How to Friends in this article will tell you how to improve the CIBIL/Credit Score. In this article, we discuss factors by which you can improve and increase your CIBIL/Credit Score and get a Credit Card without any documents so, That you can easily get Loans and Credit Cards in the Future.
What is the Importance of CIBIL/Credit Score
CIBIL Score plays a crucial role in deciding the creditworthiness and applicants' ability to repay Loans and Credit Cards Bills on time. It denotes that a person who has a good CIBIL Score can repay the loan amount with their due Interest. On the other hand, in the lack of a good CIBIL score, Bank will reject the loan or Credit card application because a bad credit score denotes that the applicant will not be able to repay the loan amount on time with their due interest. Any person's CIBIL Score lies between 300 to 900 as per the CIBIL department's research, which says that 80% of loans are approved of those applicants who have 750+ CIBIL Score.
Advantages of Good Credit Score
- You or will get easy loans from lenders,
- Your loans will approve quickly,
- You will get the loan at a low-interest rate,
- You will higher Credit Limit, and
- You will get the Credit Card easily with exciting offers.
Reasons behind the Low Credit Score and their Consequences
The Low CIBIL Score's main is a partial repayment, low payment, or doing settlement for the loan amount. It means you are paying the only amount you receive in your bank account without paying due interest on the loan amount. In simple words, if you did not repay on time, then this will affect your CIBIL Score, and by this, If your CIBIL score will be down. If your Credit score is low, you will not get easy loans from lenders or get not enough or higher Credit Limit. Your CIBIL/Credit are as follows as per Experian agency.
- Score from 300 to 579- Very Poor
- Score from 580 to 669- Fair
- Score From 670 to 739- Good
- Score from 740 to 799- Very Good
- Score from 800 to 850- Excellent.
How to Improve your CIBIL or Credit Score and Get a Credit card without any documentation
To improve your CIBIL/Credit Score, you have to repay loans on time. But in case of bad credit, no one will give you a loan. How will you repay the loan on time? Do not worry; we have a solution for you. Just do the following given tips.
- First of all, arrange the amount and settle your previous loans, then.
- Visit a Bank and open a Fixed deposit account in ICICI or Kotak Mahindra bank.
Under the Fixed Deposit ICICI Insta Saving Account, you can open a Fixed Account at Rs 10,000 and apply for a credit card. Under this scheme, Bank will give you a credit card having a limit of Rs 9000/-(90% of the amount you received). On the other hand Fixed Deposit of Kotak Mahindra Bank with the same credit card benefits available at Rs 15000.
After getting Credit Card, Use 30% of the Credit Limit and repay the amount on time. Do this transaction for a minimum of 2 years, and after this, your CIBIL/Credit Score will improve, and you get an easy loan in the future with a higher limit.
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