Namastey 🙏
hello friends, how are you all? wishing you all happy and prosperous life ahead
Welcome by to my blog,Being the early bird of credit card, i would like to share my experience of credit card cibil score, i already told you neither 'm doing any job nor filling any Income Tax Return (ITR), bank provide me credit card against my fixed deposit, i have some fixed deposit in bank so bank provide same credit. As 'm not interested in credit card, I used it only to do mobile recharge or grab Amazing deals to get some discount offers during the festive season. Initially i paid all due amount before due date but unfortunately due to buzy in diwali preparation and celebration i forget to pay my due amount which is 30 or more days late, then the penalties was added as the rate of interest, as the amount was not much but what bothered me is CIBIL Score which is gone down, my brother told always try to maintain the CIBIL score as it really play an important role while taking any type of loan. The longer your payment is past due, the more your CIBIL score will drop.Just to have better understanding of CIBIL score I want to make post of what is CIBIL Score in simple words?
What is CIBIL Score?
CIBIL means Credit Information Bureau India Limited, India bureau keep all the track of financial transaction where you have borrowed or repaid the money.
As it name, CIBIL score, is a credit scrore refer to three digits scrore between 300 to 900, when you have CIBIL score between 700 to 900 which means you are eligible for any type of loan like home loan, business loan etc at low rate of interest where as below 700 the chances of getting loan gets less. So it is advisable always try to maintain your CIBIL Score.
Why CIBIL score is important ?
your CIBIL score is important as it show your how risky or dependable when you borrow money from someone, when lender gives you loan at some rate of interest, with the help of CIBIL score, lender can see the status of your past loan history transaction, if you have low CIBIL score then definitely lender will not give you the money as loan at any circumstances. Obviously CIBIl Score is low may affect your elegibility of personal loan to great extent.
Higher CIBIl Score ∝ Higher chances of getting loan
| CIBIL Score | Creditworthiness | Approval Probability |
|---|---|---|
| <600 | Need attention | lower |
| 600-649 | Doubtful | Difficult |
| 650-699 | Satisfactory | possible |
| 700-749 | Good | Good |
| 750-900 | Excellent | Higher |
Check your CIBIL score 👇🏻
well, as we all know learning from your own mistakes gives you life lessons,same thing happen to me, from my mistake i learnt eligiblity creteria of getting personal loan, now i will never forget my due date whatever happened, has happened, now i knowledged myself with CIBIL score, know much more information about it,i think something making mistake is good as it make me more responsible. Even i put a reminder in mobile 5 days before my credit card due day.
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