Improve Your CIBIL Score

Stop The Decline Of Your CIBIL Score Now!

Stop Your CIBIL Score From Declining!

How To Stop The Decline Of Your CIBIL Score Improving India's Credit EverydayAlthough, a credit score is just a three digit number on your credit score, it has immense power over your credit transactions as well as your financial life. If you have a high CIBIL score, which is 750 or above out of 900, then you can be sure that you will get timely and good credit card offers and that too at competitive interest rates.

However, this does not mean that you can stop working on your CIBIL score, after you have achieved a high credit score. It means that you have to continue working on it and maintain your high CIBIL score at all times, so that it does not decline over time.

You would have read this numerous times that you need to maintain a high credit score, however most of the people still do not understand the huge impact of CIBIL scores on their financial life. Such people do not know why their credit score is dropping and how they can stop it from declining.

Consumers do not understand that a few credit mistakes can lower their CIBIL scores. However, you do not have to worry, as we are here. Improving your credit score is not a difficult task. You can easily stop your CIBIL score from declining by following the below mentioned financial disciplines listed by us.

1. Pay off your credit card bill in full every month

You would have heard this many times, but this is really necessary, if you really want to stop the decline of your credit score. This means that you must pay your full outstanding amount each month, within the specific time frame. And, this is not only limited to credit cards, but it also applies to all other credit types that you use, such as loans.

2. Do not make unaffordable purchases

Although, a credit card seems an easy way to make a big purchase, you should not buy something from it for which you cannot afford to pay in cash. Nowadays, plastic money has taken over instant cash, which has its own side effects.

The consumer may make a big purchase with their credit card in the moment, but then he or she has to struggle at the end of the month, when they have to pay off their credit card bill in full. Thus, it is advised that you should not purchase anything that you cannot afford to pay with cash or that can affect your monthly spending drastically.

3. Apply for credit only when you need it

Today’s young people apply for every other credit card, which they feel that is useful. They get lured by the attractive offers provided by the card issuer and thus cannot stop themselves from taking the respective credit card. This, in turn, results in the consumer taking much more credit cards than he or she actually requires.

And, it is obvious that if you have a credit card, you will spend on it and with simultaneous spending on all these credit cards, the spending habits of the consumer becomes uncontrollable without their knowledge. This, in turn, leaves them in credit card debt, even before they know of it.

Therefore, consumers should get a credit card or loan, only if they seriously require it. Otherwise, they should steer clear of it. No more than two credit cards should be used at one time and they too should be used wisely.

If you follow all these strategies, you will be able to stop the decline of your credit score over time. Maintaining good credit habits and financial discipline can indeed help you to improve your credit score.

Jay Kaul

About Jay Kaul

Jay is a financial and credit expert and freelance contributor to CreditSmart. He's always keeping his eyes open for the latest credit card trends in India and provides a sharp insight on new entries into the market.

Visit My Website
View All Posts

Leave a Comment