Credit Triangle

The 4 Cs of Credit Health And Why Are They Important?

Posted on 13 January, 2022 by Credit Triangle

The 4 Cs of Credit Health

Just like you need to be physically healthy, you must have good credit health too. The same applies to businesses as well. So, what is credit health and why is it so important? Credit health is a significant indicator of the overall financial well-being of an individual or a business. Whether you are an individual or a corporate looking for a loan, overall credit health is crucial in getting your loan sanctioned or rejected. This post focuses on the 4 Cs of credit health and their importance.

Character

You may wonder what has character got anything to do with the credit health but think again! There is a strong link between the two. Character, in this case, is not a certificate given by someone you know but is revealed by the credit history. Lenders look at the repayment history, all running loans and credit cards before they sanction a loan. Doing a credit score check from time to time lets a business assess their overall credit position and also if any CIBIL score improvement is required to get a loan sanctioned.

2. Capacity

The next “C” is the capacity to repay what a business borrows. The credit score reveals the repayment history; however, lenders also want to know if the company can repay the loan dues in future too.
To assess the repayment capacity, the lenders will go through various financial documents. For a business, it will be the expected cash flows and for an individual, it will be their expected monthly salary. Lenders will also consider the overall debt situation to assess the repayment capacity. Outstanding debt is one of the crucial CIBIL score affecting factors and also impacts the ability to borrow further and repay future loan dues.

3. Collateral

Collateral is any asset that you as an individual or business borrower pledges to get a loan. Collateral acts as a backup for the lender in case the borrower defaults on their payment. In some loans like a home loan or an auto loan, the underlying asset (home or the auto) already acts as collateral. Deposits, equity, bonds jewellery, etc can be used as collateral.

For someone with a low credit score who does not have the time to wait for a CIBIL score improvement, taking a loan against an asset can help the access funds rather than wait for a loan sanction.

4. Conditions

The macro conditions, as well as the micro conditions, influence the lender’s decision to sanction a loan for a business. When you take a loan for a home or a car, the end-use is clear, so there is less ambiguity there. However, when it comes to a business loan, the lender wants to ensure that they lend it to a viable business. The lenders assess the business plans, overall economic conditions, the competition and the customer base before they sanction a loan.

5. Why are the 4 Cs of Credit Important

The four Cs of credit are important due to the following reasons:

Good credit health allows businesses and individuals to access credit. Companies may require loans for various purposes like day-to-day operation, expansion and sometimes due to an exigency.
Good credit health also allows businesses to get credit at favourable terms. A lender would be more willing to lend to an organisation that has a favourable combination of the 4Cs. Companies should try to focus on how to increase the CIBIL score if they do not have a healthy credit report before they apply for a loan to improve their chances of getting a loan sanctioned.

How to take control of the 4 Cs of Credit Health?

Above we discussed the significance of the 4 Cs, now it’s time to focus on how you can take control of the 4Cs of credit health.

Repaying the loan dues on time keeps your credit report clean and also shows character. Amongst the five CIBIL score affecting factors, repayment history has the maximum weightage.
Borrow after a careful analysis so that you do not end up borrowing more than you actually need. This increases the interest cost and also reduces the capacity to borrow further.
Do a credit score check from time to time so that in case there is a problem in the report or if the score is low, you can work on it. If you want to know how to increase the CIBIL score, you can get more details at Credit Triangle.

To sum it up

The 4 Cs of credit health apart from being indicators of financial robustness also allow you to access credit and fulfil your dreams or manage some day-to-day functions or challenges. Maintaining good credit health is not desired but necessary in the times we live in.

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How to Fix Credit in 8 Easy Steps – Credittriangle

Posted on 29 April, 2021 by Credit Triangle

You have been trying to get your mortgage loan for quite a few days. But due to multiple reasons, you aren’t able to move ahead. Have you ever wondered about your credit score and its impact on such loans?

In most cases, credit score happens to be one of the primary reasons for the delay in loan approval processes. Therefore you need to find reliable and top-rated home loan calculator to fix this problem as soon as possible.

