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If you fail to repay the borrowed sum you become a defaulter. According to Experian , a default takes place if the lender decides to close your account because you have missed payments. A CIBIL score is an important factor that is taken into consideration by lenders at the time of sanctioning your loan. A default stays on your CIBIL report for a period of 7 years from the date of the default. It is difficult to get a loan if you have defaults on your credit report. When you miss payments, it suggests that you are struggling to repay the credit and are unable to manage your finances.     Majority of lenders offer loan to people who have a CIBIL score of 750 and above. However, there are few lenders that still offer loan to individuals who have CIBIL defaults. The rate of interest for availing a loan in such cases is very high. Here are some of the measures you should take get one step closer to get a loan:   Secured loan   Instead of opting f...

A few steps that will help you improve Credit score are:   Observe your credit report in detail:  Going through your credit report in detail even though you might have a healthy credit score is essential . The credit report published by credit bureau is prone to errors   and going through   it thoroughly will help you identify those. For instance,   a loan might still be shown as active in the credit report despite it being closed and payments made by the borrower. This might be the reason of an administrative error by the bureau.   Avoid payment delays:   One of the main reasons as to why the credit score of a person decreases   is   defaulting in payments. Ensure that you make the payments on time. Making payments on time constitutes   about one third of the total credit score of a person. Even a single late payment made by a person can bring   his or her credit score...

A credit score is an important factor that is taken into consideration when you apply for a loan or a credit card. Lenders like banks and non banking finance companies check your credit score to measure your ability to repay the borrowed amount. There are several ways to check your credit score online and offline. However, in today’s digital age, you can get your credit score on your WhatsApp in just few minutes. What is a CIBIL score? A CIBIL score is a credit score that measures your creditworthiness. It is computed by taking into consideration an individual’s detailed credit history and repayment behaviour. A CIBIL score is a 3 digit number that ranges between 300-900. Your CIBIL score should always be in the range of 750-900, as it increases your chances of getting an approval for a loan. With a high CIBIL score, you also are in a position to negotiate for better interest rate and discounts on the processing fees. How to get your CIBIL score on WhatsApp for free...

A credit score measures an individual's creditworthiness. It gives lenders like banks and non-banking finance companies a snapshot of your financial status. Lenders take a look at your credit score and decide whether you have the potential to repay the credit card debt or the borrowed loan amount. A credit score ranges between 300-900. The closer your credit score is to 900 , better the chances of getting a loan or a credit card with better benefits and interest rate. At present, several lenders offer preferential pricing to consumers with a high credit score. Most of the lenders consider a credit score of 750 and above as ideal and there is a good chance that you might get a loan. In order to see whether the credit score of 700 is enough for getting a loan approval, you should first know about the different ranges of a credit score. Credit Score Range NA/NH: If you have no credit history or you do not have enough credit history to be scored. This indicates that you a...

The golden rule to avoid landing in the credit card debt is to pay the bills on time every month and avoid piling it up over time. However, sometimes unknowingly you end up with dues and you have to settle the outstanding credit card debt by accepting the settlement offer made by the company. Now that you have settled your credit card, you should take necessary measure and start focusing on improving yourcredit score . Let’s take a look at some of things that will help you improve your credit score Continue using your credit card Most of the people stop using their credit card if they find themselves in the situation of credit settlement. However, this will not help their credit score in any manner. In order to build a healthy credit score, you should keep using a credit card. Make sure to be a responsible borrower and start using your credit card to make purchases or paying bills. Timely bill payment is the key One of the biggest factors that affect your...