To boost your score, take a small debt like a collateral-free personal loan and repay it with regular and timely EMIs. Or, because you may have made too many inquiries for credit in quick succession at the start of your career without any real credit history.Īdditional Read: Personal Loan for CIBIL Score of 550 - 600 How to improve your credit score? You may have this score because you have not taken any credit in the past or have just started working and are using a credit card or taking on debt for the first time. Lenders will usually not entertain your application for a loan or credit with a credit score in this range. Here is how your credit score defines your financial habits and how you can proceed from one category to the next. The number of times you have applied for credit in the recent past and been rejected or approved.Your credit utilisation ratio, when it comes to your credit card limit or loan vs.Your timeliness with repaying credit in the form of EMIs or credit card bills.While many credit rating agencies assign you a score based on your credit history, CIBIL is the most common and widely used.ĬIBIL assigns you a score of 300 - 900, based on factors like Your personality and behaviour are constantly assessed when it comes down to credit. Additionally, it also decides the interest rate you are liable to pay. The activities through which you manage your credit and debit determine whether your application for credit gets approved or rejected. The way you maintain your credit score creates a perception about you in the financial world.
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