These days people are increasingly using various financial instruments and loans to meet their needs. The most important of these is improving your credit score. Many factors depend on a person's CIBIL score, whether to give loans, or to give at a lower rate or at a higher rate. Therefore everyone should focus on the Sibyl score. Always keep an eye on whether the credit score decreases or increases. Let's know the important things about this so that you can get loans at low interest rates with a good CIBIL score.
What should be the credit score..?
CIBIL score ranges between 300 to 900 points. A score of 750 points or more is considered good. That means.. Remember that if you have a credit score above 750 you will get loans easily. CIBIL score is based on 24 months of credit history. Credit Information Bureau india Limited is the only agency providing this.
How to know your CIBIL?
Step 1- Visit CIBIL website www.cibil.com.
Step 2- Click on your free CIBIL score on the home page.
Step 3- Enter your name e-mail id. Create a password. After this select any of your ID Proof (Passport Number, PAN Card Number, Aadhaar Card or Voter ID Number). Then enter your pin code, date of birth, phone number.
Step 4- After entering all the details.. click on accept and continue.
Step 5- Enter the One-Time Password (OTP) received on your phone and click on Continue.
Step 6- You will receive a message that your registration is successful. Then go to the website dashboard.
What is the CIBIL score based on? How is it calculated ..
The 30 percent CIBIL score depends on whether or not you are repaying the loan on time. The credit score is determined by taking into account 25 per cent on secured or unsecured loans, 25 per cent on credit exposure and 20 per cent on loan utilization.
CIBIL score decreases due to these reasons..
If you take a loan from the bank and don't pay it back on time, your credit score will suffer. If you have a credit card, even if you do not pay its bills on time, your credit score will be negatively affected. If you do not maintain a minimum balance in your bank account or have a minus balance in it, your credit score will be damaged.
