As we all know, your CIBIL Score reflects your creditworthiness. A credit score above 750 points makes you an attractive prospect for lending. In case you have a low credit score, say anywhere between 600 to 650, the lender may ask you for a higher rate of interest or he may simply reject the application. Read below to know how to increase CIBIL score from 600 to 750.
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You may consider opting to settle the loan to lower the repayment stress but this settled account is also mentioned in the report. Therefore, instead of settling the account down, you must always refinance and close the account.
Consolidate loans and reduce monthly EMIsIf you’re not able to manage several credit cards and loans, then you should consider consolidating these debts and go for a smaller EMI. You should also close some accounts besides clearing card balances. Closing some loans and repaying Credit Card balance will surely increase your score.
Build Great Credit HistoryEven though you can’t erase the bad history from your Credit Information Report, you can still build a good history and fade off the bad past. It will take some years to push out bad history completely from the report but by repaying your loans timely, you’ll maintain a good history that will increase the lender’s trust in you.
Clear your Credit Card balanceSome people just keep increasing the Credit Card balance and pay a minimal amount to avoid the Credit Card late penalty. But they don’t realize that having a balance in the card makes a negative impact on their credit rating. I suggest you ensure that there isn’t any outstanding balance on your Credit Card as it will help surely improve your Credit Score.
I hope now you know how to increase CIBIL score from 600 to 750.
Read more:How to improve CIBIL score immediately?
How to check CIBIL score?
How to calculate CIBIL score for home loan?
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How to increase CIBIL score from 600 to 750?
Hardik
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3 Year
2021-09-07T17:32:20+00:00 2021-09-07T18:16:32+00:00Comment
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