Credit Score: CIBIL has gone below 500, increase it again with these 5 effective ways.Once the credit score gets damaged, it can be easily repaired. For this you will have to keep some special things in mind, about which we are going to tell in this article.
Credit score is very important in today’s time. If you want to take a home loan, car loan, personal loan or any other type of loan, credit score becomes very important. For this reason, your credit score should always remain good, but sometimes it is seen that due to missing a loan installment or bad financial behavior, the credit score goes below 500. In such a situation, getting it right again is a challenge. In this article, we are going to tell you about those ways by which your credit score can improve again.
Increase CIBIL again with these 5 effective methods
Take a secured credit card: Taking a secured credit card is a very good decision to increase your credit score. To get a secured card, you have to make an FD in the bank. According to the value of the FD, you are given a credit limit. By using this card carefully, you can easily increase your CIBIL score.
Become an authorized user: If any of your relatives or family members has a good credit score, then you can easily increase your credit score by becoming an authorized user on his credit card.
Apply for a Credit Builder Loan: Credit Builder Loans are designed to boost your credit score. The amount borrowed in this loan is very less. Taking a loan, the person keeps the amount received from this loan in his savings account only. In such a situation, when you repay the loan on time, the information is given to the credit bureau. This improves your credit score.
Keep credit utilization low: While increasing your credit score, you should keep your credit utilization as low as possible. If possible, it is better to use 20 percent of the credit limit. This has a positive impact on your credit score.
Check your credit report: You should check your credit report every month. In this you should see which loans you are running. If you find any loan that is not related to you, you should report it immediately.