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  • How to Increase Cibil Score

    The significance of this magical number called Credit Score can be gauged from the fact that it is usually the first thing that is looked up by a bank even before the process of loan approval starts for a customer. A credit score for an individual is a result of processing of his/her financial data pertaining to loans and credit.

    Credit scores are assigned by Credit Information Bureaus which maintain credit histories of people as provided by registered credit companies. Credit Information Bureau India Limited or CIBIL is the primary credit information company in India. It was founded in the year 2000 and since then has played a critical role in the financial scheme of the nation.

    What is a Credit Score?

    Credit score is a distinct number assigned to each individual based on an analysis of his/her credit report. Credit scores depict the creditworthiness of a person. A high credit score is indicative of a good credit history and hence, is preferred. A good credit score signifies that a person repays his credit on time and this in turn aids in availing loans faster and at lower rates.

    Credit score for any individual can lie anywhere between 300-900. A score of more than 700 is generally considered good while anything below that is not preferred by banks. Data indicates that loan applications are generally green for customers with a score of 750 and above.

    A bad credit score, can ruin your chances of acquiring credit at good rates and sometimes acquiring credit itself can become a tough nut to crack.

    Factors that negatively affect your credit score

    There are many factors that make or break your credit score. Some of them have been highlighted below.

    • Payment history and the number and frequency of payment defaults or delays
    • Total amount of debt held by you at any point of time
    • Types of credit that you have availed e.g. personal loans, car loans, credit cards etc.
    • Number of new credit requests made to different lending entities
    • Utilization of your credit limit i.e. the amount of available credit that you have used

    Ways to increase your credit score

    A credit score is something that you just cannot ignore; especially if its bad. It is always good to look for ways to improve your credit score since this is essential for availing smoother and cheaper credit. Listed below are some of the most effective ways of improving your credit score.

    Make timely payments on bills: Even if your credit score is bad currently, you need to be extra vigilant and prompt in paying off your credit card bills and other utility bills on time so that your credit report does not show any major defaults.

    Make online payments keeping in mind the time your transaction might take. While paying by cheque, ensure that you drop the cheque a few days before the bill due date. This will ensure timely payment even in the face of infrastructural delays which cannot be controlled.

    Abstain from too much credit: These days it is a common thing to receive calls and emails from various banks/financial institutions that offer free credit cards. Sometimes, we are of the view that owning multiple credit cards will make our life easier. Balance transfer and other card benefits are supposed to make our life financially flexible.

    However, what many people do not understand is that owning too many credit cards shows we are hungry for more credit and as such lowers our chances of receiving additional credit when it is actually required.

    Also, multiple credit cards make it difficult for a person to track payment due dates and as such enhance the chances of default and late payment.

    Wise use of credit cards: Credit cards are a great financial tool to own. They provide us enough credit for all our necessities and let us avail exclusive benefits too, like reward points and air miles. Credit cards also enable us to roam cashless without worrying to stop at every other ATM.

    However, all these benefits apply only if these cards are used wisely and optimally. Going beyond your credit limit every month is a bad move. Also, closing a credit card suddenly isn’t a good idea unless you obtain a NOC from your credit provider.

    Avail a right mix of secured and unsecured loans: Unsecured loans like personal loans and car loans generally negatively impact the credit score of a person. Secured loans like home loans, on the other hand, are invested towards asset creation and impact your credit score positively. Hence, you should try to minimize the unsecured component of your credit portfolio so as to influence your credit score positively.

    Check your credit report: In case you have a bad credit score, the first thing you should do is obtain a copy of your credit report by applying for it on the CIBIL website. This can then be analyzed to check if all the information in your name is correct and up to date. If not, then report it to CIBIL immediately so that your credit score isn’t negatively impacted. When making payments on time or rectifying defaults and delays, ensure your credit card issuer or bank records and reports this to CIBIL.

    Avoid applying for too many loans: When you apply or enquire about loans from multiple banks, an enquiry is made. With more banks tapping in to find out your credit score. This in turn shows that you are desperate for credit. Whenever an enquiry is made with CIBIL, it reflects on your credit report. The more the number of enquiries, the more your credit score dips. So a good way to improve your credit score is to keep your enquiries to a minimum and obtain a copy of your score personally. Once you know your credit standing and if it is below expectation, prepare to have to pay higher rates on loans. Seek out those banks that will lend you money at the most affordable rates rather than approaching multiple banks.

    A Guide to Manage Your Finances

    Maintaining one's finance is of utmost importance for anyone. It helps you to achieve your future goals as well as lead a life peacefully. But unknowingly, in spite of trying your best, your finances are messed up and that lends you in trouble in day-to-day life as well as while applying for a loan or credit card. Here are the few aspects that can definitely guide you to have control on your finances.

    • Plan your Budget: Everyone should be realistic as well as grounded when it is about managing your finances. Spending smart as per your monthly salary is vital to avoid the risk of being in debt. Also when you plan to shop make a list of items and figure out whether buying or spending that much amount will be feasible. All these precautions can really help you increase your savings.
    • Validate your Credit Report: Monitoring Credit Report on a regular basis is important. Avail your CIBIL report or subscription based report as it enhances your credit score dramatically. Credit report explains all the factors in detail which increases or diminishes your credit score. Knowing your faults can help you to avoid repeating them and later result in building a good credit report. You can also avail the free CIBIL score to know your current financial position.
    • Reduce your Pending Amounts: Paying all the bills on time is important as it proves positive for your credit report. Clearing the outstanding amount on a monthly basis reduces the burden in future months. This can boost your financial position.
    • Upgrade your Financial Knowledge: Everyone wants to enhance their savings. But many are not clear about the points that can dramatically impact ones financial hold. A good knowledge on credit report, interest deductions, and factors that boost your credit score can really help the credit score to go up.

