Remedies to Fix Bad CIBIL Score: Whenever you apply for a credit card or loan, the bank first checks its credit score. The credit score shows whether the applicant will be able to repay the loan on time or not, that is, how much risk will the applicant take in giving the loan. A good credit score increases the chances of your loan application being approved. In this article, we will learn how to fix bad CIBIL score.
If you can think of taking a loan from the bank and your CIBIL score is not good then you will not get the loan. Most banks do not give loans when the CIBIL score is less than 750. So if your CIBIL score is low then you can get information about how to fix it from here.
How to Improve CIBIL Score
1. Use responsibly and make timely payments of any type of loan like Personal Loan, Home Loan, Car Loan, Credit Card etc. This does not spoil your CIBIL score and keeps your credit history correct.
2. There is no point in shopping with a credit card seeing more discount offers, so that there is no problem in paying the bill. Failure to do so adds to the burden of high credit bills, which they are unable to pay on time. In such a situation, buy credit card wisely, so that your CIBIL score does not get spoiled.
3. Note down the last date of repayment of each loan and bill properly. With this, you will pay the bill before the stipulated time, so that you will not have to pay any kind of penalty. Also your credit score will not be badly affected.
4. Most of the companies give many attractive offers from their credit cards, which benefits the customers a lot. However, the company imposes heavy penalty for not paying the credit card bill on time. Also, it affects your CIBIL score very badly. So avoid taking more than one credit card.