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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.
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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