When it comes to availing a loan for something you can’t buy instantly, we usually approach a financial institution-typically a bank or non-banking financial company (NBFC). The moment you send your application to a bank or NBFC, the first and foremost thing which most of the lenders do is to run a background check on you.
They use their database, well actually the data send by credit Bureaus to analysis the creditworthiness of an individual. There are many credit score Bureaus in India that basically collect and maintain a record of individuals and their credit-related activities. Moreover, if your creditworthiness is good, it would be easy for you to get the best deal on better terms. And, for that, it is important that you maintain a good credit score India.
However, if you are someone who doesn’t know how to maintain a score or how to always keep the same up, nothing to worry at all. Today, in this article, we will let you know some of the most effective and quick tips that help you build up a good score so that you can be eligible for lucrative deals. So, without wasting any time further, let’s get started….
Never Delay/Skip Your Payments: Whether its a loan or credit card payment make sure that you pay your bills or EMI on time. Timely payment helps you in making some brownie points and creates your positive image in front of the lenders. If you pay your dues on time, it will uplift your credit profile and makes you enjoy the best deals in the future. Here’s a small tip, you can set a reminder on your phone so as to avoid delay or skip your payments.
Avoid Checking Your Score Too Often: There are many sites these days that allow you to check your score in the least time frame and that too free. But instead of getting trapped in the lucrative offer, you should take a smart and wise decision by avoiding the necessary check on your score. Yes, because checking your three-digit numeric summary and that too very often can ultimately harm your score in the future. Now you must be wondering why so? Well, too many inquiries could be one of the prime reasons that can bring down your score adversely. Do check your summary but avoid checking the same within a short interval of time.
Take Control of Your Expenses: One of the most effective and fastest ways to improve your credit score India is to avoid spending on necessary expenses. Prepare a list of items you seriously need to buy and be focused on your spending habits. Restrict yourself from overspending as it will not only allow you to save more but builds a good score as well. Thus, it would not be wrong to say that it’s a win-win situation for both the sides.
So, hope this article was worth reading for you and you will follow the above tips to improve your three-digit numeric summary.