About Credit Repair

As the name very well suggests, credit repair refers to the practices meant to fix your credit score. Many reputed companies like Credit Triangle are known to be quite efficient in improving the clients’ credit score in easy ways.

They have special teams of experts who can identify the errors and disputes that might have led to such a bad credit score. Once it is appropriately recognised, they aim to fix the score as soon as possible. Sometimes, it is possible to fix credit score overnight as well. However, if you need such services, you should know whom to call!

Does It Take Too Long to Fix Credit?

As highlighted above, in most cases, you can get overnight services to fix the score. However, if the problems are too complicated, it might require a certain period to improve your credit score. In general, it might vary till six months duration. However, if you manage to hire the services of reliable platforms like Credit Triangle, then you might never have to worry again.

Top Easy & Beneficial Steps to Improve Credit

So, the question comes down to the point where you start wondering what can help you fix your credit score without any troubles. And you might already be aware of some of the primary ways to improve the score. But what if those steps do not provide you with the relevant desired results? In such cases, you need a professional to help you get through the situation.

Here are some of the ways that can help you fix your credit score quickly. And in case you need credit improvement services, do look forward to the services offered by Credit Triangle.

Do Not Miss Your Payment Deadlines

One of the key reasons you have been losing those scores quite rapidly is that you fail to pay on time. And although you have been paying those bills for quite some time now, it doesn’t get reflected on your credit mark sheet.

steps to improve credit at Credittriangle

So, the fix here is quite simple. All you have to do is fix your schedule for payment of your credit card bills. In most of the scenarios, people end up messing around with their payment history. But what you need to understand here is that your payment history is one of the easiest steps to improve credit.

So, next billing cycle, keep track of all the dates and prepare a payment schedule, never to miss your credit payment dates again. Or, in any you tend to forget, you can set automatic payments as well. In such scenarios, the accounts get paid from your source accounts if you already have set up a payment date to fix this problem.

Limit Yourself To New Accounts

In many of the scenarios, people often want to build their credit files by opening multiple accounts. But do you know that sometimes it can have substantial negative impacts on your credit score? Yes, it can hurt your score a little if you keep increasing the number of new accounts in your bag.

Don’t Ignore Your Past Dues

It is okay if you didn’t pay those bills on time. But it is never okay to ignore those outstanding bills for long. Why? That is because the more you delay, the worse it gets with your credit score. And that is why you need to try and identify how to make these payments as soon as possible.

Generally, a late payment can stay as much as seven years on your credit card bill. But it is never worth this shot. In those few years, not only would you lose your credit score, but also your reputation in the finance market. And that is the last thing you ever want for your future. So, get professional help and fix credit score now.

Consider Personalising Your Credit Limit

Did you know that your credit utilisation ratio can also have an impact on your credit score? The more you can limit the credit usage, the better it gets for your credit score. And in case you always tend to reach the limit by the end of your month, you need to think again.

Consider Personalising Your Credit Limit at Credittriangle

That is because reaching the credit card limit can always hurt the score. So, if you want to tackle this situation wisely, try customising the limit on your credit card to enjoy the benefits without lowering your credit score anymore. Therefore, this trick is one of the most profitable steps to improve credit in no time.

Do Not Skip The Reviews

Get hold of reliable credit bureaus first. Why? That is because you need to be reasonably informed about your credit score periodically. And you also need to know the different impacts of credit scores on your financial records as well.

To your surprise, this one doesn’t require much effort from your side. Just choose a proper and reliable bureau to perform on your behalf. And all you must do from time to time is simply ask. You can get both paid as well as free services to take care of the scores for you.

But most importantly, do not skip reviewing the scores once in a while for your future benefits. The more you check them, the better you identify the potential threats that lower your score.

Negative Marks-What Are Those?

As you now have a clear idea, there are multiple reasons as to why you are facing such troubles with your credit score. And that is the reason why you need to find the negative factors that might be the ones lowering the score.

