The CIBIL score or credit score is a numerical representation, ranging from 300 to 900, that summarises your credit history. A higher score, closer to 900, increases the likelihood of approval for your loan application. A credit score is determined by analysing your payment history, credit utilisation, length of credit history, types of credit accounts, and recent credit inquiries.
Factors Affecting Credit Score
A strong credit score is a boon to have, as it influences an individual's ability to secure loans and other credit lines at favourable interest rates. The three primary factors that significantly impact credit scores:
1. Repayment History: Your repayment history carries significant weight in determining your credit score. Timely payments reflect well on your score, whereas, a history of defaulting or delayed payments will very likely bring your score down.
2. Income and Employment Stability: Having stable sources of income secures your capacity to repay debt obligations and thereby, makes you more creditworthy.
3. Debt-to-Income Ratio: A lower debt-to-income ratio is generally more favourable for your credit score.
Effective Strategies to Adopt to Boost Credit Scores
1. Timely Repayments: Ensure the punctual settlement of credit card bills and loan EMIs to showcase responsible financial repayment patterns.
2. Routine Credit Report Reviews: Inspect your credit report regularly for inaccuracies and dispute any discrepancies to maintain an authentic portrayal of your creditworthiness.
3. Credit Variety: Include a variety of credit types, such as credit cards, and secured and unsecured loans to present a well-rounded credit history, positively impacting your credit score.
4. Debt Reduction Strategies: Work towards reducing outstanding debts to enhance your debt-to-income ratio and refine your overall financial profile.
5. Mindful Credit Applications: Restrict new credit applications, as multiple inquiries within a brief period can temporarily influence your credit score negatively.
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DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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