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3 Simple Ways to Improve Your Credit Score Before Applying for a Personal Loan
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.... Simple Ways to Improve Your Credit Score Before Applying for a Personal Loan<BR>PTI News<BR>Dated:- 31-7-2025<BR>PTI<BR>Wondering why your personal loan application keeps hitting a wall or why you’re not offered the lowest interest rates? The secret often lies in your credit score—that three-digit number lenders use to judge your financial reliability. But here’s the good news: even a few s....
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....mall steps, taken now, can boost your score and unlock better personal loan offers. Let’s get strategic! If you’re planning to apply for a personal loan online soon, here are three straightforward actions you can take to polish your credit profile. Why Bother Improving Your Credit Score? • Higher scores = better chances: A healthy score (preferably 700+) improves eligibility and gets y....
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....ou access to more lenders. • Lower interest rates: Top scores secure the lowest personal loan interest rate. • Faster, easier approval: With a strong score, the whole process—from document checks to fund disbursal—is much smoother. 1. Pay Bills & EMIs On Time—Every Time Late or missed payments are among the top reasons for falling credit scores. Lenders check your repayment histo....
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....ry to gauge reliability. How to do it: • Set up payment reminders or automate EMIs for loans, credit cards, and utilities. • Even repaying the minimum due on your credit card is far better than missing a payment entirely. Consistent, on-time payments build a positive track record—boosting your score within months. 2. Reduce Your Credit Card Balances High credit utilization (using....
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.... a large portion of your available credit limit) signals possible financial stress. Quick tactics: • Aim to keep your utilization below 30% of the total card limit. • Pay off large outstanding amounts—especially before your statement date. • Avoid maxing out your cards, even if you plan to repay soon. Credit Utilization Rate Credit Score Impact Under 30% Positive / Neutral ....
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.... 30%–50% Some negative impact 50%+ Likely lowers your score Lenders love responsible usage—it reassures them you manage credit wisely. 3. Check Your Credit Report—And Fix Any Errors Mistakes happen! A wrong entry, old closed account, or someone else’s default showing up on your report can all drag down your score unfairly. Here’s what to do: • Request a free copy of yo....
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....ur credit report from all major bureaus (CIBIL, Experian, Equifax, CRIF High Mark) once a year. • Look for unknown loans, late payments you never missed, or incorrect personal info. • Dispute any errors directly—most get resolved electronically within a month. Bonus Tips for That Extra Edge • Keep older credit accounts active to maintain a long, healthy credit history. • Avoid ....
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....applying for many loans or cards in a short period; multiple “hard” inquiries can hurt your score. • Consider a small secured loan or credit-builder product if your credit history is thin. Real-World Example Imagine Amit, who plans to apply for a ?2 lakh personal loan next month. He checks his CIBIL score 670. He sets auto-pay on his loans, pays down his credit card bills from 60% to 2....
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....5% utilization, and discovers an error (old card marked as unpaid). In just six weeks, his score jumps by nearly 60 points, letting him qualify for a lower rate and faster sanction! Common Mistakes to Avoid • Ignoring credit report errors for years. • Paying only minimum dues on multiple cards for long stretches (interest piles up). • Taking new loans to pay off old ones—this can ....
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....create a debt spiral. Score Band What It Means Next Step 750+ Excellent Eligible for best loans 650–749 Fair/Good Work on utilization & payment Below 650 Needs improvement Focus on error correction & EMI discipline Conclusion: Step Towards Stronger Offers! A little effort today can pay you back for years—with faster approvals, better eligibility, and lower personal ....
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....loan interest rates. Take charge: review your credit profile, tidy up loose ends, and you’ll walk into your personal loan application with confidence. Ready to start? • Set reminders for payments • Review your credit report • Use an online personal loan calculator to see how different scores affect your EMI options Empower yourself—stronger credit means greater financial freedo....
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....m and real savings on your next personal loan! (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI<BR> News - Press release - PIB ....