Loan availability as well as the terms and conditions of the loan depend on several different factors, one of it being the applicant’s credit score. An individual’s credit score is a numerical representation of their creditworthiness that lenders assess to check the likelihood of a loan applicant paying bills on time as well as gauge the risk involved in entering a lender-borrower relationship with the applicant. A high credit score shows that a borrower has been a responsible credit user and can be trusted with timely repayment of loan money. Further, while eligibility criteria for credit score vary from lender to lender, it is established that a high credit score in the range of 750 to 900 ensures quick approval and beneficial loan terms, such as a low rate of interest and higher loan sanction.
Borrowers are advised to do a free CIBIL score check before making an application for a loan. If your credit score is 750 or above, move ahead with the application procedure. However, if your credit score is tilted towards the lower side of the spectrum range, take measures to improve credit score immediately.
In general, there are a few common credit mistakes that borrowers can avoid, to maintain their credit score in the ‘very good’ and ‘excellent’ ranges. Let us read about them in detail.
Common Credit Mistakes to Avoid
Not Paying Bills and EMIs on Time
If you want to maintain a good credit score, always clear EMIs and credit card bills on time. Your payment history has a major impact on your credit score. Not many borrowers know that late payment stays on an individual’s credit report for 7 years.
If your CIBIL score check shows a bad credit score due to a missed EMI payment, with time and by practising rigorous financial discipline, you can repair the bad credit score on your credit report. However, the entry will stay for 7 years.
Here’s the good news: borrowers must know that EMIs are considered missed only when they miss the due date by 30 days or more. So, if you have missed a due date recently, clear the EMI as soon as possible.
Clearing Only the Minimum Due
Do not keep paying just the minimum due on your card. Instead, try and clear the entire amount. Paying only the minimum due amount will not only make you pay more in interest in the long run, but it will also increase your credit utilization ratio, which refers to the ratio of credit used to credit available. Borrowers must keep their credit utilization ratio under 30% if they wish to avail themselves of the best loan terms and deals.
Not Limiting One’s Credit Applications
If your CIBIL report isn’t looking as good as it should, you must limit your loan and credit card applications. There are two reasons behind this. First, when you take too many loans, keeping track of due dates becomes difficult and when this happens, people miss their EMI due dates. Late payments, in return, hamper one’s credit score. The second reason you should avoid applying for too many loans is that every time you apply for a new loan or credit card, your lender enquires about your CIBIL score and other details. These enquiries get registered as hard enquiries and too many hard enquiries lower a borrower’s credit score.
Not Checking Your Credit Report Often
Borrowers must check credit report online from time to time. Many websites offer this service for free. However, if you want the most reliable and accurate credit report, you can go to the website of one of the four credit information bureaus and apply to have your credit report sent to your email ID.
Also Read: Importance of CIBIL Score and Tips to Improve It
Credit information bureaus and credit reporting agencies assign a credit score to an individual based on the information passed to them by lenders and financial institutions. Sometimes, lenders pass wrong information to these agencies by mistake and this leads to a borrower’s credit score going down. Borrowers must, therefore, check their credit reports from time to time for errors. If they see any mistakes, they must report the errors immediately. It takes up to 60 days for credit agencies to rectify these errors and another few weeks for the rectifications to reflect in the report.
Closing Old Loan Accounts
You must have heard about zero and negative credit scores. What do they mean? When a borrower’s credit history is relatively new and therefore, the credit information bureaus do not have much information on the borrower, credit information companies assign them a ‘0’ credit score. On the other hand, when a borrower’s credit score is negative or -1, it simply means they have no history at all. Lenders find it difficult to take a call on applications from borrowers with a zero or negative credit rating. Many borrowers make the mistake of closing their old loan accounts, which leads to their credit history being wiped out and their credit score becoming zero. It is, thus, that borrowers should never close old loan accounts.
Not Being Patient
Many borrowers make the mistake of not being patient when it comes to improving their credit scores. The financial discipline you are practising will take time to show results. If you think your credit score will become excellent in only a few weeks, you are wrong. It is impossible to improve credit score immediately. Bettering one’s credit score takes time. So, do not be impatient. Be prepared to wait for at least a few months and expect to see concrete results only after being disciplined for at least a few months.
Also Read: 7 Tips to Help You Improve Your CIBIL Score
Final Words
An individual’s credit score is one of the first things that borrowers check about them when they apply for a loan, such as a property loan or housing loan. Most of the time, lenders decide whether to extend a loan to a borrower or not simply by looking at their credit score. Therefore, all borrowers must try their best to maintain a good credit score. Avoiding the mistakes mentioned in this article will certainly help.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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[N][T][T][N][T]
5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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[N][T][T][N][T]
Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
[N][T][T][N][T]
Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
[N][T][T][N][T]
Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
[N][T][T][N][T]
What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?