Follow these three methods to improve credit score, it will be easy to take a loan

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Parliamentary Committee meeting on 17 June on issues like Arogya Setu App, Data Security

Business Desk, Web4Study, New Delhi
Updated Tue, 30 Jun 2020 06:03 PM IST

Improve your credit score in three steps

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If you go to take a loan from a bank, the first thing that the bank does is to find your financial condition. Banks do this so that it can be ascertained whether the customer will be able to return the money when the time comes. Credit score plays the most important role in this process.

A credit score gives information about the creditworthiness of a customer and this makes the bank know the credit history of the customer. It is believed that the better the credit score, the easier it is to get a loan from the bank. Although the credit score range is between 300-900, but a score between 550-700 and a score between 700-900 is considered very good. How can you keep credit score better, you can take these steps …

Do not delay in making a repair
If you have taken a loan or have your credit card left, then do it on time. Failure to do so has a negative effect on the credit score. Maintain discipline for this, which you can also do by applying auto debit and reminders.

Repayment of different types of loans
A person who has taken a loan from someone and has a good record of repaying his debt. In such a situation, this person’s credit score will be much better than the person who has never repaid the loan. A good loan history is required to have a good credit score. This may include secured or unsecured, short and long term or different types of loans.

Must keep an eye on joint account
If you are a joint holder of a loan, it is important for you to monitor the loan repayment. In case of a joint loan, a customer has equal responsibility for payment of EMI. This has a direct impact on the credit score. This thing is applicable even when you take a guarantee on another loan, the guarantor is equally responsible for the repayment of such loan.

Keep these things in mind too
The customer can get a fresh credit report by paying the prescribed fees on the CIBIL website
Mistakes in credit reports can be corrected by adopting a mistake-correction process

If you go to take a loan from a bank, the first thing that the bank does is to find your financial condition. Banks do this so that it can be ascertained whether the customer will be able to return the money when the time comes. Credit score plays the most important role in this process.

A credit score gives information about the creditworthiness of a customer and this makes the bank know the credit history of the customer. It is believed that the better the credit score, the easier it is to get a loan from the bank. Although the credit score range is between 300-900, but a score between 550-700 and a score between 700-900 is considered very good. How can you keep credit score better, you can take these steps …

Do not delay in making a repair

If you have taken a loan or have your credit card left, then do it on time. Failure to do so has a negative effect on the credit score. Maintain discipline for this, which you can also do by applying auto debit and reminders.

Repayment of different types of loans
A person who has taken a loan from someone and has a good record of repaying his debt. In such a situation, this person’s credit score will be much better than the person who has never repaid the loan. A good loan history is required to have a good credit score. This may include secured or unsecured, short and long term or different types of loans.

Must keep an eye on joint account
If you are a joint holder of a loan, it is important for you to monitor the loan repayment. In case of a joint loan, a customer has equal responsibility for payment of EMI. This has a direct impact on the credit score. This thing also applies when you take a guarantee on another loan, the guarantor is equally responsible for the repayment of such loan.

Keep these things in mind too
Customer can get a fresh credit report by paying the prescribed fees on the CIBIL website
Mistakes in credit reports can be corrected by adopting a mistake-correction process

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