Thursday, 10 May 2018

How Can You Raise 50 Points in 3 Months?

A good credit score can do wonders in your life. It gives you financial freedom like no other. Imagine, with a good credit score you have all the financial products at your disposal; you can opt for one in no time. The lenders and bankers always favor people who have good credit score.
On the other hand, if you have a bad credit score, you are in for a financial mess. It will be hard for you to get a financial product in the market. So what is good credit score?

A good cibil score
There are a lot of credit bureaus available in Indian market but maximum number of lenders relies on CIBIL for credit verification. The credit rating ranges from 300 to 900 points. If you have a score above 800, your report is termed to be excellent. Similarly, if your score lies in the 700-300, you will have to work to improve credit score.
Imagine you are planning to buy your dream house. You’ve been saving to buy this property from a very long time; you are also relying on opting for a home loan. Just to be on a safer side, you check your credit report and find that your cibil score is low. Suddenly you sit shell-shocked and the dream to get the house starts fading away. You try finding answers on how can I improve my cibil score in short span of time so that you can apply for a loan with ease.
We will sight you ways on how you can raise at least 50 points in advance, before applying for a loan.

Check for errors
This is the most basic when it comes to raising points. There are high possibilities, the lender or the credit bureau must have committed a mistake which resulted to your score’s depreciation. Get a free cibil report online and check for any errors. If you have problems understanding technicalities of how the score is calculated, take professional help. Once you have a picture on what went wrong with your report, try getting in touch with the lender and report it. If the mistake is from the bureau’s side, you can raise dispute against the transaction and get it amended. The dispute process will take a lot of time because of the slow process, so the early you know, the faster you can act on the same.

Stop making unwanted purchases
Try purchasing everything for cash. This way you will be utilizing your own money, rather than using a credit card. This practice can help you control your unwanted urge to spend on unwanted things and can lead to a debt free life. This way you will be out of the low cibil score category in no time.

 Opt for automatic payments
There are a lot of banks and credit card vendors who offer this service for free. Go for automatic payments, this will help you make planned expenses and your credit line will be utilized well. Just make the final due payment on time for all the automatic payments you have opted for, you will see a sudden spike in your score in no time.

Keep your old accounts open
Once realized that you need to control your expenses, many of us try closing the account. Do not close your accounts; old open accounts contribute to your credit score passively, it will help you build a good score in long run. 

Get a consumer loan
This is the easiest way to appreciate your credit score in no time. Just go to a consumer durable appliances store and buy a product on loan. It can be a television, a latest mobile, etc. The store will offer you loan options upfront, the EMI will not dig a huge hole in your pocket. Pay these EMIs on time and you will see a hike on your score.
Getting your credit score up is a lengthy process. If you press all the right buttons at the right time, you can achieve your set goal in no time. Make all your payments on time and you will get your score up eventually, which can help you get any loan.

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