Tuesday, March 28, 2023

How to increase CIBIL score, and what is CIBIL score


How to Increase Cibil Score: Today we are going to know about Cibil Score. Because there are many people even today who have heard about Cibil Score, but what is that Cibil Score? Or what is Credit Score? Don’t know about it. Although some people are also aware of this, then they search for questions like Apna Cibil Score Kaise Badhaye on Google.

Because many people are not able to manage their Credit Card’s Cibil Score properly. And sometimes the Cibil Score also gets very bad. In such a situation, it is also very important for you to know, how to increase a bad CIBIL. The CIBIL score of our credit card is also bad because many times we buy such things with our credit card, which do not matter much to us.

But later when it comes time to pay his EMI, we are not able to pay his bill on time, due to which your Credit Card Tax Cibil starts deteriorating. If you want to take a loan for yourself, then it is very important for you to keep your credit score good for this. Because nowadays any finance company checks your credit score thoroughly before giving any kind of loan.

If we pay all our payments on time, then we do not face any problems related to taking any kind of loan in the future. And gradually our Credit Score also starts increasing. If we talk about what is a good CIBIL score, then let us tell you, a good CIBIL score is between 700 – 900.

But if you are using your credit card for unnecessary things, and have not paid on time, then your Cibil Score can go below 500. It may take about 2 to 3 years to correct a bad credit score again. That too whenever possible, when you pay everything on time for these 2 to 3 years and fill all the EMIs on time, then your Cibil Score can be good again.

Sometimes it also happens that your salary is very good. And you need a loan, but still, the bank refuses to give you a loan. Because your salary is very good, but you have made your CIBIL very bad. Because at present everything is online, and in such a situation the bank already finds out by looking at all your information whether you should give a loan or not.

When our CIBIL score is very good, then the bank gives you the loan very easily. Before knowing how to increase CIBIL , it is very important to know what is CIBIL score.

What is CIBIL Score

If we talk about CIBIL in simple words, then CIBIL or credit score is the financial credit of a person. According to the score of your Financial Credit, the bank decides, how much rupees that person can get a loan. However, you may still be wondering what is CIBIL score. It is not known exactly, CIBIL is a 3-digit number, which ranges from 300 to 900.

The number of CIBIL scores is compiled by TransUnion CIBIL Limited Company. Before giving CIBIL score to any person, the company checks his entire account. The better your CIBIL score history, the better your CIBIL score will be. A good CIBIL score reflects your loan repayment eligibility.

What is the full form of CIBIL? CIBIL Full Form

The full Hindi form of CIBIL is Credit Information Bureau India Limited. The English Full Form of CIBIL is: Credit Information Bureau (India) Limited.

What is CIBIL Company?

TransUnion CIBIL Limited, also commonly known as Credit Bureau, is India’s first Credit Information Company. CIBIL keeps information related to payments and records made by companies through loans and credit cards of any individual, company, or business.

All these records are submitted by banks and other lenders to the CIBIL company in a month. Using all this information, CIBIL Company prepares a Credit Information Report, and CIBIL Score, on the basis of which the loan is given later.

CIBIL, whose full name is Credit Information Bureau (India) Limited, is a leading agency providing Credit Scores. CIBIL was established in India in the year 2000, its headquarter is located in Mumbai, the capital of Maharashtra.

How to make CIBIL Score

Your account is checked before your CIBIL score is prepared. And it is ascertained whether you are making all your payments on time or not. After checking all this information, 30% of your CIBIL score becomes. Apart from this, if you have any secured or unsecured loan, then 25% of your CIBIL score is prepared on it.

The same credit utilization makes up 20% of your CIBIL, while credit exposure makes up 25% of your CIBIL score. You should keep checking your CIBIL score about 2 to 3 times in a year. With this, you keep getting the correct information about your CIBIL Score from time to time.

What should be the civil score for a loan

As mentioned above, the CIBIL score is a 3-digit number, which ranges from 300 to 900. The best CIBIL score is considered to be around 900. Whose score is higher, it is better for him because the bank has to give a loan only after looking at your CIBIL score. By looking at your CIBIL score, the bank decides how much loan you should give, or whether you should give the loan or not.

Let us tell you that about 79% of the loans are given by looking at a CIBIL of more than 750. If someone’s CIBIL score is between 300 to 550, then the bank does not give a loan, because it is considered a bad CIBIL score. But if a customer’s CIBIL score is closer to 550 to 650, then it is considered a normal CIBIL score. In this situation, the bank gives you a normal and low-interest loan.

But if the CIBIL score is from 650 to 750, then it is considered a good CIBIL, and in this case, the bank gives you the loan easily. If a customer’s credit score is between 750 to 900, then the bank easily loads the loan at a low-interest rate without any hassle. I hope that now you must have understood easily, what should be the CIBIL Score for taking a loan.

How CIBIL score is bad

Your CIBIL score contains complete information related to your bank account, credit card, and loan. Even if your information is absolutely correct, even after this, you must check whether there is no delay in Days Past Due (DPD) means EMI of any loan, any bill, or any payment. Because until your CIBIL Score is not verified, you do not get a Personal Loan or any kind of loan.

