If you were looking to apply for the quick personal loan, then you may have an idea that it is unsecured debt. And to process your application, your credit score will be checked as the first thing by your lenders. If your credit score is not 750 or more, then your quick loans application may not be approved. Read on to know some quick ways to boost your cibil score!
2. Maintain your older credit cards If you are able to manage to pay the bills on your older credit cards, then your credit score will be higher. It is because doing that will help you build a strong credit history leading to the cibil score improvement. 3. Manage your credit limit Another way to keep your credit score higher is by keeping your credit limit under 30-40%. Higher credit utilization may hurt it, and your quick personal loan approval chances may go bleak. 4. Avail the longer loan tenure When you opt for the longer tenure, it helps you pay reduced EMIs. When you have smaller EMIs to manage, it means you can pay it without defaults. Timely repayments lead to an improvement in your cibil score. 5. Don’t ask for a way too higher loan amount You should repay one loan and then move onto another. If you have too many debts at a time, then you may be called credit hungry. Also, repaying too many EMIs at a time may lead to defaults affecting your credit score. 6. Check your cibil report for incorrect entries If your credit report carries unauthorized entries, then it may affect your credit score. Hence, before you apply for the emergency loan, ensure that you have resolved all discrepancies on your credit report. If you are able to consider these factors, then you will see your credit score improving, leading to quick personal loan approval in no time. Must Read: Step By Step Process To Improve Your Credit Score
0 Comments
Leave a Reply. |
AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |