How to improve your CIBIL score, know how to increase CIBIL score

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How To Improve Cibil Score in Hindi : CIBIL score is an important part of your credit record through which any financial company decides whether you will get a loan or not. If your CIBIL score is high then you can easily get a loan without any problem, but if your CIBIL score or credit score is low then no institution approves the loan easily.

At the same time, if your CIBIL score is low then you may have to face some difficulties in credit card also. But if you want, you can improve your CIBIL score. Today we will tell you How To Improve Cibil Score? That is, how can CIBIL score be increased? For this information, read the following information carefully till the end.

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What is CIBIL Score (CIBIL Score Kya Hai)

CIBIL score or credit score is a three digit number which ranges between 300 to 900. This score reflects the eligibility of any person to take a loan. Generally, if the CIBIL score or credit score is more than 750 then it is considered very good and any company or institution can approve the loan quickly. Because any institution evaluates the risk of giving loan to the applicant only on the basis of his Cibil Score.

Therefore, you should always pay the bank monthly installment or credit card bill on time so that your CIBIL score does not get spoiled and in future you do not face any problem in applying for a new loan or credit card. If your CIBIL score is bad then we are going to tell you further what to do to improve it.

How To Improve Cibil Score

If your CIBIL score is also low and you are worried about it, then we will tell you some ways by which you can easily increase your CIBIL score, so let's start –

1. Paying the loan on time

If you want to increase your CIBIL score, then it is important that you pay your outstanding loan on time. If you do not repay the loan on time, your CIBIL score is badly affected. By paying EMI on time, your CIBIL score always remains good, whereas if you delay in paying EMI, you have to pay penalty and at the same time your CIBIL score also gets affected.

Also read: Will personal loan be available on Low Cibil Score 500-600 or not?

2. Maintain a good credit balance

If you have taken both secured and unsecured loan, then you should repay the unsecured loan first because the financial company or bank giving the loan has more trust in the person taking the secured loan. Therefore, you should always maintain a balance between secured and unsecured loans so that your credit balance remains good.

3. Monitor administrative activity

Even if you have repaid your entire loan and closed the loan on your own, you will still have to take care of administrative activities. Many times it happens that even after paying the entire loan, your loan still appears active, due to this the CIBIL score continuously decreases. Therefore, after repaying the loan, ensure that your loan is not activated.

4 Do not take joint account

You should never open a joint account nor become a guarantor of any loan because if you become a guarantor of someone's loan and he is unable to repay the loan, then your CIBIL score is also affected.

5. Do not keep credit bills outstanding

You should never keep credit card bills outstanding as this also affects your civil score significantly. The sooner the credit card bill is paid, the more likely it is to improve the credit score. You should pay the outstanding amount of your credit bill before the due date.

6. Take one loan at a time

To avoid depleting your credit card, try to limit yourself to one loan at a time. If you take many loans at once, it becomes very difficult to repay them, which affects your civil score.

7. Don't overuse credit cards

The most important way to improve your credit score is to keep track of your credit card limit. You should never spend more than 30% of your credit limit as it indicates that you have spent unnecessarily, which lowers your CIBIL score.

8. Choose a longer loan repayment period

If you take a longer tenure to repay the loan, your EMI gets reduced, which you can easily repay on time, this will help in increasing your civil score.

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