Well, now that we have talked about how one can maintain a good credit score, we hope you will be able to do the same. In case due to some unforeseen reasons, there might be a dip in your CIBIL score. In such cases, you might need to understand how to increase CIBIL score from 600 to 750 and get back your creditworthiness!
Don’t worry; we have got you covered on that front. Here we have mentioned some speedy and effective ways to raise your credit score above from 600 to 750 instantly. However, while disbursing the personal loans, Money View acts as one of the most desired solutions as it offers loans to individuals with scores as low as 600 or nearby.
Removing the dues can go a long way in improving your credit scores. One must remember to pay back all the dues in the stipulated time. Any delay in paying your bills, loans, and EMIs can accumulate interest charges, which will degrade your CIBIL score while also increasing your debt.
If you have trouble keeping up with the payment dates, maybe it is time for you to maintain track and set specific reminders to pay the same. Small steps like this will take you a long way and help you realise how to increase CIBIL score from 600 to 750.
Regularly checking your credit reports
It is always said that keeping track of your money is the best way to handle money.
Thus make it a habit to track your credit score regularly. There are two significant reasons to do so; it will help you identify the bad credits or dues that play a part in reducing your score.
Secondly, it will give you a report in which you will be able to identify any technical glitch that could have occurred on the bank’s side. This is vital to know and can be rectified promptly if noticed early. This is one of the sure-fire ways when wondering how to increase CIBIL score from 600 to 750.
Managing your credit cards
One should be very careful while using credit cards. Credit cards have their importance and can be very powerful if used correctly. Not using your credit card can also adversely affect your credit score.
Similarly, extending the 30 percent limit, as we mentioned earlier, can also reduce your credit score. You should plan as per your requirements and choose your card accordingly.
Increasing your credit limit
To counter the 30 percent problem, we suggest you go through the different credit cards provided by your bank and choose one with a higher ceiling as per your requirements. Also, it is advised to pay your bills before you make subsequent payments using your credit card. This ensures that you meet your deadlines on time.
Always mention your good credit records
Till now, we have understood that CIBIL is a record of your past credit behavior. Thus it is extremely important that you use the outstanding loans or credits paid off in due time on those sheets.
Thus keep those accounts active in which you have repaid loans. This increases your credibility and improves your trustworthiness in front of the lender.
Do not take multiple loans
Do not take multiple loans unless there is an emergency. It is always advised to pay off one loan before taking another one.
A person taking multiple loans provides the impression of an unreliable person. This will affect your CIBIL score. Thus, one should pay off their loan before taking another one.
Try not to apply for multiple loans at the same time
We understand that applying for multiple loans and credits will improve one’s chance of success in getting a loan. But this hurts your credit score and the lender.
Every time you apply for a credit line or a loan, there is a hard inquiry on your loan. This is shown on your credit score for two years. Thus, multiple hard inquiries in such a short period will harm your credit score.
Also, if one of your loan requests gets disapproved after a hard inquiry, it can be catastrophic for your credit score.
Try to choose different types of credits
You need to understand that as bad as it is not to pay the credit card bills, not owning a credit card also comes with its problems. A person who has never used any credit will generally have a lower CIBIL score, which will create difficulties in obtaining loans.
Thus it is generally suggested to have a mixed bag of loans in your portfolio ranging from long-term to short-term personal loans. This will help you build up your credit score and help you manage money effectively.
A credit score is something that one needs to work over a considerable period. Thus do not expect your score to change overnight. Follow these simple and easy tricks to ensure that your credit score remains in the safe region of 700-900.
Also, these hacks will help your credit score bounce from 600 to 750 within an instant!
Constant monitoring and taking the correct steps at the proper time in paying off debts and credit card bills will work like a charm in raising your credit score.
