Credit Score Tips: 7 Ways To Boost Your CIBIL Score
Date
8/26/2024 2:00:32 AM
(MENAFN- AsiaNet News) Improving your CIBIL credit score is critical for more favourable lending conditions and financial stability. Here are seven excellent techniques to improve your CIBIL score
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_19ab9e85-c_Image_In_Body.jpg)
Here are seven excellent techniques to improve your CIBIL score
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_073350da-3_Image_In_Body.jpg)
Paying credit card payments, loan EMIs, and other expenses on time is the most crucial part of excellent credit. A single late payment might hurt your score.
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_6e517e19-c_Image_In_Body.jpg)
Keep your credit card balances low and try to pay off existing debts. High outstanding debt can lower your credit score, so aim to maintain a credit utilization ratio below 30%.
![Avoid Multiple Credit Inquiries]()
Each time you apply for credit, a hard inquiry is recorded, which can slightly lower your score. Avoid applying for multiple loans or credit cards in a short period.
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_663301e2-9_Image_In_Body.jpg)
Having a good mix of secured (e.g., home loan, car loan) and unsecured credit (e.g., credit cards, personal loans) shows that you can manage different types of credit responsibly.
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_f84f7bdd-0_Image_In_Body.jpg)
Review your credit report for errors or discrepancies. If you find any inaccuracies, report them to CIBIL to have them corrected, as they could be affecting your score.
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_bf3f681f-9_Image_In_Body.jpg)
The length of your credit history contributes to your score. Keep older accounts open and active, as they show a longer credit history, which is beneficial.
![Credit Score Tips: 7 Ways To Boost Your CIBIL Score Image](https://menafn.com/updates/pr/2024-08/26/AN_41ab6d53-7_Image_In_Body.jpg)
Avoid maxing out your credit cards. Try to spend only what you can pay off in full each month. Keeping your credit utilization low helps in improving your score.
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