How to protect credit score : Financial crisis can occur in any person’s life at any time. Any major illness, major accident or someone’s departure from this world… can put you in financial trouble. In such a situation, along with taking care of everything, we should also take care of our credit score. Let us know what are those tips by which we can save our credit score from getting worse.
Make sure to make minimum credit card payment
In times of financial crisis, you should pay at least the minimum bill on all your credit cards. This will help you maintain your credit score. Let us tell you that there are two amounts in any credit card bill. First – there is a complete bill. Second – there is a minimum bill. By paying this you can avoid late fees.
Do not apply for loan again and again
To avoid financial crisis, if you are repeatedly applying for personal loan, then you should avoid it. No matter how many banks and NBFC companies you apply for a loan, the number of times your credit report will be drawn by the banks and your credit score will reduce.
talk to banks
If you are facing financial crisis then you must inform this to the loan giving company. Companies are also ready to help you in times of financial crisis. You may also get exemption from installment payment for a few months.
make necessary payment first
At the time of financial crisis, when your salary arrives, you should first pay the EMI etc., so that no late fees etc. are imposed on you by the bank. Also try to minimize unnecessary expenses.
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