Use these proven tips and tricks to boost your CIBIL Score. Plus, explore the Bajaj Finserv Credit Pass for expert guidance on your credit journey.
In a world where numbers wield immense influence, your CIBIL Score stands as a testament to your financial prowess. Yet, it’s more than just digits on a screen – it’s a reflection of your money-management skills, a testament to your fiscal wisdom. What if we told you that with a few strategic moves, you could unlock the true potential of your CIBIL Score, propelling it to the remarkable range of 750 to 900? Join us as we unravel these strategies to financial success.
Understanding the CIBIL Score Game
The first step to levelling up your financial game is understanding the nitty-gritties of the credit score game. Your three-digit CIBIL Score can range between 300 and 900, and tells lenders how trustworthy you are when it comes to repaying loans or credit card debts. It’s a snapshot of your financial behaviour – so, the better your score, the more financially responsible you appear. Lenders are very impressed with scores of 750 or higher as it speaks to an exemplary borrowing history.
Before you can improve your score, you must get to know your score, and the easiest way to do this is through an CIBIL Score Online check. TransUnion CIBIL offers one free credit report annually, easily accessed through their website, which can be used to check your CIBIL Score. This is your starting point – to learn where you stand and set your sights to improvement.
Working Tips and Tricks To Improve Your CIBIL Score
1. Timely Payments: Regular, timely payments on your loans and credit card bills can make your credit score grow healthy and strong. Missing deadlines and defaulting on payments can cause it to wilt. Your goal is to create a positive repayment history that will communicate to lenders in no uncertain terms that you’re reliable and won’t vanish when it’s time to repay. Set up reminders or automate payments, whichever works for you, but never be late on your payments if you want your cibil score improve.
2. Low Credit Utilisation: Your available credit limit is like a plate of cookies, and how much of it you consume is key to how lenders perceive you. If you make a habit of gobbling up all the cookies on the plate, you come across as being greedy and not in control of yourself. Avoid maxing out your credit cards and aim to keep your credit utilisation below 30% of your available limit. This shows lenders that you’re capable of managing your credit responsibly.
3. Long Credit History: Avoid closing old accounts, even if you don’t use them regularly. Apart from establishing a long track record of credit management, these accounts contribute to your available credit limit and help keep your credit utilisation ratio low. Keep these accounts in good standing by using them occasionally to positively influence your CIBIL Score.
4. Healthy Credit Mix: Having a mix of credit types – like a collateral-free personal loan, a credit card, and a secured car loan – shows that you can handle different kinds of financial commitments reliably. So, consider diversifying your profile to strengthen your CIBIL Score by taking on credit that you can responsibly handle.
5. Limit Hard Enquiries: Every time you apply for a new credit product, a ‘hard enquiry’ is registered on your credit report, which can temporarily bring your score down. Too many such enquiries within a short span can raise a lot of eyebrows as lenders begin to worry that you might be credit-hungry. Apply for new credit only when you really need it – this helps you avoid looking like you’re overindulging or desperate, especially when submitting documents like your PVC Aadhar Card.
6. Regularly Review Your Credit Report: Regularly checking your credit report is like consulting a map to ensure you’re on the right track. It also helps you identify errors or inaccuracies that might be leading you astray and get them rectified promptly. Undisputed mistakes on your credit report can have disastrous consequences on your CIBIL Score, and derail your efforts to improve it.
If you’re wondering how you can effectively monitor your credit health and keep yourself on the right path to improved creditworthiness, consider the Bajaj Finserv Credit Pass. Its personalised dashboard offers you real-time insights into your credit health report, and allows you to monitor your credit factors like upcoming payment deadlines and credit utilisation. Along with monthly CIBIL Score checks, you will also have access to interactive tools like the Credit Score Simulator and the EMI Calculator that will allow you to make informed choices on your journey to credit wellness.
When you’re trying to take your creditworthiness to the next level, implement these tricks and remember to make the most of your Credit Pass. With strategy, consistency, and little bit of help from this unique CIBIL-powered offering from Bajaj Finserv, you can boost your credit score closer to 900.
