Blunders That Can Harm Credit Score When Repaying a Big Home Loan EMI

A borrower with an excellent credit score has many benefits, including the ability to negotiate the loan amount they want, priority over other applicants (as compared to applicants with a low or acceptable credit score), and a lower interest rate. In contrast, a low credit score might result in a higher interest rate, the denial of repeated loan applications, and more! But do you know your certain habits might affect your credit score to go down?

When repaying a big home loan 75 Lakh Home Loan EMI, it is important to be aware of those habits to ensure your credit score stays high. Given the significance of credit score for a borrower, we have compiled a list of factors that have a negative impact on credit score. If they are not properly addressed in a timely manner, they can reflect negatively on your credit report. 

Failing to pay bills on time: 

The most crucial component that significantly affects your CIBIL score while repaying 50 Lakh Home Loan EMI is your payment history. Your CIBIL score is 35 percent based on your repayment history. As a result, it’s crucial that you pay all of your bills and 75 Lakh Home Loan EMIs on time. Your CIBIL score can decrease if you delay in paying bills after the due date. Set up reminders on your phone to be sure that your CIBIL score is not negatively impacted.

Another option is to set up an automatic debit facility to pay your credit card payments on a predetermined day. By doing this, you’ll avoid missing any credit card payments and keep your CIBIL score high. Click here For more Information Faisal Town Phase 2

Irresponsible Payment history: 

An irresponsible credit repayment history is one of the main factors that lower credit scores. Irresponsible credit repayment reveals the borrower’s incapacity and careless behavior with regard to making payments on credit and loan 75 Lakh Home Loan EMI. It can often take years to raise or restore your credit score. It is advised that debts on your home loan, whether it is 50 Lakh Home Loan EMI or 75 Lakh Home Loan EMI., be settled promptly.

For any legitimate reason, a borrower who finds themselves unable to handle credit payments may get in touch with the appropriate bank authorities and ask for a grace period.

Requesting an Increase in Credit Limit: 

It is advisable to keep your credit utilization rate low to maintain good Credit report check. Increasing your credit limit will immediately help your ratio if it’s high. But stop and think about it first. The bank will need to review your financial condition in order to determine whether to grant your request for an increase in credit limit. This usually entails treating a request to raise your limit as if it were a brand-new credit application, which causes a severe pull on your credit reports.

Before you formally ask for a credit limit increase, talk to a representative about the regulations of the bank. If you have a good relationship with your bank, they might increase your credit score. 

Maxing out your credit card: 

Even if you pay off the entire bill each month, using the entire credit limit provided to you by a credit card company will have a negative impact on your credit score. This is because there is frequently a difference between the date your amount is reported and the due date for your payment. How to Buy Rivotril Online

Failing to check your credit report: 

One of the biggest financial blunders you can make is ignoring your credit report while paying the 75 Lakh Home Loan EMI. It is even more crucial that you check your credit reports from all three credit bureaus. The easiest strategy to identify and correct credit report inaccuracies that could lower your credit score is to regularly check all three of the major credit agencies. Be sure to notify the appropriate credit bureaus of any inaccuracies or questionable activity.

Not reading the small print: 

People frequently overlook the information and fall for introductory offers. Every financial choice should be well informed. For instance, some banks may provide credit cards with no annual fees the first year but then impose high costs the following year. Similar offers can have low-interest rates on loans the first year, only for those rates to skyrocket the following year. 

Submitting a number of loan applications at once: 

Applying for another loan while you already have a 50 Lakh Home Loan EMI to repay could backfire on you in a way you cannot imagine. Any financial institution you choose to apply for a loan from may access the multiple loan applicants listed on your credit report. This behavior has a negative effect on lenders, which lowers your credit score and also limits your negotiation possibilities.

Closing old, active credit cards: 

Your credit score could harmed if you close your oldest account because it would shorten the average age of your credit accounts. Additionally, shutting your previous accounts may reduce the total amount of credit available, which will affect your credit utilization ratio. Customers shouldn’t close their old accounts because they demonstrate to the lenders that they have been operating and managing their accounts for a longer period of time.

Co-signing loans: 

When you co-sign a loan for a close friend or relative and help them out of a tight spot financially, it is always appreciated. If the borrower skips a few instalments or pays late, it becomes a headache for you. Your credit score suffers as a result of this.

Taking Out Several Unsecured Loans: 

If you apply for an unsecured loan, such as a personal loan, student loan, credit card, or business loan, no collateral needed. Unsecured loans given based on a person’s income and spending habits in addition to credit score. If a person takes out many unsecured loans, it is clear that they are already in too much debt, which puts them at risk and affects their credit score.


While paying the 50 Lakh Home Loan EMI, it should be of utmost importance to you to maintain your credit score. Having a good credit score is advantageous in a number of ways. In addition to making it simpler to obtain future loans, it also enables you to receive the most favorable interest rates on your current loans and other credit. Be sure to avoid the faults listed above to prevent unintentionally harming your credit score.

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