A bad credit score can always be a nightmare! You are always denied a loan or a financial product and at the same time, even if you are sanctioned a loan, it will be with higher interest rates. A bad cibil score can not only ruin your financial life but also can ruin your personal peace and wined you up thinking of your failed financial transactions.
So, you try finding alternates to get your score up in no time. You get through to a lot of articles online which shows you quick ways, you try them and you fail. You seek assistance from credit repair companies, they promise you all fancy credit score and ask for advance to start the repair work and after sometime you realize, the company was fake and you are losing money.
The fact here is, there is no instant way you can repair your bad score, but there is always a start and a good start can lead you to a better cibil score eventually but not immediately.
Today, we will sight you some ways to get your credit score eventually,
The very first step would be to check your credit report for any errors made by the credit bureaus. There are high possibilities, credit bureaus committing mistakes while making credit entries from different sources. If you find such errors on your report, you can raise a dispute against the bureau with documents supporting your claim. This can help you elevate your score.
This is the most important practice you should follow when it comes to raising your cibil score. You must make all your payments on time and also make sure to make the payments in full to avoid interest and late payment charges. Such transactions can not only prove out to be costly but also can hamper your score to a very bad extent. You can still avail personal loan for bad cibil score but the interest rates will be higher than market standards.
If you have any balance left on your loan or a credit card, it is advisable to pay it off. This can help you boost the credit score and also you will not be on the radar of collection agents. The more you delay your existing payments, the more it will hamper your credit score. So pay off all your existing balances and help yourself building your score.
Not many of us know that credit card is termed to be one type of unsecured loan. The score weightage is more on the credit report for credit cards as compared to other financial products in the market. If you make all your credit card payments on time, you can see good spike on your cibil score. Handling a credit card is not a one month affair; you will have to be very strict and adhered in terms of making your card payments.
This is one of the smartest ways to get your score up. If you have an existing card in place, try using only 20% of its limit and keep the remaining limit open. This will not only help you control your own expenses but also will help you get your score up. The more limits you have available on your card, the more your chances are to get the score up.
If you are tired of using your exiting cards and are planning to close it, do not make such mistake as it can damage your score instead of helping you raise it. The credit bureaus check how old is your account and assign score to your cibil report.
This is again a good way to restrict yourself by making unwanted expenses and also get your score up eventually. There are many banks and banking institutions which offer you a secured card.
If you have realized that your credit score is bad and are thinking of getting it up in no time, you are out of luck! As there is no way you can achieve it.