You need to identify them and bash them for the dispute efforts. When you get close to fixing these problems, remember to click the dispute button to resolve the issue. Also, make sure to get your creditor to agree to remove the liabilities from the account as soon as you have made the payments.

However, you need to know that sometimes, these disputes might need more time. And that is fine only if you focus on getting rid of those derogatory marks from your credit accounts as they tend to have heavy impacts on the score. If you are too confused to proceed with this one, you always can hire the credit repairing services available in the market.

Go For Longer Tenure

Sometimes your previous loans can be the reasons for a low credit score. What can you do in such situations? If you are in a fix, you should always opt for loans available with greater tenure. Why? That is because it allows you to fix the scores without going bankrupt with it.

A longer tenure means your EMI amount would be pretty low. And a lower one is always easy to pay and right on time. The more you get ahead of your payment schedule, the better you get at improving your score.

Try To Avoid Getting Too Many Loans On Your Plate

increase your credit score at Credittriangle

Finally, you should know your expense limit if you are focused on fixing your score. Although it might be a little harsh to accept, taking too many loans can permanently mess up your credit score. Although these loans can effectively increase your score, it isn’t always possible for any borrower to pay all the bills.

That is what you solely need to avoid. You need to prioritise the loans and understand which one you need at the moment. Take up loans in small amounts to fix the low credit score. Once you make the payments on time and start increasing your credit score, feel free to get more loans as per your requirements.

Apart from these, you can also try mixing them all up for once. Sounds interesting? You can have both resolving and instalment accounts, which can potentially help you increase your credit scores quite steadily.

However, no matter what situation you are in, timely monthly or quarterly payments can always help you fix the score instantly. Need more suggestions? Hire credit repairing services from reliable platforms like Credit Triangle as soon as possible.

Final Verdict

These are some of the crucial points to keep in mind if you want to eliminate those unwanted low credit scores. Fixing these scores can always help you to get appropriate loan approvals in no time. And the process tends to get more manageable if you manage to hire the services of top-rated reliable companies like Credit Triangle.

The company offers you a hassle-free credit report along with a detailed range of credit score improvement services. You can choose accordingly as per your requirement. The company has some of the best professionals from the industry to offer you top-notch credit improvement services.

They focus not only on improving the score but help the clients to maintain positive credit health. Have you got questions for Credit Triangle? Feel free to call them now!

CIBIL score

7 Guaranteed Ways to Increase your CIBIL Score Fastest

Posted on 29 April, 2021 by Credit Triangle

People, irrespective of the social and economic background, have varying financial requirements. To meet such needs successfully, they take loans. Most banks, non-banking financial companies, and several other financial institutions approve loans right away when an applicant has a good CIBIL score. It is crucial to know the effective ways to improve CIBIL score to ensure that banks or NBFCs do not refrain from disbursing loans.

Before applying for loans such as home loans, car loans, education loans, or short-term personal loans, it is essential to ensure that you have a good credit score. Lenders decide whether to approve an individual’s loan application and grant the requested loan amount entirely based on the CIBIL score. Checking this particular score gives them a clear idea about an applicant’s credit health, credit history, and timely loan repayment ability.

You may not get loan approval even when you have an urgent requirement for money if you have a significantly low CIBIL score. Whereas, with a good Credit Information Bureau of India Limited (CIBIL) score, you will certainly get loans and credit cards easily and that too at low-interest rates. It is imperative to know the best ways to build up cibil score in free so that banks and financial institutions never hesitate to approve and disburse loans.

Why Does a Higher CIBIL Score Matter?

Aside from being the first, CIBIL is also one of the most reliable credit bureaus in the country. In comparison to other credit bureaus functioning in India, CIBIL’s accuracy level is much better. Therefore, more or less, every reputed bank, NBFC, and financial institution relies on the CIBIL scoring method and checks the CIBIL score before approving and granting loans to applicants.

Free cibil score check at credittriangle

No matter how much smartly one manages his or her finances, applying for loans is the only sound option when financial emergencies arise. It is paramount to have a good CIBIL score to quickly get the money you need without any hassle whenever such an emergency emerges. Ensure that you repair credit score every time it goes down.

