
Taking a cue from the same, here are some tips on how to improve your CIBIL score before applying for a Personal Loan.
1) Ensure a mixed credit portfolio
Almost 20-30% of your score depends on your credit behavior. Hence, taking just one type of loan (secured or unsecured) can be extremely dangerous for your creditworthiness. Avoid such behavior and ensure a mixed credit portfolio. Apply for secured and unsecured Personal Loans after regular intervals.
2) Avoid when it’s not necessary
Taking a Personal Loan definitely improves your CIBIL score but taking it too many times without any reason can backfire on you. Apart from that, it also highlights your credit hunger behavior which may get you blacklisted. Hence, avoid taking a loan when it’s not necessary.
3) Make a repayment strategy and pay bills on time.
Last but not the least, make a calculated repayment strategy to ensure timely EMI payments.
Read Also: 3 Simple Ways to Improve your Credit Score before Applying for a Personal Loan
No comments:
Post a comment