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How to improve Credit Score if CIBIL is below 650 ?

Improve Your CIBIL Score if below 650

Highlights

  • Tips to improve your CIBIL score.
  • Check your CIBIL score online for free.

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

Before talking about the measures that can help me improve my credit score, I want to know what a good credit score means. I have never applied for any kind credit facility but when I did, lenders would want you to provide your credit score. My CIBIL is below 650 and hence I am not eligible for the product I desire.

Most of the credit facilities are available to the applicants having CIBIL above 750. To increase my credit score, I sincerely need to follow certain rules. To start with, I decided to check my score.

I have never checked my CIBIL in my entire life maybe because there was no need. I researched properly and got to know that checking the score is easy and available for free. Wishfin is one such platform where I checked my score. You can also check your CIBIL score for free. Below are the steps you need to follow.

How Can You check CIBIL score at Wishfin?

Wishfin is the first official fintech partner of CIBIL. Below are the steps in order to check your score online:

  • Visit the credit score check page at Wishfin.
  • Provide your full name as mentioned on the PAN card
  • Enter your Date of Birth
  • Choose the gender you belong to
  • Mention your PAN card number
  • Enter your contact address
  • Provide the email ID fn which you want to get the credit report
  • Enter your mobile number
  • Submit the form

On the successful submission of the CIBIL score form, you will get a confirmation on your email ID. You will get the detailed credit report on the email ID you have provided.

How Can I Improve my CIBIL Score?

Here are some of the best options to improve CIBIL or credit score.

  • Pay your loan EMIs or credit card bills on time.
  • You can apply for a loan or a credit card
  • Avoid unnecessary usage of credit cards.
  • Try to maintain more than 30% of your credit card limit.
  • Increase your limit in case you are sure of using it in a disciplined manner.

Why is my CIBIL score less than 650?

There are certain basic but important factors that affect the credit score of an individual. Below are some of the main reasons behind your lower credit score.

  • Missed EMI payments
  • Spending more than 30% of your credit card limit, it is affecting the score.
  • Using credit cards for almost every expenses.
  • Late EMIs or credit card bill payments.
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To get best credit cards and low-interest loans, your CIBIL score or credit score should be good. In India, lenders such as banks and NBFCs would consider your application suitable for the credit facility only if you have a good credit score. It is also true that most of the people do not have a credit history and still avail the service but the fact is that they are not eligible for the best deals.

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%