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Improving your CIBIL score without using a credit card is possible. Explore alternative credit-building methods that may help strengthen your profile over time.
A CIBIL score is a three-digit number that indicates your creditworthiness based on your credit history and payment track record. Banks and lenders review this score before approving a loan or credit card application.
It is important to maintain a high credit score as it helps secure loans with better interest rates. One effective way to build and improve your credit score is by using a credit card in a responsible manner.
Make timely payments and keep outstanding balances low to maintain a positive score. However, individuals without a credit card still have several straightforward and effective methods to improve their CIBIL score without using one.
There are several ways to increase your score. By following a few smart financial habits, you can even build a CIBIL score without a credit card. These include:
You can apply for a personal loan from a bank or an NBFC to meet your financial needs. Timely repayment of EMIs is very important, as it helps improve your credit score. Avoid missing payments, as any delay can lower your score.
Peer-to-peer lending connects borrowers directly with individual lenders through online platforms. It serves as a suitable option for those who prefer to avoid the formalities of banks and NBFCs. Repaying P2P loans on time helps build your CIBIL score without a credit card.
Those who find it difficult to obtain a regular credit card can apply for a secured credit card. A loan against a fixed deposit can help in securing this card, which then contributes to improving your credit history.
You can request a family member or friend with a good credit history to add you as an authorised user on their credit card. Their consistent repayment history can positively impact your credit score.
Paying EMIs on current loans, rent, utility bills, and other dues on or before the due date demonstrates financial discipline. Regular and timely payments help improve your credit profile and increase your CIBIL score without the use of a credit card.
You can build and improve your CIBIL score even without using a credit card.
Secured credit cards, backed by fixed deposits, provide a low-risk way to build credit for first-time users.
Timely repayment of existing financial obligations, such as credit card bills, loan EMIs, rent, and utility bills, demonstrates financial discipline.
You can check your CIBIL score on Bajaj Markets by following these simple steps:
Click on the ‘Get Your Score’ option on the page
Enter your personal details like name, mobile number, date of birth, etc
Select your employment type from the given options
Agree to the terms and conditions
Click on ‘GET REPORT’
Enter the OTP sent to your registered mobile number
Click the ‘SUBMIT’ button
There are several ways to increase your credit score without a credit card, including:
Secure a loan from a bank or NBFC
Consider Peer-to-Peer (P2P) lending
Get a secured credit card
Ask to be added as an authorised user
Timely payment of existing loan
You can obtain a credit card without a credit score by applying for a secured credit card backed by a fixed deposit. This type of card does not require a prior credit history and helps build your credit profile.
Yes, you can build a good credit score without using a credit card. Timely repayment of loan EMIs, rent, utility bills, and other dues, along with taking secured loans, contributes to improving your credit score.
