There is a common misconception among consumers that if they have a bad or low credit score then they may not get any access to credit or loans. Although paying off debt can be a grueling experience, bouncing back from it can be easy if you follow the correct steps. So, if you want to rebuild your credit score and CIBIL score on the level where lender can give loan you do the following things:
1. Make it a priority to pay off all outstanding dues.
This is the most important step, because being late for payments on your credit card or loan is always the number one reason for low credit score. Even if you have already missed some of the payments, don’t worry. Just make sure that it doesn’t happen again and you will be alright.
2. Pay off your small loans
Try to pay off your small loans first since this way you will rebuild your credit score quicker. If you have multiple credit cards then you should take a single big loan and pay all small loans. After that make sure to pay off the installments of the big loan on time.
3. Keep a low balance in your credit account, and apply for more credit only if you really require it.
Buying new things is fun and we all love to have the latest smartphone, the latest smartwatch and etc. However try to make a difference between what you want and what you need. In the long run – this might be the difference between having a good credit card score and a bad credit card score.
However if you really need a vehicle for everyday use or for your business but you have a low credit score, here at Oxnard Auto Finance we can help you get it. Our online loan request form is easy, quick and it’s free. Don’t waste time – start today. Drive today.