Importance of Cibil Score
To keep an eye of the financial statements is very important for everyone. You financial history will surely put an impact on your upcoming needs. Financial Accounting helps you to improve your cibil score, so it is very important to have a good credit history. If you go for taking loans your previous transactions and history do plays an important role in it so for that you must know the Importance of Cibil Score. Your Cibil Score is created on your financial statements and credit History and it is considered an important parameter and it should be good for taking any loans from banks or authorize lenders. So, we have given Factors Affect Credit History to know more about your Cibil Score as well as we are sharing the direct link to check online.
Importance of Cibil Score
What is Cibil Score?
It is basically a three-digit number of your credit history. It ranges from 300 to 900 telling about the credit history mentioned in the Cibil Report also known as Credit Information Report (CIR). It is basically a credit payment history of an account holder or individual used by banks/NBFCs to judge your credit worthiness and by this they also check repayment of your loan on time. It does not contain any details of your savings, investments or FD’s.
What does CIBIL Score mean?
Cibil Score becomes an important parameter to be check by the bank or lenders before the approval of your loan application. It also provides your important credit history insights through your past transactions and credit usage to the money lender in concern of your loan repayment and approval. Cibil Score definitely helps the lender to check the details easily which helps you in making your loan approval process faster. Score which is greater than 750 is considered good and helps the lender in approving your loan application.
Factors Affect Credit History
Factors Affect CIBIL Score?
- Payment History: If you are making late payments or becoming a defaulter for your EMIs or dues will surely make a negative impact on your score.
- High Credit Utilization: If you increase your credit card’s current balance limit that means you need to pay more and increase the repayment burden which negatively affect your Cibil score.
- Multiple Enquiries: If you have been multiple applications or sanctioned loans and credit cards, then the money lenders will carefully view your application. This behavior indicates about your debt burden which is increased and leaves a negative impact your score.
- Credit Mix: try to have a balanced Credit mix in your secured loans (Car Loan, Home loan etc.) and unsecured loans (Student loan, Credit Card etc.) the balance between them surely leaves a positive impact on your Cibil score.
How to Check Cibil Score?
We are providing you the direct link to check the cibil score in few seconds, just fill the mandatory details and submit the form and it done, your Cibil Score will be Displayed on your Screen, just be true with your information to get the Cibil Score.
So keep your Finance track clear and proper from the starting, or you may start now for taking the cautions in regard of your credit History. Do use your Credit Card within limits and repay the EMI’s or Dues on Time for getting a proper and positive Cibil Score. For more details in regard of it you can ask your queries in comment box given below. If you like this article doesn’t forget to share it.