In today's time, taking loans from bank has become a necessity simply because owing anything without bank's help is always out of budget. 

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Whether to buy a car, home or opt for higher studies, you are piled with multiple loans. While you are burdened with bucket full of loans, maintaining credit score becomes difficult. 

Credit score shows the credit worthiness of a person for the approval of a loan or credit card application.

The average credit score is said to be about 750 and anything below 750 is usually considered as a bad credit score.

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Do you really need multiple loans?

Radhika Binani – Chief Products Officer, Paisabazaar.com, said that applying for multiple loans at the same time is not advisable, as it can have long term implications not just on your Credit Score, but your financial future. 

"Foremost thing is determine your loan requirement and why do you need it. However, if you want different loans for different needs at the same time, like a personal loan for your marriage and an auto loan to buy a new car, it is best if prioritize your needs and take a loan only for what is absolutely essential," Binani said.

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If you have multiple credit needs at the same time that cannot be delayed, try to take a consolidated loan to meet these needs, rather than taking separate loans.

How to manage multiple loans?

Aditya Kumar Founder & CEO Qbera.com gave four easy tips to manage your finances in case you have multiple loans. 

He said, firstly keep all the EMI/due repayment dates close to your salary date. Once you get all your financial obligations out of the way, it will be easier to plan your finances for the month.

"Secondly, if you are paying high credit card interests (due to multiple loans), consider consolidating your debts and refinancing it at a lower interest rate. Thirdly, do not take out any more loans or credit card debts until you pay off at least half of the current debts."

Lastly, keep aside a small amount towards an emergency fund every month. A penny saved is a penny earned, after all, Kumar added. 

Moreover, adding to list of habits that needs to keep in mind to maintain a 750+ credit score, Kumar stressed that the tenure you choose or the amount of time you need the credit for is also significant in determining the credit score. 

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For instance, you have loan of 50,000 against you, which you can easily repay in 12 months as per your current income. But you still opted for a 24-month tenure, which is not a good sign for credit bureaus. If you give them the impression that you are prolonging one or more loan settlement for no reason, it could impact your score badly. 

Thus, before you apply for more loans and run behind getting a credit card, do train yourself for financial discipline.