Lifestyle factors to consider: Own house or rent?

One of the biggest debates in the world of personal finance is whether or not you should buy or rent when it comes to housing.
“There are pros and cons to each side of the debate,”. “What it comes down to, though, is your personal lifestyle and what works for you and your long-term financial goals.”
Proponents of buying a home point to the fact that you have the opportunity to build equity that can serve you well in the long run. When you own a home, you own a large asset that can be useful down the road. Not only that, but there is the potential for appreciation, especially if you live in a desirable real estate market that sees home values increase at a strong annual rate.
On the other hand, supporters of a renting lifestyle point out that most homes aren’t located in areas where you’re going to see an appreciation of 5% to 10% annually. For most real estate markets, the annual appreciation is going to be closer 2% to 3%. On top of that, you have costs including interest paid, maintenance, repairs and property taxes. Many home buyers will be lucky to break even.

The reality is that whether you buy or rent a home should depend on your personal situation and your goals. What’s right for one person might not be right for another. In fact, your preferences might change at different points in your life. As you consider the choice to rent or buy, here are some lifestyle factors to consider:

                             

How long you plan to stay?

“Buying a home essentially ties you down to a location, “If you know that you are going to move around a lot in the next few years, it might make more sense to rent.”
Unless you plan to become a landlord and rent out the property after you leave, buying for a short period is likely to result in losses to your budget. Renting offers more flexibility in living arrangements since you can leave with greater ease, and you don’t have to worry about trying to sell the home before you take off for your next living arrangement.

Convenience

There are a lot of inconveniences that come with owning a home. You handle maintenance and repairs. If you have a yard, you need to take care of it. When you rent, though, many of these items are taken care of by the landlord. You don’t have to worry about maintenance, and if something breaks, it’s someone else’s responsibility.
“Many rental communities, especially if you live in a luxury apartment or condo community, come with conveniences and amenities you might not get if you buy.” Amenities like a workout room, pool, clubhouse and even walking trails might be present in some rental communities. If you like these amenities close to your home so that you don’t have to drive to the gym or if you like the idea of having nearby facilities for gatherings, renting can match your idea of lifestyle convenience.
While some suburban communities have HOAs that provide some amenities, they often cost extra, while access to rental amenities are often included in your monthly payment.

Location and market

You should also consider the location and the real estate market. If your lifestyle preferences are for a big lot and lots of privacy, buying a home outside of a city center might make sense — and be less expensive. However, if you like living near urban amenities, it might be too expensive to buy, and renting might make more sense.
In some markets, the cost of buying comes with a lower monthly price tag than renting. In these markets, even if you prefer to rent, you might be better off buying. If renting is much cheaper on a monthly basis, though, that could be the right choice for now. You can invest or save the difference in cost and later when circumstances are different, you might be able to change your approach.
“No matter your preferences, it might be worth it to rent for six months or a year before deciding, especially if you are in a new area,”  “This allows you to get a feel for the location and get to know what you like or don’t like about it. You don’t want to be in a position where you buy in a new area, and then end up leaving less than a year later — and are stuck with this house to unload.”

Risks

Finally, don’t forget to weigh the risks associated with buying and renting. “With buying, you run the risk of ending up needing to sell even if the market drops,”  “Even homes lose value, and you could be out tens of thousands of dollars.”
However, there are risks associated with renting as well. Landlords can increase rents to the point where you are priced out of your housing, and you are forced to move. You also don’t build equity. Unless you are investing (and that comes with its own risks) to increase your net worth without the help of a home, you could wind up in financial trouble down the road.
Carefully think about your financial situation, and make a decision to buy or rent based on what is likely to work best for you and match your lifestyle.

For any credit related information or advises, visit: www.cibilconsultants.com
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Importance of Hiring Credit Repair Agencies

Your credit score plays vital role in determining your financial health. It not just helps in getting your loan approved, but there is much more associated with it. It is important to keep a check on your credit score to enjoy sound financial health and goodwill. There are many ways of attaining good credit score. If you have tried your hand at fixing your credit report but have been failed to attain desired results, you can always take help of credit repair agencies to improve credit score. There are many benefits of hiring credit repair agencies for improving your credit score. 

·         Most of the people are not aware of credit repair process such as how to get credit report from CIBIL and how to improve credit score; credit repair agencies can help you with all these problems. 

