How to Increase Your CIBIL Score?
A high CIBIL score improves your chances of getting a loan with lower interest rates and better terms. If your score is low, don’t worry! You can improve it by following these simple steps.
Best Ways to Improve Your CIBIL Score
1. Pay Your EMIs & Credit Card Bills on Time
Delays in repayments negatively impact your credit score. Set reminders or enable auto-pay to ensure timely payments.
✅ Vizzve Financials Tip: Always pay at least the minimum due amount to avoid a drop in your score.
2. Maintain a Low Credit Utilization Ratio
Using too much of your credit limit (above 30%) signals financial instability.
✅ Vizzve Financials Tip: Keep your credit card utilization below 30% of your total credit limit.
3. Avoid Multiple Loan Applications
Applying for too many loans in a short time reduces your credit score. Each inquiry impacts your CIBIL score negatively.
✅ Vizzve Financials Tip: Apply only for the loans you actually need to avoid unnecessary hard inquiries.
4. Diversify Your Credit Mix
Having a mix of secured (home, car loans) and unsecured (personal, credit cards) loans improves your creditworthiness.
✅ Vizzve Financials Tip: Maintain a healthy balance between secured and unsecured loans.
5. Check Your Credit Report Regularly
Errors in your CIBIL report can affect your score. Dispute and rectify mistakes by checking your credit report at least once every six months.
✅ Vizzve Financials Tip: Get your free CIBIL report and verify all details at least twice a year.
6. Avoid Closing Old Credit Cards
The length of your credit history matters. Older accounts help build a better score.
✅ Vizzve Financials Tip: Keep old credit cards open (even if not in use) to maintain a long credit history.
7. Increase Your Credit Limit
A higher credit limit with controlled spending reduces your credit utilization ratio, improving your score.
✅ Vizzve Financials Tip: Request a credit limit increase if you have a good repayment history.
8. Avoid Taking Too Many Loans
Having multiple outstanding loans increases your debt burden, making it harder to manage repayments.
✅ Vizzve Financials Tip: Close existing loans before taking a new one.
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Let me know if you need any modifications! 😊