CIBIL score is an important factor that banks consider when evaluating applications for business loans. While there is not a fixed threshold of CIBIL score requirement which is applicable universally to all banks, a higher CIBIL score usually raises the likelihood of loan approval and favourable terms. Here are the general rules: Excellent credit score (750 and … Read more
When a borrower co-signs a loan, it can have both positive and negative effects. This can have both positive and negative effects on your credit score, based on how the borrower manages the loan. For instance, 51-year Ajay Aggarwal decided to co-sign a loan for his son who wants to take a student loan. This may also … Read more
Paying off debt is vital to maintain a good credit score. However, it is a responsible financial management that leads to a good CIBIL score. Therefore, a borrower must take some steps to ensure that credit score stays healthy and sound. These steps include monitoring your credit report from time to time, timely bill payments, … Read more
Foreclosure may have an adverse and lasting impact on your credit score. But first of all, let us understand what a foreclosure is. It refers to a legal process in which a lender attempts to recover the unpaid loan from a borrower by forcing the sale of asset that was given as the collateral. This … Read more
Credit mix refers to the variety of credit accounts you have on your credit report. These include car loans, credit cards, student loans, personal loans, among others. Having a diverse mix of credit accounts shows to lenders that you can handle different types of credit in a responsible fashion. Impact on credit score Credit mix … Read more