Improving your CIBIL score is a crucial step in securing loans and other financial benefits. Here are some tips to improve your CIBIL score quickly:
1. Pay your bills on time: Late payments can have a significant impact on your credit score, so it’s important to pay your bills on time.
2. Reduce your credit utilization: Reducing your credit utilization is one of the fastest ways to raise your credit score, and you can do it by paying down debt, spending less, paying your bill more often or asking for a higher spending limit.
3. Dispute errors on your credit report: Disputing errors on your credit report can help quickly, too.
4. Keep old credit cards: If you have old credit cards, you should continue to maintain them as long as you can pay your bills in full, on time. This will help you build a solid and lengthy credit history, which will help you increase and maintain a good credit score in the future.
5. Customize your credit limit: You can contact your lender and customize your credit limit based on your expenses. This will help you restrict your credit usage as per the allotted limit, which is better for your credit score.
6. Choose a longer tenor for repayment: When borrowing a loan, try choosing a longer tenor for repayment. This will ensure that your EMI is low so that you can make payments on time. Your credit score will improve when you don’t default, delay, or skip paying EMIs.
7. Avoid taking on too much debt at one time: The number of loans you take in a fixed period of time should be minimal. Repay one loan and then take another to keep your credit score from crashing. If you take multiple loans at once, it will show that you are in an unforgiving cycle where you have insufficient funds.
I hope these tips help you improve your CIBIL score quickly and effectively!