CIBIL Report

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What is CIBIL Score and what factors affect my CIBIL Score?
How can I improve my CIBIL Score?

What is CIBIL Score and what factors affect my CIBIL Score?

CIBIL Score is a 3 digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

The 4 Major factors that affect your CIBIL Score are

Payment History

Making late payments or defaulting your EMIs or dues (recently or consistently) will negatively impact your score
Multiple Enquiries

If your have recently been sanctioned multiple loans and credit cards then lenders will view your application with caution because this behaviour indicates your debt burden has increased. Which will negatively impact your score.
High Credit Utilization

An increase in the currect balance of your credit card indicates and increased repayment burden and may negatively affect your score
Credit Mix

Having a balanced mix between secured loans (Such as Auto. Home loan) and unsecured loans (such as personal loan,credit card) is likely to have a more positive effect on your credit score.

How can I improve my CIBIL Score?

You can improve your CIBIL Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 6 steps which will help you better your score:

Always pay your dues on time:

Late payments are viewed negatively by lenders.
Keep your balances low:

Always be prudent to not use too much credit, control your utilization.
Maintain a healthy credit mix:

It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively.
Apply for new credit in moderation:

You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
Monitor your co-signed, guaranteed and joint accounts monthly:

In co-signed, guaranteed or jointly held accounts, you are held equally liable for missed payments. Your joint holder’s (or the guaranteed individual) negligence could affect your ability to access credit when you need it.
Review you credit history frequently throughout the year

Monitor your CIBIL Score and Report regularly to avoid unpleasant surprises in the form of a rejected loan application.

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