In an inter-connected market, your credit score matters a lot…
Have you ever wondered why your credit card application or loan application got rejected? Have you also wondered why your loan and credit card sanctions are for lower values that you desire? The answer could be your credit score or CIBIL Score.
Know your credit score…
The moment you take a credit card or a loan your background and repayment data is shared by the lender with CIBIL. The Credit Information Bureau of India Ltd. (CIBIL) is the repository of credit information of Indian borrowers. Your credit score is a function of factors like; the extent of leverage, proportion of high cost debt, your repayment track record, number of cheque / ECS bounces, loan rescheduling etc… Normally a credit score of 700 and above is considered loan-worthy, while a score of 750 and above is considered to be credit worthy. You may be surprised to know that 90% of all lending happens to borrowers with a CIBIL score above 700. Continue reading