When your Days Past Due (DPD) CIBIL score starts decreasing, the most important reason for this is that you have not paid your credit card loan EMIs on time in a particular month. Due to this, your CIBIL score is deteriorating. However, you can also get the correction done in your CIBIL score by giving a valid reason.

How to check CIBIL Score

Many people have a question, how to check your CIBIL score? Many times people search this question on Google in different ways, Apna Credit Score Kaise Pata Kare or Kaise Dekhe, and many other types of Salwa are asked about CIBIL. So let us know how to check your CIBIL score in very easy steps –

1 – First of all you have to go to the official website of CIBIL https://www.cibil.com/.

2 – After this, you have to click on the “Get your CIBIL Score” button.

3 – After this CIBIL Score Plan will appear in front of you, of which you have to choose the plan according to your budget and requirement and click on the button below.

4 – After this, you will have to create your account here. In which email id, password, or any id proof from you, such as a pan card, aadhaar card, voter card, etc? As shown in the below screenshot.

5 – After this, an OTP will come on the mobile number given by you, which you have to enter in the OTP section.

6 – After this, you have to go to the dashboard, and there you will find “Check your credit score” after that you will be redirected to myscore.cibil.com website.

7 – After this, you click on “Member Login”, and here you can see your CIBIL.

In this way, you can easily check your CIBIL Score. You should keep checking your CIBIL score every 3 months. Because if there is any kind of problem with your account, then you can rectify it.

How to increase cibil score

Till now we have come to know a lot of information related to CIBIL. Now how do we increase CIBIL’s score? Will know about it. Let us tell you that CIBIL score and credit score are the same things. Because many people keep searching their questions about Credit Score Kaise Badhaye in Google. Let us know, the way to increase your CIBIL score –

  1. Pay Credit Card Bills on Time

You should keep paying your credit card bill every month. If you do this, then the companies that give loans from it, it is saved for you. And you are supposed to be a responsible person. If you pay your credit cards responsibly, then your CIBIL starts increasing. But if your credit bill has gone up, you should pay it off as soon as possible.

  1. Submit Equated Monthly Installment (EMI) on time

As you know, the CIBIL depends on whether you are paying your Equated Monthly Installment (EMI) on time or not. If you do not deposit EMI on time, then you are considered a defaulter. And this record of yours is recorded in your credit report, and it spoils your report.

And your CIBIL score starts deteriorating. Many companies ask you to repay the loan on time, but most people ignore this, and whenever they apply for the loan in the future, they do not get the loan again.

  1. Use credit the right way

You should use your credit card only when absolutely necessary. Because it is not always right to use a credit card for anything. If you have this percentage, it is included in the credit report. And this also increases your credit score.

  1. Take loan responsibly

Whenever you take a loan or a loan from a company, you should first see whether you can repay the loan you are taking at the right time. Whenever you take a loan from a company or a bank in the beginning, they give it to you easily, because they consider you a responsible borrower by looking at your CIBIL. But if you do not repay your loan on time, then your CIBIL score starts deteriorating. That’s why you should always take only that much loan which you can repay on time. This will keep your CIBIL score good.

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  1. Don’t let your credit rating deteriorate

When you take a loan from a company or bank, it is of two types, in which the first is a loan, in which you take a loan by pledging something, the second type is a loan, in which you can take a loan without pledging anything. Is. The loan you take against the property is called a secured loan. The loan you take without pledging anything is called an unsecured loan.

Unsecured loans include business loans, personal loans, credit loans, etc. If you take more than one unsecured loan. It can affect your CIBIL rating. Therefore, it is advised that you should take only one unsecured loan at a time so that your CIBIL remains normal and does not deteriorate.

  1. Check CIBIL Score from time to time

You keep checking your CIBIL score from time to time every month. With this, you will continue to get correct information about your CIBIL. If your credit score gets worse due to some reason. Then you should not pay attention to the fact that your bad credit score will not get fixed. Because many times it happens without any reason your credit score decreases, or it appears low. If you have something like this, you can get it fixed by applying.

Let us tell you when you apply to the CIBIL company to get your CIBIL score corrected. Then the answer comes within about 1 month from the CIBIL company. Let us tell you that before applying to CIBIL Company. You should contact the bank from which you are taking the loan, or you have taken the loan.

  1. Don’t close your old accounts

You should not close your old accounts, if you have a good record of old accounts, it helps to improve your CIBIL.

  1. You should not apply for credit cards again and again

If we have to keep our credit card scores correct and good, then we should avoid taking credit card-related information again and again. You repeatedly take information related to credit cards. Then it sends a signal to the company or CIBIL so that it seems as if you are troubled by the financial crunch.

  1. Pay off the card balance with a personal loan

If your credit card loan amount is high. So you can repay it by taking a personal loan. Because the interest rate of a personal loan is lower than that of credit cards. After taking the loan, you can repay the EMI of the month on time. If you follow all the things mentioned here, then your CIBIL will be good

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