Your credit file gives an insight about you on how you are doing financially. Cibil report is generally pulled up by various banks and lenders to check if they can provide you loans. If you happen to have a poor payment history in the past, the cibil score is supposed to be on a lower side which kills your opportunity to opt for a financial product. These days a poor credit score can not only hurt your chances to get your loan sanctioned, but can also hurt your chances to land in your dream job, as there are many companies who consider your credit score as part of your background verification.
Let’s take an example here, you have been using a personal credit from the last three years and in the last year of repayment you default your loan. You did manage to close the account by making full payment of the same. The bad entry is still lying on your report and is visible evidently that you have default your loan in the past. You are in the situation where you see yourself getting a financial product within a short span of time. You are afraid that you will be denied a loan by such an entry. As a matter of fact, you apply for a loan and they deny you a credit line. What would you do in such a case?
Nothing is worse than getting a loan denied because of your past mistakes. Now that you have realized that you have made a mistake how would you amend it?
There are not a lot of measures to amend defaults in it comes to a cibil report, but what you can do is, start fresh. It’s never late to start where you left and rebuild what you seek. The same goes with credit score. Credit score is not an overnight success to achieve it takes a lot of financial integrity to achieve such success.
We will sight you some examples:
The very first thing you do is to get the credit report and see for yourself on how it looks. Not many of us have this habit of opting the cibil report and see where we stand in terms of credit worthiness. It’s a good practice to know your score and if needed you can start amending your credit score by following simple financial instructions.
One of the best ways to get the credit score up in no time is to check for any wrong listings on your credit report. There are instances where the credit bureaus make entry mistakes and hence your credit score goes for a toss. In such instances, you can raise a dispute to the credit bureau and get things sorted. It is kind of a lengthy process, but the time is worth it as you are getting your score up in no time.
When you have different loan accounts on you, the chances of getting your score up is more. You can avail a small personal loan for low cibil score and maintain it. This will not only help you get your score up but will also give the credit bureaus a nice mixture of various credit accounts.
This goes without saying that you should make all your payments on time. Making all the payments on time will not only help you stand financially strong, but also will help you build your credit score. Nothing is greater than making all the payments on time and that getting reflected on your credit report.
Simple things can lead to a lot of differences in life. Get things sorted beforehand and you can live in financial harmony.