If you tried purchasing from Snapmint or tried getting a credit card and got rejected, this article will help you. Usually, when users get the message ‘Sorry, we are unable to provide you with a limit to make purchases’, it is because we are unable to underwrite your credit score. Since most users get rejected because we are unable to assess their credit score, here are some quick ways to boost your credit score.
Credit underwriting meaning can be the process through which the lender can assess the borrower’s creditworthiness.
In India, credit scores are updated every 45 days. This is mostly carried out by the Credit Information Bureau (India) Limited, commonly known as CIBIL, which is India’s first Credit Information Company or Credit Bureau. CIBIL takes charge to collect and manage the repayment records for loans and credit cards, for both individuals as well as commercial entities. These records are collected each month from various registered member banks and financial institutions. Based on this data, CIBIL issues a CIR and a credit score.
Usually, a good credit score helps you to get an easier home, bike and other types of loans. Thus, a good credit score is a report card to your lenders. There are several ways to build a steady credit score, including buying on EMI via Snapmint. Here is how you can get a quick boost to buy on credit:
One of the quickest ways to get a credit score is to become an authorised user on a family member’s credit card. This way you can piggyback your way to a good credit score. You can also get additional perks on the credit card.
A secured credit card is easier to qualify. It can be accessed like a normal credit card and you can enjoy rewards and benefits. The only difference is that you have to pay a fee to get the card.
This isn’t an immediate remedy but works if your parents or family members make investments under your name. These investments show up in your name and impact your credit score positively.
While this cannot be done directly in India, it is possible to report your rent to the credit bureaus. This will also help kickstart your credit history.
We hope these pointers will help you to make the purchase of your choice on EMIs. Please do contact our customer service for any further assistance.