Personal Finance
6
Posts
6
Users
6
Reactions
549
Views
Topic starter
Can CIBIL be improved after a loan and credit card settlement?
This topic was modified 2 years ago by Sushila Anand
Posted : 03/08/2022 5:55 pm
To raise one's CIBIL score, one requires credit. A person who has never taken out a loan will have no credit history, which makes it impossible for lenders to evaluate their credit-related behaviour. The following measures can be taken to raise one's CIBIL score after paying off a loan and credit card:
- Change the case's status from "Settled" to "Closed," which denotes that there are no outstanding debts and that everything has been paid in full.
- To raise your CIBIL score, don't use more than 30 to 40 percent of your credit limit.
- If there are any outstanding balances on the credit card or loan, take action to pay them off completely to raise your CIBIL score.
- Take out a combination of secured and unsecured loans to diversify your credit portfolio and show that you are capable of managing multiple financial products.
Don't let yourself go without credit during the rebuilding phase, even after paying off your loan or credit card. To increase your CIBIL score, take out another loan or apply for a new credit card. Make sure to pay your bills on time.
Posted : 03/08/2022 6:15 pm
simple and to the point 👍
Posted : 03/08/2022 6:19 pm
Yes, it can be made better.
Time will be of aid. As it ages, CIBIL will gradually minimize the impact of the score. Your recent loan history and payback history. Apply for a loan if necessary, and make sure to keep up excellent repayment.
Posted : 06/08/2022 10:54 am
Yes, it will undoubtedly get better. Only when a credit card, loan, or EMI is active and payments are being made on time, will Cibil grow. But if your credit score is low, no banks will issue you a loan or credit card. Another option is to take out a loan against gold, a loan against a futures contract, a loan against shares, or a loan from a small nbfc.
Posted : 06/08/2022 11:02 am
Past mistakes must be corrected; pay off any prior loans; speak with the concerned bank; pay the full amount; ensure you receive a letter of affirmation from the bank (essential); and wait a few months. Obtaining consumer goods or household products on loan and paying them back on time will raise your Cibil score.
Posted : 06/08/2022 11:07 am