·         These firms have sufficient resources to handle your disputes. They usually have a team of experts having complete knowledge of rules and regulations governing credit repair procedures. 

·         You don’t need to dedicate your important time to fix your credit report. Your hired firm will take care of all your credit repair tasks. 

·         They will analyse your credit report and will suggest you the right ways to improve your credit score over a period of time. 

Credit repair agencies help in improving your credit score and maintaining your credit health in long run. It is important to choose credit repair agencies wisely to reap maximum benefits out of it.

Source: Secondary

It is important to stay credit healthy

A sound credit history can be your most precious financial assets. If your credit health shows that you had been prudent in paying off your debts, you will not only be able to qualify for credit whenever you need it, you will also be able to borrow money at the lower interest rate. Lenders use these credit reports to evaluate your ability to repay, your character and any joining to take a decision to entrust you money. These ratings are also used by debt financing firms, investment banks and dealers to know your credit potential. If you find that there are discrepancies in your credit report but neither have time nor knowledge how to remove name from CIBIL defaulters list, it is better to hire an experienced and professional credit repair agency.

By delegating responsibility of eliminating errors from your credit report into the hands of professionals, you can utilize your time and efforts in completing your other essential tasks. Also, professional firms make sure that your credit repair process is completed without any procrastination by taking immediate action on all procedural formalities. 

There are many who believe to take help of professional credit repair agency at-least once in a life time so as to understand all the procedures and tricks to eliminate problems with CIBIL report as well as to understand the procedure so next time, they can do it themselves.

Remain credit healthy and creditworthy by opting for appropriate credit health packages at www.cibilconsultants.com

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Lengthy process: Clearing Credit Report

Credit repair is a process which helps in eliminating problematic factors from your credit report. This will help your credit report to be error free. This will hence make you creditworthy.

A person’s credit report is generally known as his credit file. The credit file contains the overall history of the credits taken by him in his entire life span. It provides information regarding number of accounts, late payments, overdue accounts, and also accounts that have been written off.

It is generally said that “Making mistakes is easy but correcting the same is a difficult task.” The same applies in case of your credit file. Mistakes such as making late payments, having overdue accounts etc. will make a negative mark on your credit report, but to remove the same mistakes from your credit report and making the report clean is a difficult task and will take time.

There can be instances that some accounts can be reported in your name which you have never applied for. These types of errors can have a negative impact on your credit report and will lead your credit score to sink.

Once you identify the errors in your report and you remove those errors from your report you will notice that your score has not increased. If you have an active trade line, then your score will increase, if not your score will remain the same.

So it is important that you have an active trade line to increase your score. Only removing errors and cleaning your credit report will not improve your score. There are also other factors that will improve your score for example having different types of credit, paying dues on time, and many more factors.

Checking your credit report frequently will help you identify errors in your report and will help you to identify factors that will improve your score.

Check your credit score and obtain report at www.cibilconsultants.com

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Role and significance of credit repairing agency !

Credit score is a crucial indicator of an individual's credit health. Most of the lenders use it for determining loan payment potential of an individual. It is important to remove all discrepancies from your credit report to improve your credit health. If you want to enhance your credit health, first of all ask for free online credit report from credit bureau and check it for errors.

If you are finding it too difficult to cope with negative information on your credit report or with endless demand for payment of your outstanding credit, seeking help of a professional credit repair agency is the best thing to do. Credit repair is a process of fixing your credit report through a series of measures taken by credit reporting agencies. A credit repair agency assist you in setting up a strategic repayment plan, deals with your debtors to convince them to accept payment at lowest interest rate as the debt will be consolidated and also suggest you the most holistic ways to repair your credit condition.

Majority of people troubling with negative credit score are not aware of how to get online credit report. Credit repair agencies make the whole process simple for you. Credit repair requires specialized knowledge and expertise in the field. These agencies usually have a professional credit repairing team to help clients in improving their credit scores. Before you hire a credit repairing agency, it is essential to do a bit of research so as to take educated and informed decision.

For opting services related to credit repair, book an appointment and select your required package with credit repairing agency at www.cibilconsultants.com

Source: Secondary

Mortgage and Credit Score

In simple words, a mortgage is a way to use property like land, building etc. as a guarantee to get a loan. Credit score affects mortgage to a great extent as it is one of the eligibility criteria in getting a mortgage loan. The reason for this is that lenders want to make sure that their investment would make profit or at least get recovered. Your Credit score defines what kind of mortgage rate you would get, which would in turn help you identify what kind of home you can afford.

