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Your CIBIL score is made up of four factors and each of them have a weightage.
|Credit Type and Duration/||25%|
Payment history is one of the biggest factors that can affect your CIBIL score in a positive or a negative way. If you pay your outstanding bills associated with your credit cards and loan EMIs on time, it will boost your score. And if you delay payments or miss payments, it will reduce your score. Hence, such payment behaviour should be avoided to keep your score high. A CIBIL analysis reported by the Financial Express reveled that a 30-day delinquency can reduce your CIBIL score by 100 points.
Credit Exposure which is also known as the credit utilisaiton ratio is the second biggest factor that affects your CIBIL score. Credit utilisation ratio is the amount of credit used by you in proportion to your available credit limit. As per experts, you should ideally use up to 30% of your total credit card limit. A high credit utilisation ratio suggests you are credit hungry and are struggling with your finances. As a result of heavy credit usage on your credit cards, lenders could think that you are at a high risk of turning into a defaulter, leading to subsequent application rejection.
Having a long credit history suggests that you have experience in handling credit. Credit history refers to the number of years that have passed since you have opened your first credit account. Therefore, it is advised to start building credit history at an early stage as it comes in handy when you are planning to buy a house or a car in the future, requiring higher loan amounts.
The type of credit is also considered while calculating your CIBIL score. It is important to maintain a healthy balance of secured (e.g. home/auto loan) loans as well as unsecured (e.g. credit card) loans. When you have secured as well as unsecured credit in your credit report, it suggests that you have good experience in handling both types of credit.
Another factor that is a part of your CIBIL score calculation is hard inquiries. When you apply for credit such as a loan or a credit card, lenders pull out your CIBIL report from the credit bureau. Such an inquiry is called a hard inquiry and multiple such inquires will have a negative effect on your score. You should avoid applying for multiple lines of credit at the same time.
It should be noted that your CIBIL score is one of the factors considered by lenders while sanctioning your application. Therefore, you should take necessary measures to maintain a high credit score. At present, there are several lenders who offer preferential pricing to consumers who have a healthy CIBIL score. With a high score, you have the power to negotiate better deals on credit cards and request for lower interest rates for loans.
|CIBIL Score Range||Meaning|
|750 - 900||
|700 - 750||
|550 - 700||
|300 - 550||
Ideal CIBIL Score Rating Loans
|Loan||Ideal CIBIL Score|
|personal loan||Above 700|
|Home Loan||Above 650|
|Loan against Property||Above 650|
|Car Loan||Above 700|
|Business Loan||Above 700|
|Gold Loan||Not Required|
Use credit responsibly:
Avoid late or missed payments:
Maintain a low credit utilisation ratio:
Make sure to close accounts:
Review your credit report:
Yes, your credit score and your CIBIL score are the same. The Credit Information Bureau (India) Limited was the very first credit bureau in the country and so, CIBIL score was a term that was used synonymously with the term, credit score.
SBI does not issue credit scores for its customers. The CIBIL is the credit bureau which collects information from and NBFCs about people and they then calculate the credit score.
If you want to check your CIBIL score with paying any money, you can search for cibil website on the internet. You should then fill in all details and once you submit this, you will be able to see your credit score.
You should have a minimum CIBIL score between 650-700 to get a loan.
Yes, a loan rejection will lower your CIBIL score.
CIBIL Related Articles
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report. CHECK YOUR CIBIL SCORE now.
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