Improve Cibil Score By Keeping A Track Of Your Credit Card Usage
11 Aug 2015 in Finance
CIBIL or Credit Information Bureau is defined as a government agency founded in the year 2000. The primary aim of this company is to offer three digit ratings to every individual, as per the previous repayment loan history, with credit card billings. Various banking institutions are now using the same rating, to evaluate and approve the present loan applications. In case, you are suffering from bad credit scores, it becomes hard to avail any form of banking loan.
Improvement of Score
Whether you are willing to improve your present credit score or want to avoid any financial distractions, wait no further and get in touch with some of the most amazing ways to improve cibil score, you are currently facing. For the first step, you need to make some timely payments. This might sound really very rudimentary in the beginning, but there is no such secondary alternative, available with this segment. Financial discipline is the first and foremost mean for you. Therefore, maintaining a proficient healthy credit portfolio is a must.
For additional facility and to avoid any late payment, look for ECS facility as the first option. It is advisable to make all the payments clear for minimum 5 working days, before adhering to deadline. In case, you are paying through check, try to make payments clear for 10 days. If you are facing any problem with your check, sort the problems beforehand. These will help you to improve cibil score and offer assistance, when you are looking for any loan framework.
More amount of credit might lead to troubles. Using cards will not just make you pay more amount of money, but can also help in creating troubles, in near future. You need to be up to date with all kind of installment procedures that you have to pay within this month. This might easily hamper your credit ratings, and will be a distraction while planning to increase cibil score of any individual. A person should not have more than two loans and two credit cards, at the max. You need to improve your present credit score by keeping a check on your credit card usage. This will keep a track on your usage, and will not force you to spend more than what you have.
Using Cards Responsibly
Credit cards can turn into a biggest curse for CIBIL score if not used wisely. On a monthly basis, it is better to use only 30% to 40% of the whole credit card score, which helps to increase cibil score proficiently. If you avail more expenditure than the 40% mark, you should shift to another credit card. On the other hand, you can increase your present credit limit. With improve credit history; your banks will shower you with loans.