Maintaining a good cibil score range is on top of the mind of every borrower. Developing a good cibil score will take time, patience and good repayment habits from the borrower’s side. Cibil score is the industry standard for lending industry. Cibil check for bank loan is one of the most crucial steps performed by bank to assess the repayment capacity and behavior of the customers. There are some tried and tested methods to maintain a good cibil score which should be followed by a serious borrower. Let us look at some of them –
- Timely payment – If you want to maintain a good cibil score then, you should develop a habit of timely payment of your existing EMIs. This behavior will go long way in improving your score as it will reflect that you are comfortable in handling debt in a timely manner.
- Applications for fresh credit – If you are regularly applying for a credit from banks at regular interval of time then, it will raise a red flag in bank’s record that you are not able handle funds from your side and you are heavily dependent on debt to fulfill your needs. This could have a negative impact on your cibil score range and is completely avoidable.
- Stop multiple cards – You should beware of having multiple credit cards at one time as it reflects negatively on your credit behavior. Having multiple credit cards shows that you are too dependent on credit to fulfill your needs. Multiple credit cards is one of the important check for a cibil check for bank loan.
- Regularly keep track – It is very important to regularly track your cibil score. A serious borrower keeps himself updated on his current cibil score. You can easily download your credit report from cibil’s website and look for any wrong data that is mentioned there.
- Budget – You should maintain a budget for yourself in terms of spending. It is very easy to overspend on your credit card due to easy availability of funds with you. But, this easy funds comes at a cost and will impact negatively on your cibil score range.
A good cibil score will go in long way in making your dream come true for easy availability of credit to fulfill your future needs. It is quite easy and requires a common sense from borrower’s point of view to maintain a good cibil score.