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How to Increase #Cibil Score Instantly? | Credit Score Kaise Badhaye | #CreditCard & Loans - YouTube
Channel: Pushkar Raj Thakur: Business Coach
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If you want a home loan or car loan, if you
apply for a credit card the first thing which
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will be checked is your CIBIL score.
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It is good when the CIBIL score is more and
bad when it is less.
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The full form of CIBIL is Credit Information
Bureau India Limited.
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Cibil score is between 300 to 900.
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I have said greater the Civil score is good
so generally, a 740 + cibil score is good
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and if you have an 800 + CIBIL score then
you have a high chance of loan approval.
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But if you have less than 800 or 740 CIBIL
scores then what to do?
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If you have less cibil score then you are
going to get useful information in this video.
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I will tell you seven steps by which you can
improve your cibil score and if you follow
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these steps you will see your cibil score
800+ always.
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Now, what are these steps?
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watch this video till the end and if you are
new to this channel, subscribe to this channel
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and click on the bell icon so that you do
not miss any finance-related videos.
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Now let's start,
Most people make the mistake of making a credit
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card but this credit card affects your cibil
score very much.
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People think that if they are paying bills
timely then their cibil score will be higher
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but they don't know if they don't see their
credit utilization percentage you have a credit
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card limit of one lakh rupees there are many
people out there who have credit card limit
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of 1 lakh rupees and they are spending 80
to 90 thousand monthly and if you ask them
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they will tell you that 5 to 10,000 limit
is left.
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It means if a person uses a 95% limit, now
you will say we are using the limit that is
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given, it's very wrong.
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Whatever limit you are using everything has
been reported to the credit bureau.
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And this reporting signifies that you are
depending more on credit and you are living
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your life on credit now this with affect your
cibil score.
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because whenever you
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will go for taking a loan they will check
your CIBIL score and they will find that you
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are already dependent on credit and they cannot
give you further loans.
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You have to keep your credit utilization limit
below 30% every time.
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If it is above 30% then you will realize that
your CIBIL score has been affected.
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Now, how do manage this utilization if the
limit is 100000 and it can happen salary is
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more but your credit limit is 100000.
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If your salary or income is more you can do
one thing that you can request your bank to
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increase your credit card limit.
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Generally, banks increase credit card limits
by offering as you are frequently using credit cards.
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If you accept that offer your credit card
limit has been increased.
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What will happen next if you have a 1 lakh
limit and now it is 2 lakh example if you
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were using 50000 it was your at 50% credit
utilization it meant you are using 50% off
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your credit but if the limit is 2 lakh and
you are using 50000 then your credit limit
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is 25% which is less than 30% which means
it is good for your CIBIL score.
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so remember if you can increase your credit
limit then you should do it and from which
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credit card you are incurring expenses, your
credit utilization percentage should not increase by 30%
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You can do one more thing you can get a new
card if your income is good then a new card
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can also be issued, if you are spending from
one card again and again and its utilization
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percentage is high then you can get a new
card, in which you do not have to pay joining
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fees and annual charges.
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In the name of credit, card bank charges high
annual charges which according to me is not
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good until you are getting attractive benefits
from them.
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You should take care that no Annual charges
and no joining fees cards are also available
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if you want us to make a video on these cards
then tell us in the comments we will try to
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make a video on "what card you should take"
as there are many options.
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We will try to figure out it for you.
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Next, you had taken a credit card 5 years
ago.
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If you have taken a credit card 5 years ago
and let's assume you are making payments timely
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and everything is going fine.
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What happens if we get a new card then we
think of closing the older one as it is of
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no use.
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If it doesn't have high annual charges and
maintenance charges then you should not close
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it, but why?
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Because what credit card history is being
made by a credit card depends upon how much
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older it is.
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If you are using a credit card for 5 years
or 4 years and comparatively you make a card
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today now if you close the older credit cards
then your history will not appear.
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If you apply for a loan let's assume that
you are purchasing a home and you want a home
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loan which is a general loan.
