Have you ever wondered what would happen if your credit score is different across credit bureaus such as CIBIL, Equifax and Experian? For instance, what if your CIBIL score is 760 whereas the one on Equifax is 740. Is this possible and if yes, why? Well, credit score ranges can certainly vary, albeit slightly, among … Read more
Procuring a credit card usually with a poor CIBIL (Credit Information Bureau India Limited) score can be daunting, but it’s not impossible either. It is simply because the credit score, also known as CIBIL score, is a key factor which banks base their decision on. A low CIBIL score usually indicates a higher risk to … Read more
It is highly unlikely to see a considerable change in your CIBIL score in just one month. It can be quite challenging as it usually takes time and financial behaviour to positively impact your credit score. However, there are a number of steps one can take to improve the credit score quicker. Steps to take … Read more
In order to check the credit score from a credit bureau such as CIBIL, one requires to enter PAN, or Permanent Account Number, which is linked to the bank accounts and primarily used as an identity document for income tax-related purposes. Notably, one doesn’t necessarily need a PAN card to check their credit score in … Read more
Before handing out a loan, banks invariably check the applicant’s credit score. So, it goes without saying that a good credit score is indispensable for anyone to procure a loan. However, there are a slew of misconceptions about CIBIL score. Here are six key misconceptions: Checking your score hurts it: This is a widespread misconception. … Read more
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
Have you wondered what would you do if you face difficulties in raising your credit score? Apart from the standard tricks of paying bills on time and clearing your outstanding credit card payments, there are some specific strategies that you can follow on the advice of the credit score repair services. These credit repair companies, usually … Read more
Getting mistakes on your credit report rectified is important to maintain your financial health. For example, outstanding bill of one credit card may be reflected in your credit report, while the credit card was not issued in your name. So, you must request the correction to be made by submitting the necessary documents. Getting a … 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