    How to Improve your CIBIL Score Immediately

    A CIBIL score is a numeric representation of an individual’s creditworthiness. It is a three-digit number in the range of 300-900 that represents your creditworthiness. It is calculated after considering your credit history and repayment behavior. A CIBIL score of 750 and above is considered as ideal. Here’s how you can improve your credit or CIBIL score immediately.

    1. Pay bills on time: Payment history accounts for 35% of your CIBIL score. Therefore it is important to pay all your monthly bills on time. Avoid delaying your payments as it negatively affects your CIBIL score.
    2. Pay off your debt immediately: If you have any unpaid dues, clear them off at the earliest even if they have been delayed for a long time. Missed payments on your credit cards will keep reflecting in your credit history until you pay them off completely.
    3. Maintain a low credit utilisation ratio: It is advised to not exhaust your entire credit limit and not spend over 50% of your credit card limit. The credit utilisation ratio accounts for 30% of your CIBIL score.
    4. Don’t close old accounts: Do not remove or deactivate old accounts as it may harm your score if you have a good repayment history. Your old accounts could have a long credit history and deleting them will negatively impact your credit score.
    5. Always make full payments: It is important to pay the entire bill amount. Do not pay minimum amount due on your bills as it will reflect badly on your CIBIL score.
    6. Hard enquiries: When a lender or a bank checks your CIBIL score, the enquiry is termed as a hard enquiry. Multiple number of hard enquiries can bring down your credit score. Hence, make sure to limit the number of hard enquiries.

    Quick facts on credit score

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    Credit Report Reviews

    • Experian Credit Report
      "nice"
      0.5 5.0/5 "Blown Away!"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 64
      ,
      Reviewed on Aug 21, 2019
    • Experian
      Experian Credit Report
      "Good place to take personal loans and credit card"
      0.5 2.5/5 "Just OK"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 62
      ,
      Reviewed on Aug 14, 2019
    • Experian Credit Report
      "CT"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 102
      ,
      Reviewed on Jul 11, 2019
    • Experian Credit Report
      "Test Review For CT"
      0.5 4.5/5 "Excellent!"
      OEJHPNETVIWEVVHZFYBHEFWQZAUGPYNLVKXOHPEMZTXMAFHKVUFHMPSEKUFQRIWHKEUVYPFMHCKHQGOSJXJXQPVGYOJRCCKRRSNWLGVLRJBSRLIJLJVZTOWCGGFLBBXJWDUDWATLCKBNABXLPGDZGSTTIXIUVWUTPZQBMWFMPUQPQRGZQGLBDJHYEGQHACNJEJKHQNRGQBGEKYPQQC
      Was this review helpful? 111
      ,
      Reviewed on Jul 04, 2019
    • Experian Credit Report
      "Need to provide reward points and cash back"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 123
      ,
      Reviewed on Jun 26, 2019
    • Experian Credit Report
      "Good card"
      0.5 5.0/5 "Blown Away!"
      In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
      Was this review helpful? 115
      ,
      Reviewed on Jun 24, 2019
    • Experian Credit Report
      "SBI bank Credit card"
      0.5 4.5/5 "Excellent!"
      I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
      Was this review helpful? 134
      ,
      Reviewed on Jun 11, 2019
    • Experian Credit Report
      "CREDIT REPAIR "
      0.5 5.0/5 "Blown Away!"
      I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
      Was this review helpful? 141
      ,
      Reviewed on May 10, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
      Was this review helpful? 170
      ,
      Reviewed on May 08, 2019
    • Experian Credit Report
      "Review of Credit Report"
      0.5 5.0/5 "Blown Away!"
      The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
      Was this review helpful? 166
      ,
      Reviewed on May 04, 2019
    • Experian Credit Report
      "Ease of use, quick access and detailed report"
      0.5 3.5/5 "Pretty good"
      Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
      Was this review helpful? 171
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 5.0/5 "Blown Away!"
      Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
      Was this review helpful? 160
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 152
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      " My credit card is not show my security is very good"
      0.5 5.0/5 "Blown Away!"
      Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
      Was this review helpful? 150
      ,
      Reviewed on Apr 29, 2019
    • Experian Credit Report
      "credit report"
      0.5 5.0/5 "Blown Away!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 159
      ,
      Reviewed on Apr 25, 2019
    • Experian Credit Report
      "Excellent Service by Bank Bazaar"
      0.5 5.0/5 "Blown Away!"
      I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
      Was this review helpful? 159
      ,
      Reviewed on Apr 23, 2019
    • Experian Credit Report
      "Experian credit report"
      0.5 5.0/5 "Blown Away!"
      I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
      Was this review helpful? 183
      ,
      Reviewed on Apr 05, 2019
    • Experian Credit Report
      "Realiable credit score"
      0.5 4.5/5 "Excellent!"
      I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
      Was this review helpful? 191
      ,
      Reviewed on Mar 24, 2019
    • Experian Credit Report
      "Credit Score Tracking"
      0.5 4.5/5 "Excellent!"
      I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
      Was this review helpful? 204
      ,
      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 195
      ,
      Reviewed on Mar 02, 2019
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