Grooming your CIBIL score puts you one step up towards obtaining that home, car or another loan you have always desired. Your CIBIL score directly hits on your ability to get a card, as well as lenders, have the confidence to give you any financial help.
The banks and non-banking financial companies will access your credit score and CIBIL report. A good CIBIL score goes higher chance to avail a financial help from lenders with the competitive interest rate. The closer your score is to 900, the easier it becomes to get a loan from banks.
Each bank has its own minimum credit score causes and consequences that serves as a cut off for accepting or rejecting your applications. The most financial companies have considered applicants with a score of 750 or above.
To increase your CIBIL score and come on a good note of lenders, you should have implemented effective financial discipline. Therefore, if a credit check causes lenders to reject your application, then it is high time to buckle up and undertake measures to increase your CIBIL scores.
How Can You Access CIBIL Score With Just PAN Card Details?
You will need to input further details as per PAN card information. You will need to enter a few personal details like the name as per PAN card, date of birth, contact detail, ID proof and answer a few question related to your credit history. Once your information, is verified then you will receive email on registered ID.
Why Is Good CIBIL Score Important?
A good habit always serves you well, because when it comes to availing a credit card or loan approvals, the lenders check your CIBIL score or credit score through CIBIL. A CIBIL score determines your creditworthiness which in turn will help you have loans faster and easier.
Your credit score range is starting from 300 to 900, and the closer you are to 900, a chance will strong to get a credit card or loan. In this range 700 to 750 range is a good score, if you are less than that, so need to think how you can improve your score.
Before you are improving your score understand the facts, why are you in trouble and which factors need to take care. You have to pay all the payments on time without any late fee charges, most of the time many of you think very casually when having a card, that we have enough time to pay the bills but on last date of payment you just forget to pay, and the result is a bad score. On a regular base, declined to pay bills on time is ruin your good score chances. Next is your spending habit a bank gives you limit, and you have crossed the limit, it also makes your bad CIBIL record.
Which Factors Are Affecting Your CIBIL Score?
When a bank decides to undertake a credit check, you would want to avoid having anything that appears risky in your CIBIL report. If they come across anything they don’t like it, then they can reject your application. Before that happen to you, let’s know the affecting factors
Credit Card Repayment History: Your repayment history plays an important role, in developing a good CIBIl score. Making late payments on a credit card on your EMIs can, negatively affect your credit score and also indicating that you are, not serious about or capable of clearing your payments.
Credit Utilization Limit: To buy each and everything with credit card, you have to keep the rules in your mind of usage. Try not to exceed your credit usage and, this will establish not only your credibility for financial discipline and management but will also take your CIBIL score soaring with positivity. When your monthly saving balance is low, it will benefit to reflect a positive CIBIL score.
Information On Secured Card: Just in a case, an individual has a bad credit score, then getting a secured card from leading banks against a fixed deposit is the way to go. Leading banks like Axis, ICICI, SBI more offers a secured credit card against a fixed deposit of amount. When you repay your balance on time, the CIBIL score soars high.
Use Multiple Credit Cards: When you have multiple credit cards and a new account, this may affect your CIBIL score. How? When you are not able to pay all credit card bills or EMIs payments on limited time, then automatically things are hitting your CIBIL score. That’s why try to finish one card repayments then apply for next.