Whether it's a personal loan or a home loan, it is important for us to have a good credit score. With a good credit score, you can secure a home loan easily. To understand how to increase CIBIL score quickly, we should first learn how the CIBIL score is calculated.
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CIBIL score is calculated based on several factors such as payment history, length of payment, applications for the credit cards, debt amount, credit mix, etc. You are awarded some weightage based on these factors.
The CIBIL score can range between 300 to 900. A credit score between 300 and 549 is considered poor, and it will be hard to secure a loan with this score. While a CIBIL score between 550 and 700 is considered a moderate score. But for a hassle-free process to secure a loan, banks ask for a score above 700.
How to improve CIBIL score quickly?
If you have any
dues repaythem timely.
Don't register yourself for too many credit cards. While credit cards are helpful for securing loans, too many credit cards can have a counterproductive effect.
Keep a track of your credit card report and pay the credit card dues on time.
If you want to improve your CIBIL score, opt for a different type of credit card.
If you have an existing loan or debt try to repay the EMI.
Last but not least, you should never show any hint of risk while securing a loan,
It takes time to improve a CIBIL score, so take your time and have patience. I hope you will be able to improve your CIBIL score after reading my answer on how to increase CIBIL score quickly.
Read more: How To Download CIBIL Report? How To Get Loan Without CIBIL Score?Your Feedback Matters! How was this Answer?
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How to increase CIBIL score quickly?
Srikant
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3 Year
2022-04-18T10:54:22+00:00 2022-04-18T10:54:23+00:00Comment
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