Keep these tips in mind related to credit card and bank account before applying for a loan

Keep these tips in mind related to credit card and bank account before applying for a loan

You have recently applied for a loan and are concerned about whether your loan request will be approved or unapproved. Let us tell you that if your CIBIL Score is good and you have not defaulted, you will not have any significant difficulty in getting a loan. However, for any reason, if the CIBIL score is not correct, you may have difficulty in getting a loan. If you take care of some important things while managing your banking transactions and credit cards, you will not have difficulty getting a loan.

Check credit reports:

It is good to check the credit report before applying for any kind of loan or new credit card. Anyway, you should keep checking your credit report from time to time. Now you can also check the credit report through the Paytm app without spending any money in minutes.

Keep in mind the credit card utilization ratio:

Avoid using your credit card for all kinds of expenses. It means that you use up to 30% of the total limit of your credit card. This will see a positive impact on your CIBIL or credit score. The lower your du balance every month, the better your credit score or CIBIL score.

Close a non-essential bank account:

You have more than one account, and you are not able to maintain the minimum balance. You should close the non-essential bank accounts. Having more bank accounts affects the CIBIL score.

Enquire about the loan only when needed:

If you try to find out repeatedly in the loan bar, it makes a difference to the credit score. So when you need some kind of personal loan or home loan, you should inquire about it.

Must pay credit card dues:

If you have a credit card outstanding in your name and your card is blocked, it is very important to pay the credit card dues to get the loan. For this, you can talk to the credit card company and make a settlement.

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Image credit: financialexpress

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