How you can improve your credit score to get sanction Overview
How you can improve your CIBIL Score to get a Loan?
If you are aware that your CIBIL score is not healthy for the loan schemes you want to avail, don't get worry about it. With a little financial discipline, it is possible to rebuild your credit record and improve your credit score, to eventually become eligible for a home loan.
Below are some tips that you can follow to improve your CIBIL score. There are some tips mention Below that you can follow to improve your CIBIL score and make it healthy.
- Make all of your payments always on time and pay the entire due amount. Partial payments will still be recorded as overdue in your report and late payments will not be accepted by banks. This make you pay the penalty on your repayments.
- Do not ever try to use your full credit card limit. Always Track utilization of your credit and keep your outstanding balance low to get such a good credit score.
- Always Keep tracking your credit score and history by accessing your credit information report periodically and correcting errors, if any.
- Always Monitoring your accounts (both single and joint ) regularly so that no payment will be missed by you or the joint account holder at the end of the month.
If your CIBIL score is less than 750 then your chances of getting any kind of loan are very less. To get a loan sanction at good interest rates you have to work on your cibil score.
For the borrowers of home loan, if your cibil is 600 which is such a bad score may be you get loan but in this case the bank and other housing finance company can take high interest rate on total amount of loan from the loan borrower. There'll be more possibilities to reject your loan application by several banks.