A credit score report is presented by the Credit Information Bureau Ltd credit rating agency authorized by the Reserve Bank of India. Credit score and report is provided to individuals, banks, and Non-Banking Financial Companies as it expresses the creditworthiness of the borrowers. These scores highly depend upon your credit history, ranging from your repayment history to your credit card management record. When you have a good credit report, then it becomes easier to get better deals and lower interest rates on loans and other credit forms. But if you have a low credit report, still you have the time to improve it. Looking for ways? Read on to learn the simple ways of improving your credit report!
How to Improve Your CIBIL Score?
It is significant to have a high credit score that enables you to decide whether to extend a particular amount of credit to you or not. A good credit score increases your prospects of availing of easier credit approval. However, here are some of the easiest ways to improve your credit score report.
Check And Monitor Your CIBIL Score:
It is good to have an idea of your CIBIL Score regularly, as it can provide you with a picture of your credit status. Now monitor your credit score online as the best online sources are available. One such online source is Buddy Score; you see the evaluated report of your credit report with Buddy Score, which is too free.
Review Your Credit Score Report:
In addition to monitoring your credit score, it is suggested to check your credit report as it might have errors. It is better to review your credit report regularly once a year as only you can rectify them on time, especially before the mistakes come under the eye of your lender.
Limit Your Credit Utilization:
Maintaining a limited Credit Utilization helps when it comes to credit card usage is a very important way to improve your credit score. Also, you should ensure you are not exhausting your entire credit limit. Until your CIBIL Score crosses 750, it is advised not to spend over 50% of your credit card limit.
Payments on Due Time:
To prove that you can manage your debt very efficiently, you should pay all your dues on time. Also, avoiding delays in managing your bill payments will help you maintain good credit. You should avoid paying partial amounts as it may showcase you as an undisciplined credit payer and edge down your credit score.
This article explains the importance of having an improved status of your credit score report. The tips mentioned above that you should implement in practicality as well. Buddy Score from Buddy Loan is a free credit score provider. Buddy Score analyses your financial transactions and give up to date and complete annual credit report from Experian. It helps you to check credit score report completely and gives you a total view of your credit history. We are committed to helping every consumer be aware of their loan status, financial health and credit profile through the use of our service.