Maintaining a healthy cibil score is desired by most of the people. As having a low or unhealthy cibil sometime leads to rejection of a loan, leaving a negative impact on the lender. Feeling tensed? Thinking about how you will get the access of loan? No need to worry. Below are few points that will help you in enhancing your credit or cibil score.
1.) DIMINISH YOUR ENQUIRIES
Trying to get a loan? Or Making enquiries regarding that? This seems so normal, but it isn’t. Every time you enquiry regarding a specific loan, the bank, in order to check your credit report makes a inquiry in Transunion Cibil in order to get to know about your repayment record and your credit history. Multiple inquiries indicate to the lender that you are in desperate need of loan; otherwise you won’t have made that many inquiries. Lenders will also consider you as a precarious person and will avoid to give you loan. It is recommended that before applying anywhere for loan you must do a well analysis for it, as you don’t want to further wreck your cibil just by some enquiries.
2.) RECOUP YOUR LOAN AMOUNT ON TIME
Planning to take a loan, but your application got rejected? Reason? Unhealthy cibil score. Surely, in order to take a fresh loan you may get this reason from almost every financial institution, due to your bad cibil score. But it doesn’t state that you can’t get loan in future. You can. But first you need to start paying all your dues either in loans or credit card. Start repaying the amount in time, especially if you have any unsecured loan. Try to clear it with proper repayment and time. This is not only enhancing your cibil but also makes you liable to take any kind of loan you desire with a healthy cibil.
3.) USE CREDIT IN A BETTER WAY
In the field of finance, unsecured loans are considered lower than the secured loans, because financial institutions feel more comfortable if you have access of secured loans as these are less risky than the unsecured loans as they are without collateral. Many people have the tendency to overuse their credit card by utilising the full limit, which will affect your cibil. On the contrary try to utilise only 30-40% of your limit, in order to create a positive impact on cibil. However, don’t stop using them, as it will also create negative impact. Just use it with smartness.