Patience is considered to be a major plus point when you are willing to improve your credit history. During general instances, people blame the financial institutions, when their loans get rejected. They always look for other banks, where they are hopeful to get a chance back. This is a major mistake, which will hamper your credit score more. Therefore, apart from visiting various financial institutions, the next best step is to start looking for ways to improve your present credit score.
First step to follow
For the first step, you need to apply for updated CIBIL score. The satisfactory range will be above 750 or more. You can be a part of elite group as well, if your score is 800. If you have bad credit score, you have to reapply for credit card or loans too. These are some of the basic points, which need to be implemented while willing to improve cibil score, right now. If you are not quite acquainted with your credit card history, it might be your biggest drawback. People fail to pay the entire amount together, which later hamper your credit score more.
Use of credit limit
There are different ways to improve your present CIBIL score. One of the most promising ways is to utilize your credit score in effective manner. For example if the credit score is within a limit of 50,000 on a monthly scale, using 40,000 will definitely hamper your score much. Even now, if you are paying the entire amount on time, still it will show some due, as the money is used to fullest. Avoid this instance, if you are willing to improve cibil score, right now. 30% to 40% of your credit usage is well acceptable and marked as positive sources.
Some tips to follow
In case, you think that you are reaching your limitation, you can easily move to debit or cash card option for the time being. It can be a major part of your expenses for the time being and reduce the present limit of credit card. There are times, when you fail to reduce your expenses on credit card history. In case the answer is same for you, you did better call your customer care number, for help. They will follow some tactics to increase your card limitation, and provide you with increase cibil score, for sure.
Informing in correct manner
Just inform the official personnel that you have few things, to be lined up in 2 to 3 months’ time and your limit will get increased. Increased limit means increase cibil score, for sure. Moreover, it is advisable to close any credit card if you are not using it currently. The overall credit limit will decrease if you prefer to close an account.
