Here are some quick tips that will help improve your credit score quickly:
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Pay all your EMISs and Credit Card bills on time. Up to 30% of your credit value is your repayment history. It is therefore very critical that you ensure that you now have a perfect repayment record even in the past. Making complete payments on time would affect your credit value instantly.
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Get a copy to find and resolve mistakes in your credit report. Often a loan which you paid in full can still be shown as unpaid due to reporting errors by Banks and Lending companies. These mistakes will pull you down your Credit Score unnecessarily. If you challenge and correct these mistakes, your score will be automatically positive. Often a wrong details or misidentify may have a negative effect on your Credit Score Also, search for incorrect entries that may also suggest identity theft in your study. The solution of these problems will increase your Credit Score.
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Expend less than 30% of your Creit Card limit. for example, If your Credit Card limit is Rs 1 lakh, make sure you do not spend more than Rs. 30,000 on your monthly shopping and purchasings. That means that you do not have a discipline of spending and that your score will decrease. Holding your credit limit consistently within 30 percent will automatically increase your ranking.
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Do not make several applications within a limited period of time for loans or credit cards. Many assume that by applying to several lenders or by applying with one or two lenders for several items (Home Loan, Car Loan,Credit Card or Personal Loan, they can increase their chances of obtaining a loan. Potential lenders inquire any time you apply for a new loan. Too many inquiries will lead to a decrease in your credit score within a short time span as it means you are 'hungry' for credit.
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If you have a low Credit Score , don't apply for credit (whether a Loan or Credit Card). Any loan refusal has negative repercussions on your Credit Score. Make sure you're just credit-worthy to apply for a loan once. This avoids loan refusals and the subsequent decrease of the ranking.