Have you ever noticed why some people get approval for loans from banks while some other miserably failed? There is no rocket science to understand why it happens so. It is all about credit score. Yes, poor and bad credit score matters a lot. A good credit score helps you to get financial services and loans with ease of mind. On the other hand, a bad credit score can make you appear as an undeserving person in the eyes of banks for a broad range of financial services. So, having a good credit score is not "nice to have", it is "Important to have". But, if you are the one whose credit scores are miserable and inferior, don't grow anxious. Why? Because you can fix credit score by keeping a few things in your mind.
How to fix credit score in 6 months? This question might be ringing in your mind. That's why you are reading this helping post. If so, let me assure you that you can improve and increase your credit score in 6-8 months. And can avail of the quick loan services as well as many other financial aids that you were missing out earlier. So, let's get to the point and find out the simple steps to recover your poor credit limit or CIBIL score.
Also Read: How to invest money in gold?
Do you know why your credit score fell behind? Here is the reality. Not paying credit card bills and EMI on time is the major contributing factor that always represents you in the bad light. As a result, your credit score, automatically, drops and keeps dropping unless you take it seriously and work on it to improve it.
How credit history is calculated? You might have this question in your mind. Good question! Be informed that the credit score is calculated using your credit history. More specifically, it is all about your payment history, the number of loans you have taken, the amount you hold in your savings accounts, and investments you have made. So, the simple idea to repair your credit score is to manage your money and expenses appropriately to increase the trust level in relation to your bank. There are a few more things you can do to repair your negative credit score:
In direction to fix your CIBIL score, the first step should be to check your credit report. What you may not know is that any small presence of any error can also severely affect your CIBIL score without your knowledge. Once you find any error in your report, immediately get it fixed.
The next effective step to fix your poor credit score is to pay all of your pending bills as soon as possible. If you are short on money, you can convert all the pending amounts into EMI. And can pay your all EMIs on time. Also, remember that you should not be late in making payments in the future as well. In case, if it is possible for you, pay all of your pending amount in one go to improve your CIBIL score.
Negative balance and penalty is something that we all don’t like to see. But, the less known fact is that turning a negative balance into a positive can skyrocket your credit score. Yes, if you think you should close all of your negative bank accounts, credit cards, and investment accounts without clearing the penalty and paying due payments, it is a worst thing that you can do with yourself.
In this day of the digital era, almost every electronic data is stored. Especially, your banking and transaction history is something you can't delete completely. So, be smart and pay your dues first and then follow the professional way to close your old account, if you want to close them.
No matter whether you are an employee or a businessman, a piece of good news is that everyone can increase his/her credit score by keeping in mind the below-mentioned information.
Also Read: How to make extra money?
Keeping in mind all the information mentioned above, we can conclude that to fix credit score is not a one-time process. It is all about professionalism and punctuality, one brings in while managing money and dealing with financial assets. One more thing that may excite you is the fact there there are professional credit repair services available for you. To know more about it you can get in touch with us.
Comments
No Comments Available