Low CIBIL scores are one
of the common reasons to reject the home loan application. Here are some tips
to improve the CIBIL score.
• Check CIBIL Report - Review your credit
report for 3-4 times a year and check if there is any discrepancy in it. This
checking will also help alter any bad financial habit.
• Restrict utilization – It is advised not to
utilize the whole amount. Using less from the eligible home loan amount is
always advised because lower credit indicates lower EMI which improves creditscore.
• Late Payment – Late payment is one of the
major reason for a bad score. It should be ensured that the EMI or credit balance
is paid on time.
• Mix of credit – Exposing more towards
unsecured loans or a high number of credit cards or personal loans will give an
image of negative credit history.
• Apply for credit with pause – Uninterrupted
credit applications can be considered credit hungry and hence it is best to
apply if there is any actual need.
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