Emergency Loans Still Require Good CIBIL
Hello readers! We are always getting great credit questions from readers, here is one email we received from Krishna last week.
i have cleared my due & how to increase cibil score to avail emergency loan for financials crises
or banker will update my score to certain level / how to go about it
Thanks for your email! It’s great your cleared your debt, that will certainly cause your CIBIL score to go up. You may not see the rise in CIBIL score immediately, it may take 30-60 days before the cleared debt is reported by your bank to the credit bureaus. Do not worry, it will show up. Do not expect to see a massive increase in your score from this, perhaps 20-30 points is average. The only way to increase your CIBIL score is patience, time, and good credit habits. I’m not sure what your CIBIL score is now, but generally for personal loan like you desire, a bank tends to prefer a CIBIL score of 700 at the very least, with most approving 720+.
Keep on making on time payments with credit cards as that is the easiest way to build a solid credit history. Make small purchases and pay in full each month, and you will see your CIBIL score go higher and higher and you show reliability to the lender.
If you have a credit question for us, please send it to us here at Ask CreditSmart and we will do our best to get back to you soon!
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