Are you planning to opt for a loan or credit card?
But before you apply for any loan, make sure you have a good CIBIL score which is also called as a bureau score. A high CIBIL score can help you avail of a loan at attractive interest rates while a poor CIBIL score can make it difficult for you to get a loan at better terms. Not only this, few lending institutions might even reject your loan application due to a poor CIBIL score.
That is why it is important to maintain a good BUREAU score for availing smoother credit at attractive terms.
Listed below are some of the smart tips to improve your CIBIL score:
1. Set up a payment reminder to pay your dues on time
2. Abstain from taking a too much credit
3. Analyze your credit report and resolve the errors if any
4. Use your credit cards wisely
5. Try to avoid applying for credit too frequently
6. Do not remove old accounts from your credit report
7. Try maintaining a healthy credit mix
8. Ensure you maintain older credit cards to lengthen your credit history
9. Convert your high-interest debt into EMIs through debt consolidation
10. Choose a tenure in which you can comfortably pay the EMIs
The above-mentioned are some useful tips that you can follow to improve your CIBIL score over time. But please note that these steps will not immediately change your BUREAU score. After implementing and following them religiously, it will take around 6 months to 1 year for your CIBIL score to improve.
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