CIBIL Score: What is CIBIL Score? How to increase? – what is cibil score how does it affect you some tips to increase your credit score

CIBIL Score is a term often heard by people trying to get a loan. This may not be understood by many people. What is Sibil Score? Why is CIBIL score important? How to maintain or raise CIBIL score?

A CIBIL score is a three-digit number. But this CIBIL score tells you your credit history in three digits. CIBIL score is determined based on your financial transactions, credit, loan repayments and EMIs.

CIBIL SCORE – HOW MUCH IS TOO MUCH? How much less?

Below 600 : Very low

600 – 649 : Low

650 – 699 : No problem

700 – 749 : Good score

750 – 900 : Very good score

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What affects the CIBIL score?

CIBIL score is determined based on financial transactions. However, late payment of loan EMIs, having too many credit cards, and late payment of bills can take a toll on the CIBIL score.

A low CIBIL score makes it difficult to get loans from banks and financial institutions. Most banks will reject the loan application. Or the loan will be given at a higher rate of interest.

How to Increase Sibil Score?

Keeping credit card balances low, paying EMIs on time, not taking too many loans, avoiding taking too many personal loans, and not applying too much for loans can boost your CIBIL score.