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A CIBIL score is important if you are planning to get a loan or a credit card. It represents your financial and credit health. Your CIBIL score is a result of your financial behaviour and hence you need to maintain a certain financial discipline. A CIBIL score is can range anywhere between 300-900, 900 being the highest. Generally, banks and non-banking finance companies (NBFC) consider a CIBIL score of 700 and above as ideal . In recent times, lenders have started giving preferential pricing and special discounts to individuals who have a CIBIL score of 700 and above. It is calculated on the basis of an individual’s credit history and repayment behaviour. A high CIBIL score makes you eligible for lower interest rates and offers quicker approval. There are a lot of things said and written about importance of maintaining a good CIBIL score. At the same time there are several myths about CIBIL score that you should be aware about. Let’s take a look at them. If you have ...

A lot has been said about a CIBIL score and importance of checking your CIBIL report. However, there are a several people who might not know how to read a CIBIL report or what to take from it. Besides a CIBIL score, a CIBIL report has detailed information about your transactions and payments. It is a summary of your credit history. It comprises of your repayment and borrowing history. There are several tips that help you in better understanding of your CIBIL report. Let’s take a look at some of the simple tips to read your CIBIL report more effectively: CIBIL Score: A CIBIL score is presented in the first section of the CIBIL report. A CIBIL score ranges from 300-900, 900 being the highest. If you have a higher CIBIL score, there is a higher chance of getting a quicker approval on you loan application as well a credit card with several benefits and rewards. A higher score suggests that you have a lesser chance of becoming a defaulter. A CIBIL score is computed by cre...

If you are a newbie job holder you must be pretty excited about your salary. It is only natural that you want to buy expensive things for yourself and your loved ones. The thought of getting a fixed salary every month can be more enthralling but at the same time, you should have a hold of your emotions to control your expenses and start good financial habits. Having a financial discipline will help you in the long run in terms of a good CIBIL score. In addition to investments like fixed deposits, mutual funds, real estate, etc, your CIBIL score is also a key measure of your financial health. You must take adequate measures to maintain a high CIBIL score . Here are the top 5 good habits you need to inculcate in order to maintain a good CIBIL score: 1. Don’t change your lifestyle all of a sudden: If this is your first job, you will feel quite powerful with all the money flowing into your account every month. This is the time to control your emotions and not go haywire wit...