The credit score is the primary parameter for the financial institution to judge the creditworthiness of a borrower. Credit rating defines your capability to avail the loan, earnings and repays it. This rating starts at lowest of 300 and rises up to 900. The range your score falls defines your creditability for the lender. A person with higher score enjoys the easy, enough and desired loan. Thus, keep an eye and boost CIBIL score to enjoy different loans and other credit facilities. For this, the score should be around 750.
The Credit rating and score are issued by 4 different companies like CRIF Highmark, TransUnion CIBIL, Experian and Equifax and hold a license from Reserve Bank of India. With the increase in the demand of loans and other credits, the financial institutes make it a base to analyze an individual’s eligibility and issue the credit as per the score. With this, it is important to keep track of the score and boost the CIBIL score. People who are not aware of this score often do not know how it impacts on an individual’s ability to enjoy needed credit in an emergency situation. This score depends on factors like age, income, expenditure habits, debt repayment behavior and other financial reasons. Once you know your rating, you can easily follow steps to correct. Thus, keep a check on your CIBIL rating and correct it over time if you have poor credit. All you need is to practice sound financial behavior to increase this score.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |