What is CIBIL score? why its necessary to have good CIBIL score?:
Your CIBIL score is the mirror of your credit history, which reflect your financial behavior, CIBIL score is the three-digit number which varies between 300 to 900
300 is the worst whereas 900 is the best CIBIL score, generally CIBIL score greater than 750 is considered as good.
For taking credit or loan one must have good CIBIL score, currently most of the companies checking CIBIL score of their new employees, so if ones CIBIL score is not good then its going to create problem in job also.
How much CIBIL score required to get the Bank Loan?
Your CIBIL score is the mirror of your credit history, which reflect your financial behaviour, CIBIL score is the three-digit number which varies between 300 to 900
300 is the worst whereas 900 is the best CIBIL score, generally CIBIL score greater than 750 is considered as good. If your CIBIL score is greater than 750 then bank may consider your application for the loan, whereas it differs from bank to bank
7 Smart tips to improve CIBIL score
Financial Discipline: Set reminders for payment of your loan EMI and credit card dues on time, its impact huge your CIBIL score
Older the credit history greater the CIBIL score, so maintain longer credit history maintain your old credit card its going to improve your CIBIL score
Avoid to have many loans at a time, don’t go for multiple loans at a time take a loan repay it on time then its going to boost your credit score
Credit card utilization ratio, don’t use much of your credit limit its going to impact your CIBIL score, use your credit card in the disciplined way.
Create credit history if you don’t have a credit history, take a loan and repay the same on time its going to create good credit history of yours.
Check your CUBIL report, if there is any errors in the record, raise the issue and get it rectified its going to improve your CIBIL score
Monitor payment of a loan, accounts or card in which you are a co-borrower/guarantor, you will be held equally liable if payment not being done on time, so be active and monitor the things wisely.
What to do when you have bad CIBIL score: First clear your dues and apply for a secured credit card, there are many banks which issues secured credit card against FD or collateral, use the card in disciplined way pay dues on time in such a way you can improve your CIBIL score.
“Be financially disciplined, improve your CIBIL score, get more credit from banks when you are in need”