When you are looking to get qualified for a mortgage, your credit score and credit history are the first things in which the lender would be interested in to check your eligibility.

A good credit rating always helps when you are getting a mortgage. Even during financial crisis, people with good credit scores get mortgages with very less down payments. Analyzing your credit report, the lender makes decisions about the terms of qualification of your loan. Therefore building your credit score is the first step you can do to qualify for a mortgage.

Mortgage eligibility credit score recommended is usually above 500. A credit score of 500 to 520 is the lowest what lenders would go, anything less than that would disqualify you for the mortgage loan. People with high credit scores above 750 are the ones who get varied loan choices and also low interest rates.

Your credit history, other than contributing to your credit score, also influences the lender’s decision. The lender would want to see if you have been bankrupt, your payment history and also If you have had any collections. This will help the lender analyse your financial behavior and if you are about paying off debts or not.

Since, we saw above how credit score is important ingesting qualified for a mortgage loan, let us now deal with what a credit score is-

It is a calculation based on credit history which would help in determining your credit worthiness. It is important because it helps the lender figure out if his money would be safe with you or not.
Lenders rely on the information given by  CIBIL to determine whether lending you money is a smart move or not. If your credit is more than 750, then lenders would deem you credit worthy for a mortgage and give you their standard loan options.

Your best bet to get a good mortgage rate is to have a credit score more than 750. A CIBIL score of 500 is bad and would h. Some lenders would also expect you to part with at least 50% of the purchase values if you are trying to get a mortgage with such low scores.

So, all this shows how credit score affects mortgage and how important it is to have a good credit score.For score improvement and repair opt for service packages available at www.cibilconsultants.com
hurry book an appointment now !

Source: Secondary

Factors affecting credit score !

You are probably aware that it is imperative for you to have a good Cibil score in order to qualify for a loan with an attractive rate of interest. In order to obtain a good Cibil score you need to maintain a good credit history.Now that you know the link between your credit history and credit score you are naturally keen to  do all you can to keep your Cibil credit score as high as possible. But have you ever wondered what goes into the constitution of your Cibil score? let us read through the points below :

• Your repayment history:  The first and most important thing that impacts your credit score is your repayment history. You need to clear all your bills and loan repayments well within the dates stipulated in order to maintain a good repayment history.Even a single default has a negative impact on your score.

• What you owe your lenders:  There are two basic considerations when it comes to calculating what you owe your lenders which is referred to as credit utilization. First, is the total of your credit card limits sanctioned to you and secondly the percentage of your money you are utilizing. Hence your credit utilization ratio is calculated as balance outstanding on all your credit cards as a percentage of total credit limit on all your credit cards.

• How long have you been servicing debt:  This may come as a surprise, but the amount of time you have been using credit also has an importance. Therefore, if you have been servicing debt for a longer period of time and handling it responsibly, i.e. by making timely repayments etc., it is going to have a positive impact on your Cibil score.

• The amount of new credit you have taken or applied for:  Everytime you apply for a new credit such as a loan, credit card etc, the banks and other financial institutions run an inquiry on your Cibil report to check your credit history to find out about your financial health and repayment capability.If there have been too many such inquiries on your Cibil report, it has a negative bearing on your credit score.

• The mix of credit:  Even though ours is primarily an EMI led generation, Indians are by nature averse to the idea of credit. So if you have been avoiding credit like the plague and have a single type of credit, you cannot have a good credit score, especially if you have only unsecured loans like credit cards or a personal loan. In order to score high on this ground, you must have a healthy mix of credit comprising of secured and unsecured loans and have the ability to service them well in time. Those with a mix of various credit types such as mortgage, personal loan, car loan, credit card etc. is likely to score higher than those who have a single type of credit.

A good credit score will ensure that you get a loan without any hassles at best interest rates when you really need one.
For assistance on maintaining and repairing your credit score just book an appointment with our experts at www.cibilconsultants.com

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Commonly asked questions about Cibil score !!

To have an impeccable credit history is of utmost importance these days. The way you handle your finances will impact your Cibil report and Cibil score. While a good Cibil score is your ticket to easy access to loans when you are in need of it, irresponsible credit behaviour and thereby a bad Cibil score may even harm the prospects of you attaining your dream job! Confused as to how that might transpire? Read on to find out more.

• What is a Cibil score?

