Again, Cibil credit score also referred to as TransUnion CIBIL score is a 3-digit number that ranges from 300 to 900. Cibil score reflects how well or how bad a consumer has dealt with loans or credit cards previously.
Why Your Cibil credit Report is Important
Citi credit score is much more than just a credit score as it offers you the opportunity of getting 3 months FREE access to CIBIL Marketplace, where you can check Score-based customized offers made just for you.
Checking your Cibil score enables see your entire credit profile, credit summary, score history, as well as score analysis.
Gives you the ability to protect yourself from identity theft by tracking changes in your report.
What Is A Good Cibil score?
A good Cibil credit score ranges from 300-900. Note also that anything above 750 is seen as a good score. Consumers advised to strive for the 900 benchmarks, to have the credit institution have more confidence in your ability to repay the loan and also have a better chance of your application getting approved.
How is the Cibil credit score calculated?
It is calculated by different credit bureaus using their own proprietary algorithm. The main elements of score composition still revolve around loan and credit card repayment pattern of an individual. Cibil score ranges between 300 to 900 and the higher the score, the better the credit track history of the borrower.
How to improve your Cibil score
Do Away With The Balances
Start your Cibil credit score improvement journey by eliminating credit card balances. It is advised that you only spend as much as you can repay within the billing date.
Ensure You Dispute Inaccuracies
Next, ensure that you dispute errors immediately on www.CIBIL.com once you review your Cibil report and you disagree with a particular transaction made through the vendor. It is mandatory that financial institutions act on those disputes within 30 days. Immediately the error is resolved, it will show an improvement in your score.
Keep Your Oldest Credit Card Account Going
Keep your oldest credit card account going as long as you can by not closing them as long as you have a good repayment history.
Make Your EMIs Payment On Time
Pay your EMIs on time and avoid being behind in repaying your credit card bills and EMIs. If you are considering making a huge purchase, pay your EMIs on time instead, as this is one of the criteria Cibil uses to gauge your credit rate.
Get a secured card and repay your balances on time to give your Cibil score a boost.
Try Increasing Your Credit Limit
Increase your credit limit and keep your utilization low to boost your credit score.
Credit Utilization Ratio
Be careful not to use your credit card for every transaction. Your credit utilization ratio is better kept up to 30% or lesser. Doing this will positively impact your Cibil score.
There, you have all you need to know about Cibil score. Go ahead and get that good Cibil credit score you so desire. It is that easy. Try it out today. Thanks for your time.