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How to
"Dilute" Bad Credit with Good Credit to Improve Score?
Mistakes which will
ruin your Credit score
Improving your
credit score isn't easy. More often than not, it takes months if not years to
reverse the damage. This is the reason why the majority of credit experts
strongly emphasize on developing good credit habits in the first place.
If you are tired of
looking for a loan with bad CIBIL score and want to improve your
creditworthiness, then chances are you have already found out a variety of ways
to go about it. If one of these is "diluting" your bad credit with
good to make an overall improvement, then you are at the right place.
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Is it possible to
make up for bad credit with good credit?
There is no right
answer to this question. This is because unlike report cards, in which you can
make an overall improvement by scoring well in some of the exams to make up for
the poor performance in the rest, there is no guarantee that it will happen in
your free CIBIL report as well.
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An academic report
card is pretty straightforward. Your overall score is affected by your performance
in every single examination, as it's the average of all. However, credit
reports are created differently. For starters, different credit rating agencies
follow a different calculation method for the scoring and may give the highest
priority to some factors over others. Some agencies are also more stringent
than others and may ignore your efforts to improve your credit score with good
debt.
Now, it would be
wrong to say that you can't improve your credit report with good credit at all.
Positive results are often observed in long-term, so you definitely should give
it a shot.
How do you go about
it?
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If you want to
improve your creditworthiness, the most important thing that you can do is get
the bad debt removed from your credit report.
If you have defaulted on a loan in the past, then that can be the biggest factor to bring your score down. However, most banks are reluctant to have it removed because of the seriousness the act bears. That said, it's not impossible to get it removed.
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You can start with
becoming more careful with your credit management. For instance, you can start
paying your bills on time, keep credit utilization low with your credit cards
usage, etc. If you are able to develop a good reputation for credit management,
then you can approach your bank and request them to remove the bad remarks from
your credit report. These include late payments, loan defaults, settled
accounts, etc.
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There are a few
other things that you need to be careful about as well if you don't want to
apply for a loan with bad CIBIL score:
1. Credit History
Your oldest bank
accounts and credit card accounts are of the utmost importance when it comes to
credit score calculation. So, unless you absolutely have to, you should keep
these accounts open. If you have “too many” accounts, then consider closing the
one that’s the most recent.
2. Minimum Payments
Don't be fooled by
the convenience of the "minimum payments" offered with the credit
cards. Although you can make a minimum payment (1% or 2% of the balance) every
month, it can lead to debt accumulation.
You don't want your
debt to increase if you want a healthy credit score. So, make it a point to
always pay your credit card bills in full.
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3. Late Payments
Just like minimum
payments, late payments can also have an adverse effect on your credit profile.
In fact, by paying your EMIs and credit card bills on time on a consistent
basis alone you can make a huge improvement in your credit score.
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The majority of credit
rating agencies give the highest importance to the repayment history. So,
always pay your bills on time even if you have to borrow some money from your
family occasionally.
To sum it up,
"yes" it's possible to dilute bad credit with good credit for an
overall improvement.
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