Plan to possess own apartment in Newtown in the coming 1-2 years? Then surely you are focusing on own monthly credit score from now on, right?
The importance? Well, a literally ‘good’ credit score –
» With guarantee speeds up your home loan approval
» Along with giving you an upper hand during negotiations with the lender over the rate of interest
» And builds an overall equation of trust between you & the bank/ lending organization
Now comes up the question of what is a ‘literal good’ credit score concerning home loans.
Well, in our country, the Credit Information Bureau (India) Limited or CIBIL stays responsible to set the yardstick & as per its rule:
♦ Anything above 700+ is considered fine by both banking & private lenders for approving housing loans; while 750 is the ‘ideal’ mark for quick sanction & lower interest rates
After covering all the essential expenses & significant family responsibilities, it’s next-to-impossible for you to maintain such a score
Stress not. Just draw your attention & read through-
The Pro Guide Of Good Credit Score Maintenance
# 1 Use The Card Wisely
A stitch in time saves nine. This good old English phrase turns most truthful when it comes to building a good credit score.
To reach a cibil score above 700 & apply for a home/property loan soon, you must begin from today. And, as a first step:
Get into the habit of not using own credit card too much.
What financial experts suggest is that of-
- Keeping monthly credit card expenses to 30% of the limit
- Increasing the card’s limit as much as possible to thus maintain this percentage
- Avoiding the disturbing cycle of pending credit card bills for not only preventing late payment penalties but also the issue of a lower score; always try to pay at least 5% of the outstanding dues
to thus progress towards the 700 mark.
# 2 To Want Another Card Or Not
Decide by one most honest analysis of own needs. Because –
An unwanted number of credit cards with unpaid bills related to each eventually draws your image as a credit chaser in front of banks & lending bodies. This, as an effect, burdens your life with a debt heap & lowers the scope of good score maintenance.
So, ration own credit, if you want to become one good scorer. Refrain from high-cost purchases via credit card & as a ground rule-
» Apply for a new one only when you have cleared all previous payments & are confident about repaying the dues from the new card.
Also, follow one finance trick of –
♦ Applying for a new card to a bank, whose housing loan scheme you wish to avail yourself of. Since if you can repay perfectly, approval chances heighten simultaneously.
#3 Keep A Regular Check
You have a busy schedule, true. But, when to seriously reach a credit mark above 700, a bit of effort is required as well.
One aspect of that effort is reviewing own score frequently, for
♦ Many times your record may show incorrect or out-of-date information – in effect decreasing score.
Start utilizing a reputed digital credit score checker & keep an authentic track of own progress. Realize the stimulation thus gained.
Some are cautious but not difficult, are they? And it’s all for possessing your sweet home. So, start pursuing the tips without wasting time.
As for selecting your own dream flat from apartments in Newtown, get in touch with Realtech Nirman. We wait to serve your
