How to improve credit score in India
In Bangalore, many individuals and businesses often wonder how to effectively improve their credit score in India, sometimes unknowingly making mistakes that negatively affect their credit score. At “Credit Experts”, the credit rehabilitation service dedicated to helping our clients avoid the mundane mistakes and implement proactive practices, we really see it all. A big mistake is missing payment deadlines; there is a dramatic difference in your CIBIL score when you miss one payment deadline, whether is it one EMI or one credit card bill.
We stress that payment deadlines be seen as regular and aggressive meetings established by an auto-debit. Another important mistake is over-utilization of your credit limits; having a credit card or line of credit at 100% is proof that you are relying too much on credit; we suggest that your target level of usage be below 30% of your available limit. We also talk to clients about applying for too much new credit in too short a period of time; only opening one or two each month limits the number of hard inquiries that regulate your credit score. We stress the importance of open and honest lending; therefore, we counsel our clients to consider the need for new credit and avoid wasting time on unnecessary and/or unapproved credit. All importantly, closing old credit accounts may hurt your score; you really do not want to close an account that is an older account, which significantly chances your average aged account in your scores calculation. Credit Experts has individual consultations in Bangalore to help assist you and make sure you do not run into these common mistakes, establish disciplined savings habits or spending habits, and have improved steadily, and at times more rapidly – and nurturing, maintaining and having a healthy credit score for future use and endeavours.