STEPS FOR IMPROVING CREDIT SCORE
1. paying off off the
Credit Card outstanding
Clearing off all your credit card dues is very helpful for your credit rating .
Plan your credit card spending in such a manner so you can clear off your credit balances before the due
date. This will improve your score.
2. less accurate Appeals
An individual must make sure that any errors in your credit
report are appealed by the individual on the CIBIL website (www.cibil.com).
Appeal only if you have a valid point of disagreement. Errors can happen and
lenders also could make some data entry or
software errors.
3. Use of Old Credit Card
Good old credit record also plays a very important role in
credit score. Repayment track record of your credit card must be continued and
held on as long as possible. The longer you hold a positive credit card
repayment history the better your credit rating score.
4. Monthly
Installment Payments
When big purchases
are being made by an individual, like a four wheeler or apartment or house,
he/she take loan and the repayment of emi also effect the score if it is
regular or on time then it result in higher CIBIL score or credit score.
5. Information on secured card
Just in case an individual has a bad CIBIL score, then getting a secured card from leading banks against a fixed deposit is the way to go. Leading banks like Axis Bank, ICICI Bank, Kotak Mahindra Bank, SBI, etc. offer a secured credit card against a fixed deposit of nominal amount. When you repay your balances on time, the CIBIL score soars high.