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It can happen that you do not get the loan
because your credit history is not appearing.
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So here more your credit history is older
it is good at this will improve your CIBIL score
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So your CIBIL score improves with a good credit
history if you have made timely payments of
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any loan or any credit card so it is good
for you.
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Now many people have not taken loans and credit
cards so they do not have any credit history
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if they want to take a big loan or want to
apply for a good credit card example if you
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want to apply for American Express then you
will not get it I understand this.
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I will give you a solution for this at the
end of this video if you are new and you have
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not applied for a credit card then also you
can have a good credit history and it will
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improve your CIBIL score because if there
is no credit history then there is no CIBIL
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But CIBIL score can be made good and how it
can we will talk about it later.
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Now pay attention here, many people in India
have bad CIBIL scores and they may be watching
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this video.
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They think that they have credit cards which
is they have money of 100000 in hand and they
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exhaust all 100000 limits.
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So I told you that you should not use more
than 30% of your limit and they have exhausted
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it and they think that they will not give
the money.
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They indeed think they had taken out the credit
card exhausted the limit and will not give
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money to the bank there are many people out
there like this.
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Because of this in India, there are many pin
codes on which no credit card will be issued.
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If you live in an area that is blacklisted
so you will not get a credit card on that
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pin code because many groups of people have
done this in India but also there are people
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in India who paid timely repayment and are
using credit cards wisely so credit card company
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also want to give credit cards because understand
this thing credit cards are ultimately…
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Okay, tell me before coming to this point
I will ask you whether a credit card is good
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or bad?
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The credit card is neither bad nor good understand
this thing it depends on how you use your
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credit card whether it is good or bad.
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You are getting a 50-day interest-free loan
when you use your credit card for purchasing
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something let us assume that on receiving
a statement on day 1 you know that statement
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will be received you will receive 20 days
after this month to make payment so you have
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to make payment after 50 days, for example,
you have a credit card limit of 4 lakh and
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you have utilized 1 lakh that is 25% then
there will be no interest on that one lakh
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and you do this many times in a year, for
example, you have used 10 lakh like this as
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credit and paid later so you use 10 lakh again
and again one by one lakh but there will be
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no interest.
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So isn't this a loss for the bank?
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You will say absolutely yes.
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so why are bankers giving credit cards?
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Because they know that you will one day miss
the due date of payment which is 50 days some
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will miss or forget or be unable to pay before
the due date.
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Those people who keep their credit utilization
higher for example have 100000 limits and
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they use 90000 so they know that their income
is 30 to 40000 that's why we have given credit
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card of 100000 limits and he will be unable
to pay.
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So from there the interest which cannot be
paid will be charged at double or triple.
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So this is a very thoughtful process to make
you fall into the debt trap, so what you should
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pay more attention to, I always tell you that
the amount you spend through credit card will
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always be present on your debit card.
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This means you could have paid from your debit
card but you also know here that if you swipe
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from your credit card so for example if you
are doing shopping and purchasing clothes
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and you have done shopping for rupees 10000
and you know if swiped you your credit card
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you will be debited with 10000 but the shopkeeper
will not get all 10000 and he get amount after
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deducting 2 to 2.5% which is the actual income
for the credit card companies and in return
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of this they provide you rewards points or
cash back.
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Now you have to understand that if you have
made payment timely then a credit card is
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very good you are getting interest-free money
and reward points.
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But if you have made late payments, people
having less score have 70% Times the same
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scenario that the payments are being made
late and if payments are being made late then
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the charges will be levied and will affect
your CIBIL score.
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So never delay your payments.
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It means you have to make payments on a priority
basis and another thing is that if you have
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fallen into a debt trap.
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You have swiped with your credit card and
now you are unable to pay and you feel you
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don't have money I am telling you to pay the
money by arranging it because if you have
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made delay for 6 months then you will not
get any loan for further 6 years and also
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no credit card.