All financial institutions disburse loans at a lower interest rate if the applicant has a higher CIBIL score. However, such institutions do not approve loans at all or grant loans at a higher interest rate if an applicant has a lower CIBIL score. Here’s why maintaining a good credit score matters.

Quick Credit Approval

Purely based on an applicant’s credit score, banks and non-banking financial companies approve credits. You can drive fast credit approval with a higher CIBIL score.

Lower Rate of Interest

home loan interest rates at credittriangle

Banks and NBFCs approve and grant loans at a lower interest rate to applicants with a higher CIBIL score. Make sure that you choose a reputed company to get valuable credit improvement services and free online credit counselling services or Free cibil score check.

Multiple Credit Card Offers

To receive a wide array of credit card offers from different companies, you need to focus on improving your credit score and maintain the same.

7 Result-Driven Ways to Improve CIBIL Score

Obtain Highly-Secured Credit Cards

One of the best ways to better your credit score is obtaining secured credit cards. Banks issue such credit cards against Fixed Deposit (FD), and these do not pull a strict inquiry on an applicant’s CIBIL account. Nothing much you need to do to ensure that your credit score notably rises within a year other than properly using highly secured credit cards.

You Must Keep Credit Cards Active

To repair credit score, it is of utmost importance to keep all your credit cards active. To ensure that CIBIL can easily gauge the credit card handling capacity of yours, you should use your car at least once a month. CIBIL considers your credit cards as active when it finds that you have charged a minimal amount on your card and pay back the entire amount within the due date.

Rectify Mistakes in CIBIL Report

To ensure that your credit score doesn’t go down, it is vital to check the CIBIL report from time to time for mistakes and rectify those without any delay. While updating records, many times, CIBIL mistakenly notes wrong information against an applicant’s CIBIL report. Sometimes CIBIL also takes too much time to record details. Checking the report often will help you find mistakes and resolve the same quickly, which will eventually help you increase your CIBIL score.

Do Not Exceed the Credit Limit

It is crucial to ensure that your expenses should not exceed the credit limit. Those who are vigilant about staying within 30% of their credit limit successfully prevent their credit scores from going down. Just keep in mind while using a credit card that the outstanding amount should not surpass the credit limit. Know what happens when one tries to go over the credit limit.

If you know beforehand that your expenses might exceed the credit limit, the prudent step is to pay your credit card account in advance. Such a step will ensure that you stay within 30% of your credit limit.

Timely Repay Outstanding Debt

Know that an individual’s capacity to repay outstanding debt affects the credit score. Hence, it is essential to pay EMIs timely. If you delay paying your monthly instalments, you will have to pay the penalty, and your credit score will come down. Even if you avail of credit improvement services, it is critical to set a reminder for timely payments of EMIs.

Maintenance of Older Credit Cards

Know that as long as you can pay the entire bill amount on time, you should keep on maintaining old credit cards. Doing so will help you create a substantial and lengthy credit history, which ultimately will enable you to improve your CIBIL score successfully. You should know the reasons closing a credit card could adversely impact your credit score.

Choose a Wide Range of Credit Types

To repair credit score, it is paramount to choose and borrow an eclectic mix of credit forms, which helps you create a significant credit history. If you take such a wise step, you will surely get approval for higher personal loans at a lower rate of interest.
Besides investing in top-standard credit improvement services, it is imperative for every responsible individual to follow the aforementioned ways to improve the CIBIL score fastest. With a higher CIBIL score, you will get quick approval for loans every time, and that too at remarkably low interest rates.

ways to build credit score

What Are The Best Ways To Build Up My Credit Score?

Posted on 20 March, 2021 by Credit Triangle

The credit score is something that determines how trustworthy you are to a lender. The market works on speculation. When it comes to lending money, lenders take care of the previous dents and the history of repayment to gauge the authenticity and credibility of the borrower. A low credit score indicates poor payment history, discouraging the lenders from offering loans. For tips to improve your credit score, you can consult with the experts of Credit Triangle.

