How to improve Highmark credit score in 2025?

The process of improving Highmark credit score is very easy, if you are aware of the steps of that. The process combines some strategies and techniques which concludes of positive credit habits &addressing any negative remarks that affect your credit score.

You might awarethat Highmark credit score is one of the 4 credit scores available in India, typically ranging from 300 to 900.

The steps to improve Highmark credit score are as follows:

1.     analyse your Highmark credit score & report

·        The first step an individual should take to improve Highmark credit score, is to get your credit report and analyse it thoroughly so that you can identify the errors, which are affecting yourcredit score. It might be any mistakes and negative remarks. Dispute those inaccuracies immediately.

 

2.     Don’t delay on debt paying

·        If you fail to pay your debts on time will affect your Highmark credit score. So, always maintain a habit of paying your debts on time. If you are struggling to pay that on time, you might opt for auto debit facility.

 

3.     Maintain credit limits properly

·        Always maintain a habit of using your credits under 30% of the maximum utilisation limit, especially for your credit cards. Using your credit limit above that will decrease yourcredit score in a very short time. If possible, pay the excess balance that you used in a month,before the bill of that month is generated.

 

4.     avoid new credits if it is not necessary

·        Every time you apply for a new credit facility, it might result a hard enquiry, that impacts your credit score, and significantly lower the credit score. So, never apply for a new credit facility when it is not necessary.

 

5.     Maintain the versatility of your credits

·        Maintaining the versatility of your credit such as credit cards, gold loans, personal loans, etc. can help you to improve your score. So always, try to maintain the versatility of credits, so that the ratio of your secured credits and unsecured credits can be maintained properly.

 

6.     Maintain existing loan accounts open for long times

·        The length of your credit is very important, and to maintain a healthy Highmark credit score. Avoid foreclosing your existing loan accounts as they can help you to improve credit score by showing a long, established history of responsible credit use.

7.     find out negative marks of your Highmark credit score & report

·        If you fail to pay EMIs on time for your existing loans or credit cards, try to pay them as soon as possible. Most often the lending institute authority removes the negative remarks as soon as you pay them back their due amounts against your credit facility.

8.     use a credit score builder loan

·        Some banks and lending institutes offer credit score builder loans like secured credit card & mortgage loans. This credit builder loans helps you to improve your score by showing that you are reliably paying the loan amount from time to time.

9.     check your credit score very often

·        Use credit score monitoring tools like Highmark official website and apps to keep track of your score and get notified if there are any major changes. This way, you can stay on top of your progress.

Improving your credit score takes time, so be patient and consistent with these actions, or else you might take consultancy from a credit consultant, as their knowledge and experience can help you to improve Highmark credit score, in a better way with efficient steps. 

How much CIBIL score required for personal loan?

 

For a personal loan in India, the CIBIL score plays a crucial role in determining your eligibility, as a good CIBIL score is required for personal loan. Here's a breakdown of the score ranges and their implications:

1.    750 and above:
This is considered an excellent score, as above 750 CIBIL score is the best CIBIL score required for personal loan. Lenders usually offer the best interest rates, and you are more likely to get approved for a personal loan with favourable terms.

2.    700 to 749:
This is also considered as a good score, as CIBIL score up to 750 is also considered as a good CIBIL score required for personal loan, and you have a high chance of loan approval. You may get competitive interest rates, though not as low as someone with a score above 750.

3.    650 to 699:
This is average score of an individual. While you can still get a personal loan, the interest rates may be higher, due to this score or according to the lender’s terms and conditions, and you might have to provide additional documentation or collateral.

4.    550 to 649:
This is considered as below average score. Getting a personal loan may be tough, and if approved, the loan terms may not be on your side. Lenders may charge higher interest rates and impose strict conditions; lenders might also charge you to give something for any mortgage.

5.    Below 550:
This is considered a poor score, and it’s quite difficult to get a personal loan with such a score. If you do manage to get approved, the interest rates will likely be very high, and you might be required to provide additional guarantees, such as a co-applicant or collateral.

Key Points:

• A CIBIL score of 750 or above is typically required for easy approval and low interest rates.
• Lenders also consider other factors, such as your income, employment stability, existing debts, and repayment history, in addition to your CIBIL score.

If your CIBIL score is below 750, you can work on improving it by paying off existing debts, avoiding late payments, and maintaining a good credit utilization ratio to increase your chances of getting approved for a personal loan.

10 Ways to improve CIBIL score quickly

How to get personal loan with low CIBIL score?

 

Getting a personal loan with low CIBIL score can be challenging, but it's not impossible. Lenders use your CIBIL score to assess your creditworthiness, so a low score can signal a higher risk to them. 

However, there are ways to improve your chances of approval even with a low score. Here are some strategies you can try:

 

 1. Look for Lenders Who Provide Personal Loan with Low CIBIL:

   - NBFCs (Non-Banking Financial Companies): Many NBFCs and fintech lenders are more flexible in their credit assessment and may be willing to provide personal loan with low CIBIL. Some of them focus specifically on individuals with lower credit scores.

   - Banks with Flexible Policies: Some public and private banks may still offer personal loan with low CIBIL scores to borrowers, especially if you have a strong relationship with the bank (e.g., salary account, existing loans, etc.).

   - Online Lenders: Digital lending platforms sometimes offer personal loans to individuals with low credit scores, but they may charge higher interest rates or offer smaller loan amounts.

 

 2. Provide a Co-Applicant or Guarantor

   - If you can find a co-applicant or guarantor with a higher CIBIL score, it may increase your chances to get your personal loan with low CIBIL score. The lender can assess the co-applicant's financial history in addition to your own.

   - The co-applicant can be a family member, spouse, or friend with a stronger credit profile.

 

 3. Offer Collateral

   - If you have assets like property, fixed deposits, or other valuable items, you may be able to get personal loan with low CIBIL score. Lenders are more willing to approve loans with collateral because they have a way to recover their money if you default.

   - With collateral, even a low CIBIL score might not be as big a hindrance, as the lender has less risk.

 

 4. Consider Smaller Loan Amounts

   - If your CIBIL score is low, applying for a smaller loan amount may increase your chances of approval. Lenders may feel more comfortable lending a smaller sum to someone with a low score.

   - Once approved, ensure you repay the loan on time to improve your credit score and increase your chances of getting higher loan amounts in the future.

 

 6. Offer a Larger Down Payment (if applicable)

   - If you're using the loan for a specific purpose, such as buying a car or making a major purchase, offering a larger down payment can increase the chance to get your personal loan with low CIBIL score. This might make it easier for you to get approved despite a low CIBIL score.

 

8. Negotiate with the Lender

   - If you have a poor credit history, try to explain your situation to the lender. If there were genuine reasons for your low CIBIL score (such as medical emergencies or temporary job loss), lenders might take that into consideration, especially if you can demonstrate that your financial situation has improved.

 

 10. Consider a Loan from Family or Friends

   - If you're unable to get a personal loan with low CIBIL score, borrowing from family or friends may be an option. Just ensure that the terms of the loan are clear to avoid any misunderstandings.

 

 Tips for the Future:

Getting personal loans with low CIBIL score is very difficult nowadays, but it is not impossible. We always prefer to consult with a financial consultant or credit advisor regarding this issue, as their experience and knowledge can help you not only to get personal loan with low CIBIL score, but also, they can help you increase your CIBIL score rapidly in no times.