For taking a loan or credit card, many banks and finance companies talk about Cibil Score. They check the CIBIL status of the person who wants to take a loan.
What is this CIBIL that is very important for them when they need to take a loan from somewhere? CIBIL is known as Credit Information Bureau India Limited. It is a company that provides credit information.
This company maintains all credit related information and records of activities of individuals and organizations. Whenever any person applies for a loan, his CIBIL is checked.
In such a situation, it is very important to know 10 things about CIBIL Score (10 Important Things Related to CIBIL Score) so that you don’t have to worry about taking a loan in future. And you can easily get loan from bank. So know about these 10 important things…
What is CIBIL Score?
You must know that CIBIL score is a 3 digit number based on your credit history. This score ranges from 300 to 900. A score of 750 or above is considered good.
Why is CIBIL score important?
CIBIL score tells you how well you have repaid your past loans. Banks will look at this and decide whether it is safe to lend to you or not.
A good CIBIL score Most banks and financial institutions consider a CIBIL score of 750 and above as good for lending. This increases your chances of getting a loan.
Reasons for Bad CIBIL Score?
If you don’t pay your bank loan amount or credit card bill on time, your CIBIL score may go down. Also, borrowing more and defaulting will lower the score.
How to Improve CIBIL score?
Repay all your debts on time, pay credit card bills on time and avoid taking on too much debt. For your information,Let us tell you that your score can go up (Improve CIBIL Score).
CIBIL score is checked once?
CIBIL score is reviewed from time to time. Any change in your financial situation will also affect your score.
These things affect the CIBIL score?
When you take multiple loans from a bank, the total number of loans you have taken, payment of credit card dues and default status affect the CIBIL score.
Loan approval through CIBIL score?
When you apply for a loan in a bank, banks and financial institutions approve the loan only after seeing your CIBIL score. If the score is good you can get loan at better rate.
CIBIL Score Report?
You can get your CIBIL score report from the CIBIL website. At the same time, many banks and many lending apps also provide free CIBIL check facility