Benefits of Having a High Credit Score

A high credit score can help you get the loans effortlessly. Another advantage of having a high credit score is that the lenders charge a lower rate of interest for the same amount of loan. For example, if you have a poor credit score, a loan worth Rs. 100000 would cost you more than someone with a high credit score.

Also, with a high credit score, your authenticity as a consumer gets established. If you have a good score, the lenders will always give you approval for your loan. On the other hand, a low credit score might not allow you to get the entire sum you intend to borrow.

A good credit score empowers you with better negotiation power while borrowing money. No matter what you are purchasing, getting a loan for the same becomes easier with a high credit score.

Pay Bills on Time

Loaning funds does not hamper your credit score, not paying the interest and dues on time does. If you think your amount of loan is pulling your credit score down, you need to change your perception. No matter the volume of the loaned sum, if you are paying the dues in time, there is no reason for your credit score to suffer in any way.

If you miss out on a payment by 30 days or more, your credit score is more likely to get impacted adversely. If you have multiple loans running at the same time, the best would be to keep a record of all the dues along with their respective dates of payment to negate the chances of any miss-out. Maintaining a routine for payments can improve your credit score.

Pay Frequently

Much like payment history, credit utilisation is another factor that immensely influences your credit score. With frequent payments, you can influence credit utilisation, making your overall credit score better. The idea is to make short payments, often called micropayments, throughout a month to keep the credit card balance managed.

It can also help you avoid the sudden drainage of a substantial amount of money from your account at a time. Spreading the entire payment over a month never leaves your account completely dry. Hence, frequent payment can be a smart financial choice to manage your accounts and keep your credit score high.

Rectify Credit Report Errors

If you have wrong entries in your credit report, your credit score will go down regardless of how religiously you pay the dues in time. Make sure that your credit report does not have any discrepancies reading any attribute to keep your credit score maintained.

If you find any issue with your credit report, address the same immediately to get it rectified. Your reluctance or negligence in correcting the errors on your credit report will ultimately cost you your credit score.

Get a Higher Credit Limit

To improve your credit score, a higher credit limit can always help you. A higher credit limit follows the cardinal rule of the numerator denominator relationship, turning the effective ratio of the credit limit and the outstanding balance low.

Here, the credit limit acts as the denominator and the outstanding balance as the numerator. Hence, the higher the denominator becomes, the decrease in the ratio can be seen, given the same outstanding balance. An income appreciation or a prolonged history of good credit scores can allow you to higher your credit limit.

Use Secured Credit Cards

unsecured business loan at Credittriangle

Using a secure credit card can be one of the best ways to improve your credit score. Credit cards that come with security deposits can be a safer choice at any time. With a transparent mode of operation and easy to trace payments, these credit cards always keep you updated regarding the payment options. If you wish to increase your credit score, choose a secure credit card today.

Authorised Use

If a friend of yours or a relative has a credit card with a considerable history and sound score, you can request to be an authorised user. For allowing you to be an authorised user, they do not have to allow you access to the account number or any other specifications. If you have a short credit history, adding such authorised use can improve your credit status considerably.

Maintain a Mix

Having only a credit card or a loan can be less helpful in improving your credit score; the best way to improve your credit score would be to maintain a mix of both revolving credit and instalment accounts. Your cumulative credit worthiness will only improve if you could manage both varieties intelligently. You can also seek the help of the service providers like Credit Triangle to understand the “modus operandi” involved in credit score determination.

Keep the Credit Cards Open

You might think that removing the cause of a low credit score can be a way to improve your credit score. In reality, when you close a credit card, you also remove the credit limit from the credit utilisation calculations. Hence, your lower credit score dips further, reaching a bottleneck. The best would be to keep the credit cards open to allow the limits of each card to influence your overall credit score. Make sure to do the right things to keep your credit score high. If you have a low one and intend to improve it, consult with the experts and professionals to know how. Your credit card can be your guarantee card for getting loans at the right and even lower rates of interest in the future.

Factors affect credit score

5 Weighted Factors That Affect Your Credit Score

Posted on 13 March, 2021 by Credit Triangle

Your credit score plays a significant role in your loan approval process. Therefore, it is essential to know the intricate details about your credit score and how you can improve it. But first, make sure to learn more about the factors that affect your credit score. Why? If you manage to identify the factors that can affect your credit score, you surely can increase the score without much effort.

In case the entire topic is entirely new to you, do not worry. The blog will help you know every little detail about these factors and credit scores for your reference. Even if you are not planning to get any loans soon, you need to know these facts to determine your worth in the investment industry. Confused much? Hold on, as this blog aims to educate you both about credit score and their impact on your financials.

About Credit Score

A credit score refers to a number that the lenders use to determine the worth and risk of lending money to an individual. Mortgage bankers, credit card companies, and auto dealers are the three types of lenders available in the market. These people like to keep a close tab on the borrower’s credit score and thereby determine the rate of interest for the loans.

You need to look for credit score repair services to fix it before getting any money lenders in case of a bad score. Also, the insurance companies and even the landlords like to refer to your credit score to know more about the person’s financial condition before issuing any policy or providing a space for living.

A credit score refers to the numeral that can range from 300 to 850. It is responsible for depicting the creditworthiness of any consumer. The higher the score is for the borrower, the better the chances are for borrowing money from the potential lenders. The credit score tends to depend on the individual’s credit history and his/her number of active accounts, debts, and repayment history. These are some of the crucial factors that affect your credit score.

Fair Isaac Corporation, which is widely popular as FICO, is responsible for designing the credit score model. The model is a highly successful one, and hence many top-rated and leading financial institutions use them. If you are interested in knowing more about your credit score and how to improve it, you might want to consider understanding the FICO model for reference. And if you are concerned about the factors that influence your credit score, keep reading this blog.

Top Factors That Influence Credit Score

A lot of factors are responsible for increasing or decreasing your credit score. Your repayment history, open and active bank accounts, and multiple other factors seem to be quite essential for determining your credit score. That is because your credit score depicts your financial stability and responsibility to the money lenders available in the market. And the FICO score can be the determining factor for your loan and its rate of interest. Among the different factors, the vital factors that affect your credit score are:

Payment History

The first question that arises in any lenders’ mind is whether you would pay the loan back or not. And that is the biggest fear that every person goes through when they lend their resources to unknown people in the market. And that is the reason why your credit history and score are crucial for every money lender.

The lender would be interested in knowing your past financial history to determine your worthiness for a loan. And hence, your repayment history happens to play a significant role in determining your credit score in the market.

If you are always paying your debts right on time, you will likely have a decent credit score. But in case of failures or being late can have adverse effects on your score. Hence, if you aim to increase your score quickly, you need to start paying your loans and other bills right on time. In case you want to fix the score immediately, find the credit score repair services available around you.

New Credit

You have to worry about your old accounts but also need to focus on the new ones. The FICO score also considers every little detail of your new accounts for determining the credit score. It checks whether you have opened or applied for any new accounts along with the previous account opening history.

Have you heard about hard pulls? Well, if you haven’t, then know that lenders tend to use this as a method to understand more about your background before lending money. It refers to checking out the credit information of the borrower to determine the worthiness of the same property.

These hard pulls can cause many difficulties as well. They can even bring about a temporary decline in your credit score. How? Well, if you have opened multiple accounts in recent times, you can be at greater risk. However, the risk is applied only when the percentage of these newly opened accounts would be higher than the total number. Why is this one vital? That is because it shows that the borrowers might have been slow in paying the previous loans or are planning to take up a few more for his/ her benefit.

Previous Loans and Amount Owed

So, you have been making all your payments right on time. But what if you are reaching a breaking point? Did you know that the FICO score also considers your credit utilisation ratio? It measures the amount of debt you have compared to the available credit limits. So, your previous loans and the amount you owe to the other lenders seem to play significant roles in determining your credit limit as well as the score.

