CIBIL Score: You must have heard the name of the CIBIL score. Whenever we go to take a loan, first of all, the bank checks our civil score, and based on that our loan limit is decided. In such a situation, do you know in how many years a bad CIBIL score can be corrected? Let us know in detail about this special information related to CIBIL score in the news.

CIBIL Score is also called a credit score. The better the credit score, the more easily you will get the loan and with better rates. But if your CIBIL score gets bad, then how can it be improved again and how much time will it take to correct it? Know about this-

What is the parameter of the CIBIL Score?

If a customer has a CIBIL score between 300 to 550, then it is considered bad. If it is between 550 to 650, it is considered average. If it is between 650 to 750 then it is considered good and if it is between 750 to 900 then it is considered very good.

The score deteriorates due to these reasons.

There can be many reasons for a deteriorating CIBIL Score such as not paying EMI on time after taking a loan, loan settlement, loan default, not paying credit card on time, not maintaining Credit Utilization Ratio, etc.

Apart from this, if you have taken a joint loan or you are someone's loan guarantor and in such a case, your joint account holder or the borrower for whose loan you have become a guarantor, makes a mistake, then it also has a bad effect on your CIBIL.

How will the CIBIL Score improve?

Do not take more and bigger loan than required. If you have taken a loan, then pay its EMI on time. If you are a credit card user, do not spend more than 30 percent of its maximum limit and pay the credit card bill on time. Do not take unsecured loans frequently and frequently.

Repay old loans. If the loan is settled, then get it closed as soon as possible. Apart from this, become someone's loan guarantor very thoughtfully. Decide to take a joint loan carefully. Check your credit report from time to time. If there is any mistake, get it corrected immediately.

It will take this much time to improve a bad CIBIL score.

If your CIBIL score has deteriorated, then improving it is not a one-day job. For this, you have to be a little patient because it improves slowly.

It can take at least 6 months to 1 year to improve your bad CIBIL score. If the score is very low, then it may take even more time to improve it. Therefore, do not keep any misunderstanding in your mind.

This is how to increase the minus cibil score.

If your CIBIL score is minus, then also the banks hesitate to give a loan. A Minus CIBIL score occurs when you have never taken a loan and you do not have a CIBIL history.

In such a situation, the banks are unable to understand whether to consider the customer trustworthy or not. In such a situation, you have two options to increase the CIBIL score.

First - you take a credit card from the bank and start using it and make the payment on time. This will start your loan in the banking system (CIBIL Score News) and your CIBIL score will be updated in two or three weeks.

The second way is that you get two small FDs of 10 thousand each in the bank. After the FD is opened, take a loan against it under the overdraft facility. As soon as you withdraw money under overdraft on your FD, your loan will be activated and your CIBIL score will increase quickly.

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