBIL score below 750? Do you want to improve it? Here is how to improve your credit score in India to get your loan application approved. The CIBIL score, or credit score in India, has always played a vital role during the home loan application process. A good CIBIL score gets your loan application approved quickly. For details visit, https://www.jllhomes.co.in/news/2022/11/09/5-tips-improve-your-cibil-score

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5 tips to improve your CIBIL Score

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  1. 5 tips to improve your CIBIL Score

  2. Repayment of credits on time Missing your credit dues can have a significant impact on your CIBIL score. These dues can land you in trouble during a home loan application as each default on your payment is reflected in the CIBIL report, which portrays you as an irresponsible and risky borrower to the bank.

  3. Curb your credit utilisation It is advised to constantly maintain a low credit utilisation ratio as it shows that the borrower is handling his credit obligations responsibly. However, if the credit utilisation is on the higher side, it indicates that the expenses are more than the income generated which indirectly affects your CIBIL score.

  4. Track your credit reports At times, there could be errors in your CIBIL score. However, it is your responsibility to check and get it rectified by the institution as soon as possible. Many institutions provide a free, one-time CIBIL check on their website, which can help you keep track of your CIBIL score.

  5. Frequency of loan application matters Yes, you read it right! The frequency of loan applications matters as each of your application processes requires a CIBIL report, and each inquiry from the bank on your credit report is recorded by CIBIL, which may cause the score to come down.

  6. Keep a healthy credit mix Keeping a healthy credit mix is to create a credit history of borrowing both types of loans, i.e., secured loans and unsecured loans. Secured loans include home loans, car loans, mortgage loans, etc., while unsecured loans include personal loans, student loans, credit cards, etc.

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