Cibil Score is a numerical expression that predicts the likelihood of default of a person in the next 12 months. It is mainly influenced by your past repayment track record captured in your Cibil report. This means, if you have made payments on time on all your loans on or before the due date, it is very likely that you have a good credit score, and hence banks look at you as a good customer.

• Why is my Cibil score important?

When you apply for a new loan or a credit card, it is now mandatory for a bank to access your Cibil score to assess how creditworthy you are. A good Cibil score (above 750 out of 900) puts you in a vantage position as lenders would vye amongst themselves to offer you the best interest rates. This is because your Cibil score conveys that the chances of your turning delinquent are nearly nil. On the other hand, a poor Cibil score may lead to the rejection of your loan application altogether.

That's not all. Your Cibil score also has an important role to play if you happen to apply for certain jobs, especially in banking and finance sector, ITsector and other multinational companies as well. It has been found that those who are financially disciplined make diligent and disciplined employees in their workplace as well. Therefore, while performing a background check on you, your employer may ask you to submit your Cibil report among other documents. If your prospective employer finds that your credit behaviour is unsatisfactory, you may even be rejected as a candidate outright. It may be noted that if you are trying to find a job in a bank, a Cibil score of less than 750 will not do. However, if you approach the bank as a customer, the same bank may still consider giving you a loan if your score is between 700-750.

• What determines my Cibil score?

Your Cibil score is based on the information in your Cibil credit report. There are primarly five factors that go into the composition of your credit score. In order of their importance they are, your repayment history, utilization of credit , average age of credit accounts , your mix of credit and the number of inquiries that lenders make each time you apply for a new loan or a credit card. To maintain a good Cibil score, make all repayments of your loans and credit card outstanding on time, keep the balances on your credit cards low, keep the overall utilization of credit below 30% on your credit cards, have a healthy mix of secured and unsecured credit and finally apply for credit only when you are in dire need of it. 

• How can I access my Cibil score?

Your Cibil score is literally just a click away. You need to log on to www.cibilconsultants.com and follow the simple instructions to procure your score. You will need to fill out your personal details, make a payment thereof and authenticate your identity. Once your authentication is complete, your Cibil score will be generated.

• Does checking my own Cibil score impact my score negatively?

No. When you request for your own credit report it is considered a "soft" inquiry as opposed to that of a lender's inquiry which is considered a "hard" inquiry. Too many loans applied for in quick succession will lead to many hard inquiries which will then lead to negative impact on your Cibil score.

• How often should I access my Cibil credit score?

As a prudent practice it is good to check your Cibil score and Cibil report at least once every year. If you haven't done so, make sure you access your Cibil score and report at least six months prior to applying for a new loan. This is to ensure that your Cibil score is satisfactory and your Cibil report is free of any discrepancies.

Now that you know how important your Cibil score is and the way in which it impacts your life, it is highly recommended that you keep a check on your financial health by accessing your Cibil score periodically. Always bear in mind that it is not your income level that  important to maintain a good Cibil score, but your attitude towards handling credit! 

For availing credit related services contact us at www.cibilconsultants.com

How can small mistakes hurt your credit score ?

Humans can make mistakes and they can be big or small. In credit sphere making small mistakes can also impact your credit score harshly.Credit scoring algorithms do not understand human nature. Let us understand the concept with an example.

Rahul Sharma, had recently bought a three-bedroom apartment in an upcoming locality close to his office. He had a car and was contemplating a big car after getting his annual raise, which came along sooner than expected.

Rahul's Cibil score was around 750 points on a scale of 900 the last time he had checked while buying his first car a couple of years ago. When he decided to apply for a loan to buy a Luxury Sedan, he was in for a huge shock. The bank informed him that his application was rejected because of a low Cibil score and a couple of negative remarks in his credit report. He pulled out his personalized Cibil score and found his score to be around 610.

Rahul had delayed a couple of his car loan EMIs and a couple of his credit card payments. Delayed or missed payments get reported on your credit report by the lenders and have a negative impact of pulling down your Cibil score.

Lenders often prefer a healthy credit score from their prospective borrowers. Here is a table to give you an idea of percentage of new loans sanctioned to people with different credit scores:

Credit score	Percentage of all new loans sanctioned in this Cibil score band
<650	4.7%
650-699	5.2%
700-749	9.7%
750-599	22.8%
>=800	57.6%

Source (cibil.com)

From the above table it is very clear that people with higher Cibil score stand a higher chance to get a loan. Also, it is important to understand that as risk-based lending is kicking into the Indian market, people with higher credit score also stand a chance to get loans at a lower rate of interest.

