CIBIL score is an important aspect that plays a crucial role in your loan eligibility. If anything goes wrong, it can result in loan application rejection.
Below are a few things that can go wrong; hence, you need to critically monitor them.
Things that Can Go Wrong with Your CIBIL Report
Several vital details are highly prone to errors. These include:
Name, contact details, PAN number and other personal details are extremely important in a CIBIL report. These can distinguish one person from another. But this information is often prone to errors. So you must review the CIBIL report to determine if there is one.
These details are critical as they affect your CIBIL score. However, since there are many transactions, there are chances of mistakes at times. If you do not point them out, they continue to pile up and become burdensome to rectify later. Hence you must periodically check if this information is rightly reflected everywhere.
Account details play a crucial role as they are a major thing to refer to while deciding your CIBIL score. However, since these consist of many numbers, a minute mistake can cost a lot. So you must critically verify your account number and other details to eliminate all chances of errors.
There is a pre-determined limit on your credit card. However, chances are that there might be a mistake while entering this in the system. As a result, there is a possibility of misinformation and lowering your CIBIL score. This might, in turn, affect your loan eligibility.
This can pose serious threats since a completely different person poses as you. Thus, if you ever happen to encounter such a situation, immediately point that out and file a report against it.
How to increase CIBIL score
Below are a few ways will help you learn how to increase cibil score:
Maintain healthy credit history
Credit history is important as financial institutes highly rely on them to judge if a loan seeker can repay their loan timely. Based on this information, they can decide if they should approve your loan or not. Additionally, maintaining a good credit history can increase your CIBIL score.
Pay EMIs timely
Paying EMIs timely is vital for a good credit score. It can adversely affect your CIBIL score if you do not do so. Thus, you might find yourself ineligible only because of a low CIBIL score while applying for a loan. Hence, paying your EMIs timely can boost your CIBIL score.
Opt for higher credit limits
Sometimes you end up overspending more than your set credit limit. If this keeps recurring, then you can increase your credit limit. This will ensure that whatever you spend stays within your credit limit. This is important as keeping your expenditures within the limit can boost your CIBIL score.
Avoid taking loans frequently
Taking frequent loans might make you look like a person who does not plan their finances properly. This can adversely affect your CIBIL score. So try not to take frequent loans to maintain an optimum CIBIL score.
After increasing your CIBIL score, you can visit website of financial institutions to check eligibility criteria.
Increasing the CIBIL score is not at all a difficult task. With a little effort, you can scale up your CIBIL score and make yourself eligible for loans. You can easily check CIBIL score requirement for a loan by navigating a financial institute’s website.
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