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How a financial advisor helps to increase your CIBIL score

by Finway Capital Empowering People Financially

If you live in Delhi and instant cash loan is your urgent need, then roaming here and there will not help you any more, you must visit a financial advisor to avail quick loans of your choice. Bad financials decisions and failure of payment of credit card bills and loan EMIs leave a dent on your CIBIL score. At a time when getting a loan becomes the only way out, your CIBIL score plays a vital role. As per the Reserve Bank of India guidelines, a bank needs to verify a person’s CIBIL score before sanctioning him/her a loan. So, it becomes necessary for a person to take right steps to become a creditworthy person. Here are a few steps that can be effective in improving your CIBIL score.

Scoring Pattern: The first step towards improving your CIBIL score must be to understand the scoring pattern. So, what is a CIBIL score? I t is the database of all the credit card and loan payments. This database helps in analyzing a person’s financial behavior. It shows if he/she is regular in making his/her due payments. A person’s CIBIL score ranges from 300-900 with 300 being the lowest score and 900 being the highest score. It will be a really easy task for a person with a score of 900 to get a loan or a credit card issued under his/her name. And, no other than an expert financial advisor can educate and guide you completely about the perfect CIBIL score. 

Keep a regular check on credit card payments: Failure of Credit Card payments leaves a dent on the CIBIL score. So, if one is looking for instant cash loans, then he/she always keep a check on payment due dates. If a payment is made before the due date regularly, then it can be a key to improving your CIBIL score. One must also keep a check on credit report as errors in the report may unnecessarily drag your CIBIL score down even after the person is regular in making the payments before the due date. If a person finds any error, he must make an appeal on the CIBIL website and should consult the same with an expert investment advisor.

Monthly Installments:  Repayment of every month installments is an important factor in the calculating of your CIBIL score. A person’s CIBIL score will never be reflected low if he/she is prompt in making repayments of credit card and loan EMIs. So, making regular repayments before the due dates can help you in improving your CIBIL score. A person having savings with a good repayment record of credit card bills and loans enhances the rating.

On an average, it takes 4 months to 12 months to improve your credit score, depending on your individual situation. All you need is patience, planning, commitment and self-discipline and achieving your credit goal won’t be a task.

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About Finway Capital Innovator   Empowering People Financially

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Joined APSense since, September 25th, 2018, From New Delhi, India.

Created on Oct 16th 2018 05:16. Viewed 393 times.

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