Credit Score Builder
how to improve your CIBIL score after loan Settlement With Our credit score builder Services?
Here are some details of our credit score builder service and suggestions on how to improve your credit score.
How does credit score builder work?
Credit Score Builder services Improving your credit score, not a quick fix. We will pair you with a senior credit counselor who will guide you every step of the way, offering personalized support and advice. Over the course of 9-12 months, or longer if needed, you’ll learn to make smart financial decisions and take actionable steps to boost your credit score. This dedicated, hands-on approach ensures you see lasting improvements in your credit health.
Our Credit Score Builder Service Includes:
Monthly tracking of your credit score
and detailed report
Identification of improvement
opportunities
Advice on how to improve
credit score
Monthly review of financial decisions
and steps taken
Coordination with banks/lenders
if necessary
Follow up with credit bureaus like
CIBIL where required
Tips to Improve Your Credit Score
1. Keep Your Accounts Active
Ensure your credit cards, overdrafts, and loans are in good standing with no missed payments. Using these accounts regularly helps maintain a healthy credit history. If you prefer not to use your existing loans, consider opening new accounts with the same lender. Keeping your credit history updated with accurate information is crucial for improving your credit score.
2. Consolidate Multiple Loan Accounts
If you have multiple loan accounts, consider consolidating them into a single loan. This reduces the number of active loan accounts, which can positively impact your credit score. Debt consolidation can lower your monthly payments and improve your credit score, provided you stick to the repayment plan. For high-interest credit card debt, consolidating into a new card or loan with a lower interest rate can save money and boost your score.
3. Watch Your Score Carefully and Fix Errors
Regularly monitoring your credit score and correcting any errors is vital. Even a small mistake by a creditor can significantly damage your credit report. Ensure there are no errors that could affect your score. If you find any, contact your creditor immediately to resolve the issue. Quick action is essential to prevent a negative impact on your score.
4. Do Not Use More Than Half of Your Credit Limit
The amount of available credit you use affects your credit score. Avoid using more than half of your credit limit. For example, if your credit limit is Rs. 50,000, try not to spend more than Rs. 25,000. Exceeding this threshold can signal poor financial management and a high demand for credit, which negatively impacts your score.
5. Maintain a Healthy Mix of Secured and Unsecured Credit
To improve your credit score, maintain a balance of secured and unsecured credit. Unsecured credit, such as credit cards and personal loans, can help boost your score faster. Relying solely on secured loans, like home or car loans, may result in slower improvements. A balanced mix demonstrates responsible credit management.
6. Monitor Co-Signed, Guaranteed, and Joint Accounts Regularly
When you co-sign an account, your credit history becomes linked to the primary account holder’s actions. Any late payments on co-signed accounts can affect your score. Regularly review these accounts to spot any discrepancies. If you notice any issues, contact the creditor immediately to resolve them.
7. Pay Your Bills on Time
Timely bill payments are a significant factor in determining your credit score. Late payments can stay on your credit report for up to seven years, impacting your score negatively. Set up reminders or automate payments to ensure you never miss a due date.
By following these tips, you can effectively manage and improve your credit score, leading to better financial health and borrowing opportunities.