So, after Rahul studied his personalized credit report from Cibil, he realized his mistake. He had forgotten to deposit cash into the account from where his car loan EMI used to pass. This happened a couple of times and also delayed 3-4 credit card payments. The credit card company had mentioned days past due (DPD) against his account.It slashed his credit score.

It is very difficult to assess how much of a drop in credit score you could expect because of a single missed payment.  One could expect a drop of 50 to 100 points.
Credit score can even be repaired. You need to follow a financially disciplined life.

For ascertaining your score or acquiring credit repairing services contact us at www.cibilconsultants.com 

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Let us understand the CREDIT SCORE !

In the world of finance, credit plays an important role in meeting our wishes. Be it the dream of owning a big car or a house . But getting loans easily is not true anymore. Lenders no more look at your earning capacity alone but also factor in your past repayment track record in the form of a credit score before making any kind of decision. In such a scenario associating one's name with a bad credit score may prove to be disastrous.

Are you planning a loan to buy a house of your dreams or replace your old car with a new sedan? These days it is a precursor if you are planning on a loan in the near future unless you want to be shocked with an end moment rejection. Credit score takes into account the credit history of the individual and predicts his willingness to repay the loan on time. Banks and lenders evaluate customers based on their ability to pay and their willingness to pay. Ability is your pay cheque, while willingness is your credit report and score. A higher score implies better chances of getting credit from the lenders.

Other than CIBIL,there are other credit bureaus also who provide credit scores. Of now almost all credit bureaus provide score ranging from 300 to 900. 
Higher the score, the better it is. Though this is definitely true, it's up to individual lenders to decide their acceptable level of risk. Depending on their risk appetite, they decide their credit score cut-off for accepting a customer's loan application. Also, what may be considered as a bad credit by one lender may be perfectly acceptable to another. For instance, a loan approval by one lender, might require the minimum score to be 750. Another lender might require 700 or lower. Therefore, if one lender does not accept your application on the basis of your credit score it is advisable to check with another one who might accept it. However, remember, lenders offering loans at lower credit scores, generally offer loans at a higher rate of interest. Hence a lower credit score may still get you a loan but it could work out to be a costly affair.

At present, the lenders report the credit history of their customers to all the four credit bureaus but they access only the Cibil report to make the decision. You must be wondering why? Cibil was launched in 2004 and has credit data on individuals from then on, while the others started operations in 2010 and do not have that advantage. If your credit score is high across bureau, it will act as a double confirmation that you are a disciplined and a good customer and therefore worthy of a loan at an attractive rate of interest. The good news is that you can raise a dispute resolution with CIBIL in case you come across any discrepancy in the report generated by it.

So, what are you waiting for? Get hold of your credit score from credit bureau and fulfill your wishes more economically.
Visit www.cibilconsultants.com

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Develop great habits for an excellent credit score !!

Don't let your financial dreams suffer due to low credit score. Maintaining cibil score is a necessity so as to avoid loan application rejection.

Here are some great credit habits you should follow:

Spend less that you earn

"Never spend money until you have earned it" - Thomas Jefferson

You have heard your parents and grandparents give this advice often enough. It is the simple truth of being credit-wise. Living within your means and spending only what you have earned not more than that. This does not mean that you do not spend on credit cards or do not take a loan but limit the amount to one you will be able to repay according to your current spending capacity. For instance, if you are taking a home loan ensure that the loan size and EMIs that will follow are manageable and do not end up putting you in debt.

Put credit to work but do not rely it

"Expectation is the root of all evil" - William Shakespeare

While credit is necessary for asset building, it should a tool in control, Credit is not cash, It is loan that has to be repaid. While shopping it is all too easy to whip out the credit card and pay. However, the fact remains that the bill will need to be paid at the end of the credit period which is usually a few days away.

Keep paperwork in order

"I am a believer that orderliness begets wealth" - SuzeOrman

Make sure your financial information and records are organized and up to date. Set up alerts on your calendar to ensure that do not miss a payment even if the bill does not come on time.

