Business Desk – Sanctioning of a loan depends on the CIBIL score. Having a low CIBIL credit score makes loans costlier and difficult to get. It basically shows a person’s credit discipline, so it becomes important to have a good CIBIL Score.
What is CIBIL Score?
CIBIL Score is a three-digit number (ranges between 300 and 900), a higher score will give you several benefits. A score above 750 is considered good, with this you can easily get loan approval. Not only this but having a good CIBIL score helps the borrowers get cheaper loans.
If you need a loan or want a credit card then make sure you maintain a good CIBIL score. We have shared 3 tips through which you can improve your CIBIL score.
1) For a good CIBIL score utilization ratio of credit should be limited to 30 percent. Many advised to get a credit card with a higher top limit.
2) Loan or credit card dues impact your CIBIL score. Make sure you paid your due within time to maintain a good CIBIL score.
3) Many advise the loan portfolio with a mixture of secured and unsecured debt to attain a high CIBIL score. Unsecured debt is your credit card and secured debt is a home or vehicle loan.
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