Sometimes, you might be getting an advantage if you have borrowed some money in the past. That is because it gives the lenders a clear idea about your repayment history and your responsibility. And so, if you aim to improve your credit score, try determining the exact amount that you owe to your past money lenders. And in case you have difficulty tracking such information, you can find reliable credit scoring software to manage these loans and accounts responsibly.

Length of Your Credit History

The next point that requires your attention has to be the tenure of your previous credits. How long have you been paying or using your credit card for your transactions? How many years did you take to repay your entire loan? How old is the oldest account, and what is the mean age of all your active accounts?

These are some of the essential questions that are vital for determining a good credit score. And if you have always been thinking of skipping your credit history, you need to think again. Many people tend to avoid loans or using credit cards, worrying about the negative impact of the length of their credit history on their score.

But the truth is slightly different from this aspect. Instead, your long credit history can be quite profitable for your score, provided that you have made the repayments on time. You need to be quite sensible and responsible about paying these debts within their strict time frame. And if you manage to do so without any troubles, you can improve your credit score without any worries.

Types of Credit in Use

Finally, as the list comes down to a wrap, know how the FICO formula considers every credit in use. It tends to depend on your store accounts, mortgages, instalment loans, and many more such aspects.

Sometimes, you might feel like overlooking these aspects, but remember that these little points play essential factors in determining your future score. If you want to improve the credit score, you need to find an expert as soon as possible.

The expert is a professional who is trained to deal with such low credit scores. They are also responsible for devising the right plan to help their clients achieve the perfect credit score for their future endeavours.

Final Thoughts

If you have closely referred to every factor discussed above, you know what determines your credit score and how influential they can get overtime. Now you are well aware of the crucial factors that can increase or decrease your credit score, thereby affecting your future investments. And if you are too concerned about improving the score without any hassles, you need to check out the services of Credit Triangle.

You might have come across many brands claiming to be quite effective in increasing the credit score instantly. But it isn’t always true for every brand. Instead, you might come across many such companies that fail to fulfil their promises within a strict deadline. But it isn’t the same with Credit Triangle. The company is known for its hassle-free, reliable and easy solutions to fix your credit scores and financial problems. It can help you improve your credit score by identifying the crucial factors and developing plans to act on them. In case of any queries, the company is always happy to offer you professional services at affordable prices in the market. Do you wish to explore more about the Credit Triangle? Contact today!

Online credit repair

7 things about online credit repair revealed now

Posted on 23 February, 2021 by Credit Triangle

Credit repair is a way of improving your credit score or credit health when it gets deteriorated for a variety of reasons. The reason for a bad credit report could be because of an error in CIBIL report such as incorrect mention of default in payment of loan or credit card or it could be that you have actually defaulted. Fraudulent use of your credit card could be another reason for a bad report. Whatever may be the reason, we still need to fix it. Either you can fix it on your own which won’t cost you any money or you can hire a credit repair agency to do that. A credit repair agency is a third party which has prior expertise on how to deal with bad credit reports. It assists in correcting or improving the credit report in order to improve the financial health condition of an individual or a company. The agency helps in working on inaccurate items such as liens, charge offs, debt collection, bankruptcy, foreclosures, late payments etc.

You can repair your credit online or mail by filing a dispute with credit bureaus either yourself or with the assistance of a credit repair agency. The repair agency also coaches you to how to handle your existing credit account in order to avoid further damage.

7 Secrets on how to repair your Credit health

Check your credit report online

The first step towards building your credit health is understanding the problem itself. A better credit score can help us get lower interest rates and better terms. The credit bureaus such as CIBIL, etc can give you a free report if you sign up on their website and request them online. There are many online credit repair agencies which can help you get the report and analyze the problem.

Once you have signed up by filling requisite information, you can see the credit score and view your report. This report is a summary of your credit history. If you have a score greater than 750, your score is in your favor and you will get loans or credit card based on your term. In case you have a low score, you can check for any discrepancy and raise a dispute online.

