CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Myth 1: The CIBIL TM score Concept Helps Banks and Fintech Organizations Only This score not only helps banks and fintech institutions but also customers by helping them utilize their credit properly. In this way, borrowers will be more careful about their finances. Myth 2: Higher the Income, Higher the CIBIL TM score If your income is higher, or if you have got an appraisal, or if you have got a higher payout, it does not mean that you will have a higher CIBILTM score. The CIBILTM score is computed based on the credit you have used and whether you have repaid all your debts on time. Myth 3: The CIBIL TM score is the only factor influencing your credit application This is a terrible myth. Because lenders consider other factors like income, assets, current debts, investments, and job stability for sanctioning your credit application. The CIBILTM score indicates to the lender your creditworthiness and how well you have handled your repayments. And this is just one of the factors influencing your credit application. Myth 4: A debit card helps in building your CIBIL TM score A debit card will not help in building your CIBILTM score. Applying for a debit card, using it, or just having it will not affect your CIBILTM score. A debit card just helps you manage the finances in your bank account. Myth 5: Nil Credit Helps You Get A Good CIBIL TM score It is not fine to have nil credit because there is nothing to indicate your creditworthiness. Lenders have no basis to evaluate your financial discipline or your ability to repay the loans on time. So, it is recommended to take loans and credit cards and repay the bills and EMIs on time to build a good CIBIL TM score. What Actually Impacts The CIBIL TM score? Below are a few factors that can impact your CIBIL TM score.
Conclusion It is important to build a good CIBILTM score and also maintain it. It is the most important factor considered by banks and financial institutions before they approve a loan application. With a good CIBILTM score, you can enjoy extra financial coverage to help fulfill all your needs. But, you must know what exactly affects your CIBILTM score and bust the myths surrounding it.
FAQS of 5 Popular CIBIL TM score Myths That Most Borrowers Believe
1)Does having a good CIBIL TM score alone fetch you lower interest rates?
When it comes to giving you a loan, the lender will take various factors into account such as the borrower’s income, their age, past credit history, etc. and not just your CIBILTM score alone. If the lender is not satisfied with your overall credit behavior, he may either reject your application or give you only higher interest rates.
2)What CIBILTM credentials should a good borrower have?
The minimum CIBIL™ score for a personal loan should be between 720 and 750. A score in this range will show the lenders that you are creditworthy and will make lenders approve your personal loan application quickly.
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