CIBIL Score is Important
InstaEmi.com deals with all the financial products. We understood that many of our customers are not aware of importance of CIBIL score or the way to maintain or improve that
We did a countable analysis to present few tips
CIBIL is Credit Information Bureau of India Limited. It keeps a track of all the credit transactions of Individuals. And assigns a score to individuals based on their credit history which is referred as CIBIL Score. It ranges from 300 to 900.Anything above 750 is considered as good CIBIL score or credit score. It also maintains the records of non-individuals (commercial entities). All the information of payment pertaining to loans and Credit Cards is maintained. When there is a need to improve credit score
What do we Recommend
OLD is Gold
Maintain the oldest credit card which will protect your CIBIL score. A good credit card you have managed well is boon. This longevity is considered by the lenders. When you have a good repayment history your oldest card acts as a shield to protect your Credit score
I am On Time
Please pay the EMIs on time. Prompt payments of any existing EMIs will certainly increase the credit score. If you are dropping a cheque, do that well in advance to not miss the due date? If that is an auto debit facility opt for a date which is 3 or 4 days before the payment due date. Though there is a holiday or network issue, this will not affect the due date. Remember the due dates if you are using multiple cards. Maintaining many cards is not advisable. 2 or 3 cards should do.
Outperform the outstanding
Please clear the credit card outstanding. Ideally using 30% of the credit available is a good tip. When you get a chance to increase the credit limit please oblige, and still maintain the same utilization. You have more credit but utilization is less than 30% is a concept that increases your worthiness and boost up the CIBIL score. This is called as a 30% utilization rule
Peer-to-Peer to Cheer up
It is blessing when you have poor CIBIL score. When you take a loan with any peer-to-peer lending platform (if new please check online) and make prompt payments. Your credit score Improves. To understand Peer-to-Peer please contact us
Yes. A Secured card is another great option. You can take a secured card against your Fixed Deposits. Timely payments on these cards is another good tip to increase the CIBIL score
IS it SO
Sometimes CIBIL score goes down because of wrong information. Which can be from a bank or a technical error? Please check credit score and credit information report at regular intervals and report any faulty information to CIBIL.You can address this online or physically. Once the mistake is corrected you will come back to a safe zone.
Your CIBIL score will make your life happy and also can stop you dreaming further. Always have a good CIBIL score.
Hope the article is adequate. We at Instaemi.com are ready to answer any more questions.
“It’s financial hygiene factor, take every step to maintain good Credit Score. It is matter of Credibility”