Being a loan borrower, you know that lenders consider your income, CIBIL Score and CIR (Credit Information Report) into account before granting any loan. These are the basic tools that are used to judge your loan application. Since the Credit Score gets derived from your CIR, it is very important for you to strengthen your credit history in order to experience the instant loan approval. A person can maintain his credit history by following simple steps:

 

Step 1: Pay your Monthly EMI’s and credit card dues on time. Late payments make a wrong and negative picture in front of lenders and in turn, your chance of getting loan rejection gets higher.

 

Step 2: The borrower must keep his balance low. If you make payments on time, your balance on loans will get reduced on time. You must be careful while making timely payments on your Credit Cards as well as while utilizing your credit card.

 

It is wise to use plastic money instantly. If you consistently make out your Credit Card limit and end up carrying outstanding balance in your hands, it is a negative indicator for the lender indicating high debt on consumer part.

 

Step 3: Maintain a healthy mix of Credit: The borrower’s credit history must be a blend of secured loans like Home Loan, Car loan and Unsecured Loans like (Personal Loan, Credit Card) etc.

 

Step 4: Apply for a new Credit In Moderation: If the borrower has made many applications for loans or you have been recently sanctioned new credit facilities, the financial institution is likely to view your loan application with huge caution.

 

It will reflect your ‘Credit Hungry’ Behavior that shows your debt burden is likely to increase in the future.

 

Step 5: The borrower should monitor his co-signer, joint and other guarantor accounts every month. In case of a co–signer and jointly held accounts, a person is also held equally liable for any missing repayments.

 

It is very important as any negligence on joint holder’s part can affect your ability to access credit when you need it.

 

Step 6: A person must review his credit history once in a year.  It is essential to review your credit history three to four times in a year.

 

Thus, it is very mandatory to keep these set of rules in mind.

 

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Special Note: Banks does not provide Personal Loans to bad credit holders, but an individual can fulfill their finance requirements by availing a Gold Loan easily.

 

 

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