Your credit score, also known as the CIBIL score is the measure of your creditworthiness. It determines your eligibility for loans and credit cards.
It is very important to have a good credit score to be eligible for loans and credit cards. Here are 7 ways to improve your CIBIL score.
Always pay your bills on time: Late payments negatively impact your credit score. Make sure to pay your bills, including credit card bills, on time.
Maintain a low credit utilization ratio: Your credit utilization ratio is the percentage of credit you are using to your total credit limit. Try to maintain a ratio of below 30%.
Keep a check on your credit report: regularly check your credit report for any errors. If you find any errors, report them to the credit bureau immediately.
Avoid applying for multiple loans or credit cards: Applying for too many loans or credit cards at the same time can negatively impact your credit score.
Avoid closing old credit accounts: Your credit score is based on the length of your credit history. Closing them can negatively impact your credit score.
Settle any outstanding debts: If you have any outstanding debts, make sure to settle them as soon as possible as it impacts your credit score.
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