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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jan 22, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Asked by Anonymous - Sep 22, 2023Hindi
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I want to improve my cbil scor

Ans: To obtain a satisfactory/good CIBIL credit score, disciplined or smart credit usage is essential, and it takes time to build up. Focus on factors that impact your credit score and take conscious measures to improve it.

Prioritize on-time payments: This is the single biggest factor impacting your score. Set reminders or automate recurring payments for bills and EMIs.

Clear outstanding dues: Pay off existing debts to lower your credit utilization ratio (debt to credit limit).

Avoid multiple loan applications: Applying for too many loans in a short span can raise red flags.

Bonus Tips:
1. Keep credit card utilization below 30%: This shows lenders you're not overspending.
2. Don't close old credit accounts: Age of accounts positively impacts your score.
3. Check your CIBIL Report for mistakes and rectify them If any.

To cut a long story short - You can improve your score by practicing financial prudence – repay your Credit Card bills on time, don’t miss your loan EMIs, never default on debts, and use credit wisely.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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