What is CIBIL SCORE ? How to Increase CIBIL SCORE Digitalgkaa- The CIBIL Score is a three-digit number issued by the Credit Information Bureau India
We turn to banks when we need a loan in an emergency. At that point, the bank will first check our CIBIL score or credit score. If our CIBIL score is good we will be given a loan. Otherwise, the loan may not be given. Almost any bank will give a loan based on this CIBIL score. So there is something we all need to know about this CIBIL score. So let us know in detail about this Credit Score.What is CIBIL Score?
The CIBIL Score is a three-digit number issued by the Credit Information Bureau India Limited (CIBIL). It ranges from 300 to 900. Loans to an individual take into account the details of their payments and give them a CIBIL score. The CIBIL department has all the details of their loans and their payments. How Much Money Does a Person Take? Are you repaying the loan on time? A score is given to him after considering all the transactions on his credit card. It ranges from 300 to 900. The closer our CIBIL score is to 900, the better. If the score is over 750, it means that the person's credit score is good.
What is the use of having a high credit score?
If you go to the bank for a loan, they will check your CIBIL score. The higher your CIBIL score, the sooner you can get a loan. Having a low CIBIL score does not mean that you are in debt. A loan can be given by one bank but not by another bank. It depends on the bank policies of the respective banks. If any bank lends to him with a high-interest rate (Interest Rate) loan. That means he has to pay more interest.
Excellent Score (750 - 900): You can easily get any loan if your CIBIL score is between 750 and 900. That too can be obtained with a low-interest rate.
Good Score (700-749): If your score is between 700 and 749 you will get no loan. But you will have to pay more interest.
Fair (650-699): Secured loans are available if your score is between 650 and 699. That means you can get a loan to take out something like a car or a house. But can not get an unsecured loan. This means that you can not get loans for personal needs, education loans, credit cards.
Low (below 550): If your score is less than 550 then banks are less inclined to give you a loan at that time. Getting a loan from any of your banks can be very difficult.
How to know your CIBIL Score?
If you want to know your credit score or CIBIL score you will need to apply for a CIBIL score. For that, you can go to the official website of CIBIL: www.cibil.com
1. First you need to complete the form online.
2. Complete your PAN card and bank details.
3. You will have to pay a certain fee if you want to know your CIBIL score.
4. The credit report will then be sent to you by e-mail.
However, on some websites, we can also find out the CIBIL Score for free.
bankbazaar.com
creditsudhaar.com
freescoreindia.com
If you log in to these websites and enter your details, your CIBIL score details will be sent to your mail.
Factors Affecting CIBIL Score:
1. If we take a loan from banks and delay their payments, the score will go down. So it is always a good idea to pay off bank loans or credit card bills by the due date.
2.Unsecured loans mean that the higher the number of loans taken by an individual for past needs, the lower the credit score.
3. Secured loans mean that the credit score will increase if loans are taken for houses and vehicles.
4. Also the score of taking more loans in less time will decrease.
So from now on also consider credit score or CIBIL score. Increase the CIBIL score and keep that score above 750.
How To Increase CIBIL Score
Everyone who is employed now knows how important the CIBIL score is. Payments made on your PAN card, EMI links are all based on the PAN card. PAN card is mandatory for any transaction exceeding Rs. 50,000.
Your CIBIL score will go up and down based on your PAN card. So try to increase your CIBIL score.
PAN Card:
This means that your CIBIL score will go up and down based on your PAN card. Payments made on your PAN card, EMI links all depend on the PAN card. PAN card is mandatory for any transaction exceeding Rs. 50,000.
The CiBil Score works on the basis of the non-issued PAN card
Credit rating:
Pay off bank loans and credit card payments as much as possible without doing so. Failure to do so will result in a positive rating on our credit rating. Banks or financial institutions that have paid or not paid the entire lump sum before the expiration of the payment will report the matter to the CIBIL Rating Agency immediately. Paying off your debts as quickly as possible can make your CIBIL score rating skyrocket as it can be a little embarrassing to repay in full on time. There are a few things we must remember to increase the CIBIL score.
First Our Capacity:
Whether we have the ability to repay a loan is the first thing every lender thinks about.
How to Increase Capacity:
Stable employment in big companies, regular IT returns for entrepreneurs. Also, use only half of the credit limit of 50%. This will increase your credit score. Another important point is that if we have a credit card, we will use it beyond our limits. Otherwise, if your credit card limit is Rs 1 lakh, it is better to spend no more than half of it. This will increase your credit score.
Loans and Credit Cards:
In addition, the high level of credit and credit cards also affects the credit score. For example, suppose there are 5 cards with a limit of Rs 40,000. It is better to take two cards with Rs. 1 lakh than that. If you pay the dues properly, your credit score will increase significantly.
Loans and Credit Cards:
In addition, the high level of credit and credit cards also affects the credit score. For example, suppose there are 5 cards with a limit of Rs 40,000. It is better to take two cards with Rs. 1 lakh than that. If you pay the dues properly, your credit score will increase significantly.
COMMENTS