how to improve your cibil score
TRANSCRIPT
A B O U T C I B I L
The Credi t In format ion Bureau( India ) L imi ted (C IB IL ) wasestabl ished in 2000 and hass ince been the most popularcredi t agency in Ind ia . C IB ILco l la tes a l l the credi tinformat ion of an ind iv idualsent to the agency by banks .Us ing th is data , they score anindiv idual ’ s credi t h is tory on arange of 300 to 900 , wi th ascore above 750 be ingcons idered heal thy
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B U I L D A C R E D I TH I S T O R Y
MAKES 30% OF CIBIL SCORE
A common misconcept ion among people i s that hav ing no credi twhatsoever ensures a good credi t score but in rea l i ty a whopping30% of your C IBIL score i s based on your credi t h is tory a lone.
A credi t h is tory i s of utmost importance when i t comes to loanapprova ls or ava i l ing credi t . I t ’ s a great idea to make f r iends wi thcredi t and use i t jud ic ious ly
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MAKES 25% OF CIBIL SCORE
P A Y Y O U R D U E S O N T I M E
A common misconcept ion among people i s that hav ing no credi twhatsoever ensures a good credi t score but in rea l i ty a whopping30% of your C IBIL score i s based on your credi t h is tory a lone.
A credi t h is tory i s of utmost importance when i t comes to loanapprova ls or ava i l ing credi t . I t ’ s a great idea to make f r iends wi thcredi t and use i t jud ic ious ly
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A P P L Y F O RL O A N O N L YW H E N !YOU ABSOLUTELY NEED IT
I t ’ s a lways wise to keep the number of loanappl icat ions to a min imum as the type ofloans you ’ve ava i led and i ts tenurescontr ibutes to another 25% of your tota lscore .
A lso remember to mix up the k ind of loansyou apply for . You should a im for a hea l thymix of secured and unsecured loans in theform of personal loans , auto loans , homeloans , e tc . w i th fewer unsecured loans .
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A V O I D O V E R U S EO F A V A I L A B L E
C R E D I TOver-ut i l i zat ion of the ent i re credi t l imi t ava i lab le to youregular ly i s cons idered a red f lag . I t ind icates that youl ive ent i re ly on credi t and probably even spend more thanyou earn which in turn could af fect your C IB IL score .
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A V O I DI M P U L S EE X P E N D I T U R E
An o ld but important ru le ; a lways th inktwice before sp lurg ing . Don ’ t just swipeyour credi t card to buy that cool gadgetthat just h i t the market . Take t ime toth ink th ings through and p lan for yourexpendi ture .
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C O N T A C T
+91-80-39515161Emai l : in [email protected]
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