CIBIL Score needs a lift? Read how you can use these tips to make your CIBIL score climb again

A CIBIL score is an important factor in obtaining loans without hiccups. Taking a CIBIL score check is as important as taking a health checkup. The higher the CIBIL score, the higher are the chances of obtaining loans. The lower the CIBIL score, the lower are the chances of getting loans, and in some cases, loans may not be granted. Although there are loan providers for all categories of CIBIL scores, it comes with trade-offs. Low CIBIL score holders may need to pay a higher interest rate on loans taken than those with higher CIBIL scores who enjoy lower interest rates. Therefore, it is critical to be disciplined to maintain a good CIBIL score.

How does one maintain a good CIBIL score?

Personal discipline

It goes without saying that a lack of personal discipline creates more problems than lack of opportunities, lack of ability, or lack of competency. In a recent study, based on a CIBIL score check free exercise, it was determined that those who missed their credit card payments within the payment duration did so because they were callous and not because they did not have money. Remember that even a missed credit card payment affects the CIBIL score. Keep missing credit card payments all year round, and soon you will find your CIBIL score hit rock bottom.

Consolidate your credit cards

Having too many credit cards does not necessarily mean more purchasing power. It could turn messy if you start using all these cards and do not follow a dedicated plan to check your outstanding balance and repayment schedule. Soon, your credit card payment dates become hard to track. A CIBIL score check will leave you aghast. You start incurring more penalties. You end up paying more money in penalties for late payment. How can you avoid all of this? Just take one or two credit cards at the max. Even better, take a personal loan and repay all your credit card outstanding amounts. So that you can focus only on repaying the single loan, no more missed payment dates, and soon your CIBIL score could be climbing back again.

Don’t bite more than you can chew

Consumerism has reached a peak high. A CIBIL score check free option reveals that people are inundated with credit and loan debt. In a highly consumerism driven world, there are so many brands and services to choose from. It is tempting to purchase gadgets, appliances, electronic items, clothes, home accessories, etc. A visit to a shopping mall on a budget may never happen because the temptation to buy things is far greater than the resolution to stay within budget. So hold on to your horses always—practice financial discipline. Don’t let your emotions run amok. Be rational and pragmatic. Buy only the things you need and which you can repay without feeling like you are scraping at the barrel mid-way through the month.

EMIs are not a bad thing

Moments should not pass by for want of money. Saving for a trip is good. It is then smarter to take a small personal loan, go tripping, come back, and then pay back the loan in EMIs. If you are confident about yourself, EMIs are not a bad thing. In fact, they are the best thing that has happened to the modern human. After a CIBIL score check, apply for a loan, plan for your purchases, and then pay back diligently.

You can now download Lazypay App from Google Play Store and Apple Store.

Going a way to make a world beautiful place.