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Low Credit score - Ways to Strategize and Improve your CIBIL Score.

Just like a good marksheet can help you get admissions in top notch universities or a good job placement; a good credit report can help you get your potential loan approved.

There are many ways to get loans and many criterias based on which you can get a loan. But all banks and other financial institutions compulsorily check your CIBIL (Credit Beureau) score. This is an established mechanism to verify the creditworthiness of the applicants. Poor CIBIL score may result in your loan getting rejected or place you in a high-risk category and thus you'll be offered a loan at significantly higher interest rates.

Don't worry! With little efforts and simple strategies one can improve his / her CIBIL score and become better creditworthy. Let's discuss and understand some easy ways to achieve this. But before that lets understand what is a CIBIL report and its scoring pattern.

Essentially a CIBIL report portrays the track record of all the past loans or credit cards with his / her name along with repayment history for regularity or irregularity. This data helps to establish the 'financial behaviour and financial discipline' of the individuals. The intent for repayment in future is extrapolated based on the available data, like Cibil scores.

The scoring pattern of the CIBIL score ranges on a point scale of 300 to 900 with 300 being the lowest and 900 points being the highest creditworthiness rating of the individual. Higher score an individual is able to garner, higher is the probability of attracting lenders to queue up to offer better deals on loans. Higher score invariably leads to most competitive Interest rate. If you understand the scoring pattern, you are on right track to follow the next few steps to improve your CIBIL rating score card.

  • Clearing your Credit Card balances: Clearing off all your credit card outstanding dues is a vital key to improve your rating. Plan your spending in such a manner that you are able to clear off your credit balance before the due date. This will positively reinforce your credit score. Also, it is better to have just one or two credit cards; it becomes easier to keep track of repayment.
  • Dispute incorrect late-payment entries: We all make mistakes. Your mortgage lender or credit card provider may also report late payments, even when payment was made by you on time. Make sure you appeal to rectify such errors. Its mandatory to address the appeal within a 30-days timeframe.
  • Keep good repayment history old credit card accounts: We all tend to think that we should close a credit card account which is not in use. In reality, a well-managed and good credit card account is a blessing in disguise. So, to improve creditworthiness a robust repayment track record of your credit card must be continued and held on as long as possible. The longer you hold a positive credit card repayment history the better is your CIBIL rate score.
  • Pay EMI's (Equated Monthly Instalments) on time: Timely payment of bills can keep your creditworthiness intact. If you are prompt in repaying the EMIs on your credit card / secured and Unsecured Loan accounts lenders will happily lend you money. Even one late payment can hurt your score, so buck up and do everything you can to pay your bills on time from now.
  • 30% Credit utilisation rule: Never ever use one single credit card to buy each and everything. Never exceed more than 30% of credit utilization and this will establish not only your credibility for financial discipline and financial management but will also take your CIBIL score soaring with positivity. Keeping your monthly balances low reflects a healthy CIBIL score.
  • Increase your credit limit: When you ask your bank to raise your credit limit, it does not necessarily mean that you get a chance to spend beyond your means. It displays the banks confidence in you. It simply means that you have a lot more credit available at your disposal, and if you keep your credit utilisation low, it will have a positive impact on your CIBIL score. That said, please ensure you don't spend beyond your repayment capacity.
  • Get a secured card: Do you have a very bad CIBIL score to get a credit card? Then try getting a secured credit card. Leading banks such as ICICI Bank, Citibank, SBI, DCB Bank, Axis Bank etc. offer a secured credit card against a fixed deposit of nominal amount. If you repay your balances on time, it will give your CIBIL score a shot in the arm.
  • Improve your credit rating through P2P: Are you wondering how is this possible? Do you wonder about where to get money from when you have poor CIBIL score. Unlike banks, at OML P2P we allow people with no Cibil score or credit history or not so good CIBIL score to register as long as they have valid reasons for their credit history and ability to repay their loans / EMIs. Borrowing money at is easy and convenient. No collateral is needed. In addition there are no prepayment charges. OMLP2P is a RBI registered NBFC P2P platform and thus repaying on time will improve your CIBIL score. Want to know more about how P2P lending works? Visit our website,

By following these smart tips, you can improve your CIBIL score. A high CIBIL score indicates that one has disciplined spending and repayment habits. Thus, the banks, financial institutions, the credit card companies will offer you a higher credit limit with better terms and conditions. Hope this post will help you with improving your CIBIL score.


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