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How to Increase your CIBIL Score? Know the Expert’s Opinion

We try to maintain a high CIBIL score to get loans and new credit cards in the future. Therefore, we ensure that loan and credit card payments are made on time. However, sometimes CIBIL scores drop. Go through this article and know how to increase your CIBIL scores and also know the expert opinion to maintain a good CIBIL scores.

Credit scores is a three-digit number between 300 and 900 that indicates your creditworthiness as mentioned. A high Credit score can help you get a new credit card or loan with ease, while a low credit score can impact your eligibility to get approved for new credit. Financial experts say that in addition to making payments on time, credit card holders should also remember to only use 30% of their card limit. Credit score may decrease if card limit utilization exceeds 70%.

Disadvantages of a Low Credit Limit

If you repeatedly exceed your credit limit, the bank will consider you as financially weak. In such a situation, your application for a loan or a new card may be rejected. Due to the decrease in your CIBIL score, it will be difficult to get a loan in the future. A negative credit record can last for up to 7 years. Even if you are currently paying all your bills on time, if your past credit record is not good, it can still affect your credit score for up to 7 years.

How to Check your CIBIL Score?

You can check your CIBIL score for free on the government website www.cibil.com. However, this facility is available only once a year. To check your CIBIL score multiple times from the CIBIL website, you will have to take a monthly subscription plan of Rs. 550.

4 Important Ways to Manage Credit Score

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