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Building Credit Score from start can be tricky. For, you ought to have a Credit History to build a CIBIL score. But this turns out to be a paradox as no bank or a financial institution will approve your Loan or Credit Card without an adequate score. And all those Instant Loan options that will come to your rescue will also be charged at very high interest rate.

Let’s find out how should one approach the task of building a Credit Score from scratch when they do not have a Credit History, Loan Account or a Credit Card to back their application. 

Click on the link to get full information: https://deepshikhapanwar.blogspot.com/2022/07/how-to-get-a-good-cibil-score-without-any-credit-history.html

Ways to build your credit score from beginning: 

1. Apply for prepaid Credit Card

A Credit Card is a wonderful tool to enjoy financial freedom of buying now & paying later, without any additional cost. Each Credit Card comes with 40-50 days of free credit period along with multiple rewards and cash back offers. Besides all these benefits, a Credit Card is also a tool to build a good Credit Score. 

How Credit Card helps building a good score?

Use your Credit Card for regular transactions and pay the bill before the due date each credit statement cycle. This will build a clean credit history of repayment. Your bank will report this transactional history to the bureau. The Credit Bureau will calculate your credit Score based on this record. 

2. Secured Personal Loan

In case you are in urgent need of cash and want to qualify for a loan, but do not have adequate credit history you should consider applying for a Secured Loan. You can apply for a Secured Loan against any of your real assets such as Home, Car, Gold, Investments and deposits with your bank. 

3. Purchase on EMI

In case you neither need a loan nor a Credit Card, you can consider making a purchase on EMI using your Debit Card. You can shop online or at an outlet for any of the consumer durable goods like Mobile, TV or Laptop on EMI. Most of these FMCG products including household electronics are available at discounts and EMI plans. 

4. Adopt good financial habits

In all, every time your repay a credit, it builds up your Credit Score and thus improves your likelihood for loan approval. Having a good score also protects you against unprecedented financial emergencies. You always have your credit limit as a backup for urgent cash needs.


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