If you have a low CRIF score, follow these steps to improve it:
- Make Timely Payments: Always pay your EMIs and credit card bills on or before the due date.
- Keep Credit Utilization Below 30%: If your credit card limit is ₹1,00,000, try to spend no more than ₹30,000 per billing cycle.
- Avoid Applying for Multiple Loans at Once: Too many loan applications lead to multiple hard inquiries, lowering your score.
- Maintain a Good Credit Mix: Having a mix of secured and unsecured loans improves your score.
- Check Your Credit Report Regularly: Identify and dispute errors in your CRIF credit report that may be negatively affecting your score.
- Avoid Closing Old Credit Accounts: Older accounts contribute to a longer credit history, which positively impacts your score.
If followed consistently, these steps can help improve your credit score within 3-12 months.