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The delay of 6 months will not allow you to
take a loan for 6 years your
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CIBIL will be destroyed so never make this
mistake and this is my advice to you otherwise
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it is your choice to do whatever you want
to do.
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After this point is very important there's
no need for a loan but people apply for loans
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and if and if there is a need for a loan so
apply at 10 places you know that your CIBIL
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score will be fetched as many times as you
apply for a loan.
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Not many people know this either number of
times you are applying for a loan online will
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affect your CIBIL score.
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If you will check again and again the CIBIL
score will be fetched and affected the more
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times you check online.
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Everything is reported to the bureau that
this guy has applied for a credit card so
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many times.
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You have applied for 20 credit cards that
are not required.
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You will also get a lot of rejections there.
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There will also be many approvals.
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Ultimately or CIBIL score will be bad in that.
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Don't apply for too many credit cards.
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If you need one or two credit cards, put a
limit on that you apply if you don't need
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a lot of loans then what are you doing?
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Now increase the income and don't depend too
much on the loan!
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It is necessary to get out of the cycle of
life.
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And don't fall into a debt trap.
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Don't apply unnecessarily for too many loans
here.
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look at this quote of what I have written."Take
easy Laon & Easy ASAP"You are saying not to
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take a loan, then you are saying that you
have to take a loan.
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what are you talking about?
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If you apply for too many loans, the CIBIL
score will be bad.
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But we have to maintain credit history too.
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If you have money in your bank and you cannot
spend it with a debit card, then you are getting
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many benefits from a credit card.
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Similarly, if you buy we buy many things like
TV and other devices as we see a lot of offers
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that 0%EMI.
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Let's say that you could have given one lakh
or 50 thousand only.
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You have taken Easy Monthly Installment, that
too with Zero Percent interest.
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It is prudent.
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But for that keep one thing in mind there
is no need to get 0% EMI for 12 months or
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24 months.
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If it can be finished even in 3 months, then
finish it by doing it in 3 months.
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i.e Pay ASAP.
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Pay this loan at the earliest.
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If you have to pay Rs. 10000 for the goods
of ₹ 30000, then give it.
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This will increase your credit history.
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You took a loan, then paid it off, then took
a loan again and paid it off.
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Your credit score gets Are you getting it?
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But make timely payment.
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This is another important point that doesn't
affect your CIBIL score again and again if
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you will check then There
will be many calls.
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And checking the CIBIL score again and again
also makes CIBIL score worse.
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This is important that is why I have repeated
this.
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Now, there will be many people here that doot
have any such CIBIL score record or credit
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history, and if you are new whether you are
19 or 20, hat he never had any credit cards,
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credit history, and credit score.
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So how will it become?
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There are two easy steps.
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When you don't have any credit card history
then no company is even giving you.
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What you can do here is contact your bank
and if you have money in that bank account
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then you can apply for FD.
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Your bank will issue an FD Backed credit card
on that FD.
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And will also give you some limits around
that.
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If you have an FD of two lakhs now, then you
will also get a credit card with one lakh.
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The FD will continue to run and interest will
continue to accrue on it.
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What will happen when you get a credit card?
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This will build your credit history.
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But you have to pay timely.
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Now the next second important thing is today
there are many companies that issues buy
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now pay later card.
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Often these pay later cards when compared to
a credit card comes out better.
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You never get charged.
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There will be a charge when you make a late
payment.
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If you don't want to pay late then you can get
a buy now pay later card easily.
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Apart from this, if you want to compare credit
cards so we can make a comparison video but
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only if you will demand to make a video on
it by commenting that we want a video on the
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credit cards I hope this video is very useful.
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If you forget to mention any of the points
you can write them in the notes and save the
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comment for the future finally share this
video.
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Because there are a lot of people whose CIBIL
score gets spoiled.
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So this video is useful Do share this and
like this video, if you are watching it on
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the Facebook do follow, and if watching it
on YouTube then do subscribe to this channel
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and press the bell icon I will see you in
the next video Till the time you go self-made.
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