Have an emergency fund

"By failing to prepare you are preparing to fail" - Benjamin Franklin

An emergency fund keeps you afloat in tough times when there is an abnormally high need for funds or even when there is a gap in earning. It is like a safety net that prevents you from falling into debt. Without an emergency fund, you would fall behind in your regular payments resulting in a poor credit score.

On time, every time

"The bad news is time flies. The good news is you're the pilot."-Michael Altshuler

It is important to make your repayments on time not just most of the time but each and every time. Even one late repayment will have an adverse effect on your Cibil score. One of the easiest ways to ensure timely payments is to set up an auto debit system linking your bill payments to your credit card.

Renew, Revamp and Retain your CIBIL credit score with our power packed service packages !!
Book an appointment and get desired services with an ease.
visit www.cibilconsultants.com

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Financial decisions impacting your credit score !!

It is not just your investments but also your spending habits that impact your financial future. Most of us are worried about the investments we make and are least bothered about the EMIs that go out of our pay cheque on a monthly basis. It is important to take care of your liabilities as much as you take care of your assets and here is why -

Locking away credit cards: If you have overused your credit card during holiday season so now live a  "cash only lifestyle" for some months and pay minimum amount due on the cards.

Our verdict: Poor! - High interest payments and high utilization. Though on the surface the move to pay minimum amount due looks good, but you need to realize that credit card is the most expensive form of debt and not only you pay huge amount of interest payments, you also have a high utilization on your cards and it can hurt Cibil score. However, locking away your credit cards is definitely a smart financial move!

Using debit card for purchases: Just decide that from now on if you were to make a purchase, use only debit card - Be aware that purchases on debit cards weren't reported to the bureau.

Our verdict: Good! - Yes, the debit cards are not reported to the bureau.Make a smart financial lifestyle choice by using debit card to make a purchase, and be aware that the debit card purchases weren't reported to the bureau. Only your liability accounts - accounts where you are borrowing money from the banks such as - credit cards, home loan, personal loan, overdrafts etc. get reported to the Cibil or other bureaus in India.

Enquiring too often for loan application: The first time you got your loan application rejected,  anxiety took over and you applied to three other financial institutions through a third party. The third parties guaranteed you that they would get home loan approved.

Our verdict: Poor! - No third party can get a home loan when you are not qualified to get one. When you got your home loan application rejected from the leading private bank, you should have looked into the cause of application rejection rather than trying your luck elsewhere. Like everything else in life, the easy route is never successful. You should have approached the bank, gotten a copy of your Cibil Report and taken corrective measures before approaching a different bank.

 we find many customers struggling with their loan application rejection. Don't wait till you are impacted because of your low Cibil Score. Get it repaired with the service packages we offer at our website www.cibilconsultants.com.
Hurry book an appointment now !!

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Credit Repair After Bankruptcy !!

One of the most difficult things about bankruptcy is the time that comes right after the process itself is completed. As much as it can be a relief to be out of debt so that you can get on with the rest of your life, it is also the start of an immense new challenge: credit repair.

In addition, even though lot of persons have had to file for bankruptcy in recent years, there is still a stigma surrounding it. This often keeps people from consulting with their friends and associates on the best methods they can use going forward as they try to rebuild their credit. That means that the challenges ahead are even tougher than they have to be.

There are many things that you can do after a bankruptcy proceeding to speed things along a little bit as you try to build your credit score back up. One of the first is to make sure that the debts on your credit reports are noted as part of a bankruptcy settlement, so that they do not show up as current debt. While going through bankruptcy obviously hurts your credit, it’ll be even worse if some of that debt is still showing up on your report.

Next, you should focus in on setting a budget and following it. While tough economic times can make it impossible to avoid debt problems, once you come through bankruptcy, you really need to focus on making sure it never happens again. Setting and keeping a budget is a good way to do that.

Once you’re comfortable with that, it is time to try to get another credit card. Having an active credit history is critical to your credit score, and you need to demonstrate that you are capable of being responsible with a credit card. You may need to start with a secured credit card, but no matter what it takes, it is worthwhile. 

Make sure you don’t miss any payments on your new credit card. If possible, consider setting up automatic bill payment to ensure that you are not late on any of your payments, as that would damage your score significantly. Likewise, if you have any loans that were not discharged during the proceedings, make sure you keep making payments promptly. One such example would be a student loan.

Lastly, try to keep your credit card balances low until your scores have been repaired. It’s important to maintain the right credit-to-debt ratios.

For any assistance in repairing credit score contact us by visiting www.cibilconsultants.com