File a dispute through online dispute resolution portal

In previous days, online filing and resolution of dispute was not possible. Customers had to send a physical mail to the bureau office to file any dispute which was time consuming and frustrating. With everything digital, bureaus had improved on their online portals and given convenience to customers to file their disputes online.

It is important to understand which factors are more crucial in your credit report for which you can raise a dispute and how long will it take to resolve a particular dispute. Some disputes can be investigated and resolved within a week whereas some of them take time. Work on the derogatory remarks written in your report and get the inaccuracy corrected. Inaccuracy can be caused due to many reasons. It can be because a credit card company failed to report payment correctly to the bureau or there may be inaccuracy in payment history. An online credit repair agency can help you in raising disputes with the bureau.

Keep your credit card utilization ratio high

Credit card utilization plays an important factor in your credit report which can affect your credit score. Let us understand what is credit card utilization? Credit card utilization is a ratio of credit utilized to total credit available. Higher the credit and lower its utilization, better is the score. Your credit utilization ratio reflects how responsible a borrower you are to your lender. The bureau recommends credit utilization to be below 30% at all times. There are many ways to improve your credit utilization ratio –

Increase credit limits

Increasing credit limit also helps you lower your credit utilization ratio. You can do this by requesting a credit card company to increase the existing limit but this doesn’t mean that you also increase your debt. Keeping the debt low is the key.

Open another credit card account

Another way to improve your credit utilization ratio is to open another account with the same company or different credit card company. Your available credit limit is increased by your new card limit which in turn reduces the ratio and helps in better score.

Pay down your debt

This is the easiest way to improve your credit utilization ratio says Credit Triangle, an expert in credit repair services. Credit triangle, credit advisors suggest to pay down your debt timely on your credit cards and keep your revolving credit minimal.

If you have trouble paying your debt, then you can take a personal loan at a lower interest loan. A personal loan doesn’t involve revolving credit as you are paying it back through EMI. Interest rates on credit cards are as high as 19 -20% as compared to personal loans.

Pay-off debt based on interest rate and age

Pay-off debt based on interest rate and age

Credit Triangle, credit advisors also suggest to pay off high interest accounts first. “If you are holding one or multiple credit accounts, with one or many lenders, then prioritize to pay –off debt on high interest rate accounts first. Next you should work as per age of your accounts. Pay off the newest one first.

Piggybacking

Another way to rebuild your credit score is piggybacking. It is another useful strategy to improve your cibil score with the help of good credit history carried by your parents or spouse. In this case, the person with a good history adds you as an authorized user on his card and you reap the benefits on that. It is a good method for individuals to improve their scores who don’t have credit accounts in the past or people who are having bad credit.

However, you should work this strategy only with a known or trusted person. As a negative impact on their credit report will also affect your score and you might have to lose some points. Many companies often try to lend other individual’s good credit history to the person with bad credit history to earn some money on that. We should avoid these transactions as we never know how much we can trust the company or individual.

Keep your old credit cards

The age of credit card also has an impact on credit report. If you close your credit card accounts, which you are no longer using, it will negatively impact your credit history. It might increase the credit utilization ratio leading to lowering of credit score over short term. However, if you still want to reduce your credit cards, choose the newest card as it has low and nil history and the impact on the credit report won’t be huge.

Pay bills on time

This is the most important step towards keeping good scores or repairing the existing credit health. Each and every late payment can hurt your score. So always try to pay your bills on time to avoid late payment flags by the credit card companies or other utility companies.

Conclusion Taking advice from a credit repair agency can be helpful if you are facing difficulty in improving your financial health. Credit Triangle is a Mumbai based credit agency that provides credit repair services across the country. It provides simple solutions to complex financial problems of clients. The experts of Credit Triangle are experienced professionals with more than 50 years of experience in financial management and help clients with free credit reports and assist the client to improve its creditworthiness through fair practices. They also manage the loan and other financial requirements of both individual and corporate. If you are in any part of the country, you can even get online consultation or advice from the company’s expert. They will help you to repair your credit through a digital platform without your physical presence. Hope our points will help your credit score improvement and you will be able to reap benefits from your good credit report.