How to IMPROVE your CIBIL Score? Finance for Non-Finance People

The most common question non-Finance people ask is how to improve CIBIL score. Finance Guru Vishal Thakkar is here to help you out to get a perfect answer.

Welcome back to finance tube ladies and gentlemen continuing from the civil score today’s topic is to discuss how to improve your credit score or popularly known as civil score in india first of all we need to understand the four key factors which affect the civil score so what are these let’s take them one by one why number one the first and foremost thing that

Affects your civil score is your payments so if you are paying late or if you have skipped one or two of your installments whether it’s a credit card or a car loan or a home loan or a retail loan whatever loan it may be so if you are paying late or if you are if you are not paying on time or if you have skipped one or two of your emi is it severely impacts your

Credit score and it goes downwards second important factor is utilization of your credit limits this is more so for your credit cards where you have been prescribed the credit limit and if you are like fully utilizing your credit limit or you are nearing the nearing the edge of the utilization then again it hits your credit score where the credit card company or

The bank starts thinking that since you don’t have too much of cash resources with you you are ending up using more of their money so again that that hurts your credit score the third thing that hits your credit score is higher percentage of unsecured loans now unsecured loans is a new term so let me explain there are two types of loan one is a secured loan and

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Another is unsecured loan a secured loan is a loan where you have offered a collateral security to a bank so let’s say if you take a car loan and if you don’t pay your car loan the bank has the right to take back the car so that means bank has secured the money financed to you by an asset called car so is the case when you take a home loan so they may take back

Your home or they may throw you out of your house if you are not able to pay the home loan but in case of a credit card or a personal loan they do not have any such recourse they are purely relying upon your ability and willingness to pay the money back so if you have higher percentage of unsecured loan in your portfolio then again your credit score may go down

And last but not the least what affects the credit history of a person is what we call as behaving credit hungry so let’s say if you are getting too many phone calls for a loan and if you say yes to everyone and if you keep on providing your documents and every bank is trying to process a loan application for you what happens is that too many inquiries coming

To sybil to know your credit score means sybil starts thinking that either a you are in need of a lot of money or you are trying to bargain hunt between different banks so that also can have a significant impact on your credit scores so what you need to do is in order to keep your spread it score healthy or if it is already deteriorated you need to take care of

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These four key parameters one is don’t bail it if you are running short of cash please make sure that at least you pay the minimum amount you regularly on time every month before the due date point number to try and have credit limits in control don’t utilize too much of your credit limit try and limit your spending why number three don’t take too many personal

Loans or credit card loans which are unsecured in nature so if you are buying a capital asset or an fmcg item or a white good trying take a secured loan with an emi where a bank has a recourse to an asset that way you will have an asset you will have the money and yet keep your credit score healthy forth and the most important thing is don’t apply for a loan if

You don’t need one and especially don’t apply for a loan simultaneously at four or five banks and financial institutions because that can severely affect your credit information these are the basic hygiene as we call it if you want to keep your credit score steady but in case if you feel that the bank is cheating you or bank is withholding the information by not

Sharing it with sibyl because many our times we come across situations where you have paid your loan you have obtained an noc from a bank but still when you go back to buy another loan your symbol score is not that great so that is where you start wondering hey what happened i have paid my money why is it that my simple score is still low so sibyl has now come up

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With a fantastic option where they will resolve all such credit issues within a period of 30 days the entire mechanism is put upon sibyl website where you can just raise a query online and sybil has assured that they will sort out all these issues in 30 days time so make use of this facility and yes one very basic thing is that now by paying a small nominal fee

Online you can just generate your cir that is your credit information reporter a sample credit information report would look like this all this and much more stay tuned to our channel financed you all these exciting information about finance and how finance can benefit you in your life and make you wealthy is now available on the book form and a store nearest you

Or you can order all of these books on your favorite ecommerce website today’s topic of discussion is stages or rounds of funding that a company may have before it hits the ipo

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How to IMPROVE your CIBIL Score? Finance for Non-Finance People By Finance Tube

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