Useful Tips & Tricks to Maintain a Good CIBIL Score

When it comes to CIBIL score, it takes a lot of time and patience to create a good one. If you have ever applied for credit card or any sort of loan, you must be aware with the fact that how crucial your CIBIL Score i.e. those three-digit figures are.

Moreover, the higher CIBIL score you have, there are more chances of you to avail the maximum benefits. In fact, if your score is quite low i.e. anything below 550, you will not meet the eligibility criteria of different banks/lenders as they will see you as a risky borrower.

Your CIBIL score is measure of your creditworthiness, thus it is important to maintain a good CIBILscore of 750 or above out of 900. But, maintaining a good CIBIL Score is something which is not everyone’s cup of tea. There are certain important things that you need to take care so as to maintain a high credit score. So, take a look below to know about the important tips that will help you to maintain a good CIBIL score:

Check CIBIL Score for FREE

Make Timely Payments

Yes, it is absolutely important to maintain a good payment history because it is the one of the most important factors that affect your CIBIL, nearly approx 35%. So, if you want to maintain a good CIBIL score, no doubt timely payment of credit card outstanding and EMIs on loans can do wonders for you.

People Also Look For  Best Credit Cards for Shopping

Keep an Eye on Your Credit Card Balance

You should always aware of your credit card balance as it can create a drastic impact on your CIBIL score. Try to use only small portion for your credit limit, the lower the better. Use your credit wisely by not using it more than 30% of its actual credit limit. Actually, the proportion of your balances in relation to your credit card limits can affect your CIBIL tremendously.

Apply for Credit Only When You Need

Always try to apply for a credit, when there is an urgent need. Too many fault inquiries in a short period of time can affect your credit score in a negative manner. So, go for a credit, when there is an urgent need only.

Spend Within Your Income

Whenever you apply for a credit, it is you who need to decide whether you will be able to actually afford it or not. One should always spend within his income or earnings as this thing will help you from overspending. Over a period of time, this thing will help you to maintain a solid or good credit history, hence keep your CIBIL up.

Minimize Your Loan Enquiries

The more loan enquiries will be done on your CIBIL score, the more negatively it impacts your score. So, in order to maintain a good CIBIL, it is important to minimize your loan enquiries.

Improve Your Payment Patterns

In order to maintain a good CIBIL, it is highly important to make the timely payments on your existing debts. Ensure that all your outstanding balances are paid in full by opting for the automatic due deductions from your account. Through this way, you can improve your credit score, and maintain a good CIBIL.

People Also Look For  How to Consolidate Credit Cards? Read the Complete Story Here  

Keep Track Regularly

Always keep a track of your progress. When it comes to maintaining a good CIBIL score, consistency is the key. You need to check your CIBIL score regularly so as to always keep a track of where you are lacking. Through this way, you can improve on the weaker areas, and can easily maintain a balance.

So, keep these above tips or tricks in mind to join the 750+CIBIL club.

Personal Loan Interest Rates June 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 10.99% - 18.00%
Home Loan Interest Rates June 2018
State Bank of India/SBI 8.45% - 9.00%
HDFC 8.50% - 9.15%
Bank of Baroda 8.45% - 9.45%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.40% - 8.99%
ICICI Bank 8.50% - 9.05%
Axis Bank 8.50% - 8.85%
Citibank 8.40% - 9.20%
Indiabulls Housing Finance Limited 8.50% - 10.80%
Kotak Bank 8.60% - 8.70%
DHFL 9.05% - 9.95%
Reliance Home Finance 8.75% - 10.00%
EMI Calculator