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How to improve your CIBIL score?

How to improve your CIBIL score?



What is credit report? What is credit score? and How to improve your CIBIL credit score?

What is credit report? What is credit score? and How to improve your CIBIL credit score?



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    How to improve your CIBIL score? How to improve your CIBIL score? Presentation Transcript

    • How to boost your credit score? “ Strengthening your creditability“ RectifyCredit Knowledge Series
    • How to boost your credit score?
      • In general, paying your bills on time and meeting your financial responsibilities will boost your score the most. Owing a reasonable amount of money and being able to repay it will show lenders that you take your finances seriously and pose little threat of lost money.
    • Pay your bills on time
      • Because it shows lenders that you take debts seriously and pay promptly. Every lender wants to be paid on time. If you pay your bills on time then there is a higher chance that you will make the payments on a new debt on time. Paying your bills on time also ensures that you don’t get charged late fees and penalties. But if you have had problems making your payments on time in the past, your current credit score will reflect this. It will take a few credit cycles of timely repaying your bills improve your credit score again.
    • Under what is Days Past Dues!
      • Please note that your credit history helps a lender or credit grantor ascertain your ability to pay additional debt based on your past performance, having DPD other than “000” on your CIBIL report would imply that you have not met your financial obligations in the past.
      • Hence, lenders may view accounts that are reported with DPD as anything other than “000” negatively and this may affect your chances of a loan approval. Pay on time or at least ensure the ‘minimum amount due’ is paid on time (before the credit card statement due date). This will help you in saving the interest payment and late payment charges on the amount that is due at the same time ensure the good payment behaviour and consistency in your credit report. Its in you interest to maintain the good payment schedule with all the credit lines you using currently and in the future.
    • Avoid excessive credits
      • If you have many lines of credit or huge debts, you may be at a risk of “overextending your credit.” Meaning you may be taking on more credit than what you can pay back. Even if you are making payments regularly now on existing bills, lenders know that you will have a harder time paying off your bills if your debt load grows too much. You should restrict to credit cards and debts that are absolutely necessary. Too many new credit accounts in a short period of time will look as if you are being financially irresponsible.
    • Pay down your debts
      • Paying down your debts to a minimum will help elevate your credit score. Start with the largest debt you have and start paying it down so that you are using a less large percentage of your credit total. In general, make sure that you don’t use more than 50% of your credit. Paying off your credit card in full each month is even better. It is important that what percentage of your total credit limit you are using - the lower the better.
    • Have range of credit accounts
      • Lenders like to see that you are able to handle a range of credit types well. Having some form of personal credit - such as credit cards - and some larger types of credit - such as a mortgage or auto loan - and paying them off regularly is better than having only one type of credit.
    • Thank You!!! For more information please visit www.rectifycredit.com