Every lender can give financial support, but different parameters can set by each for a particular loan amount. The RBI can mandate that all banks can check CIBIL score of every loan or credit card applicant at the time of approval. Your CIBIL report can track previous repayment information. That’s why they check your past record and according to that give loan approval.
When you have a bad credit score, here are a few right moves that will improve your CIBIL score immediately. A credit report is more like a report card for grown-ups, where, the range between 300 to 900. The more you will get a good score, the more chances to get a good deal with the best bank’s.
If your score is less than 650, then you have to work harder to improve the score with following a few steps. You need to push your CIBIL score in a right direction that will improve your creditworthiness.
Using A Credit Card In A Limit
The first thing, you need to do know the limit of the product. Only try to spend that much which can easily repay at the right time. Your unpaid loan or dues can put you down in credit score. That’s the reason you should carry one or two credit cards, not more than that otherwise, will forget to pay bills and that can destroy your points in front of the lenders.
Keep Monitoring Own CIBIL Report
After reviewing own CIBIL report, you can find any unnecessary error on that moment immediately visit the website and correct it. Mistakes happen, the lenders can also make errors at the time of data entry. To correct the data you should contact the official team within 30 days. It’s compulsory to check own points, in six months or a year.
Keep The Oldest Credit Card Account
Many of you can feel if you are not using an old credit card account should close it. But, we do not know that can impact on CIBIL points. In general, the oldest credit card can earn faith that’s why you can try to keep open your oldest card.
Pay All The Bills On Time
It is necessary you should give all dues, repayment, payment on time. Your this behavior can give a positive sign in front of the lenders. While you are going to apply the bank can see all the data and according to that give instant approval. In a busy schedule lifestyle, it’s quite difficult to take care of all the things, but you have to do it so that your credit score should grow-up day by day.
Credit Utilization Ratio
If the bank can give 50% of the utilization ratio, it means should not use all at a time. 20% of the card can use, and the rest should save. The lenders can watch out your spending behavior through this. The less you can use, the more bank trusted on you.