There are many people who do not understand the importance of CIBIL score but let us tell you that the CIBIL score is very important. If your CIBIL score is not good, then you will not be able to take a loan from the bank if you need in future. CIBIL score is a score that reflects a person's credit history and payment habits, that is, if a person's CIBIL score is good, banks consider such a person to repay the loan and easily provide loans at low interest rates. On the other hand, due to poor CIBIL score, banks can refuse you to give you a loan or give loans at higher interest rates.
It is very important for each person to maintain a good cibil score. Today we are going to tell you about 5 such mistakes that can affect your CIBIL score. Because if your CIBIL score is not good, then you will not be able to take a loan from the bank if needed in the future.
Not paying EMI on time or delaying EMI payment directly affects your CIBIL score. In such a situation, if you have taken a loan, then repay its EMI on time and also pay your other bills on time.
Misuse of credit card directly affects your cibil score. For this, pay your credit card bill on time and do not spend more than the credit card limit.
Closing your credit card also affects your CIBIL score as doing so reduces your overall limit, which increases your credit usage ratio. This reduces the CIBIL score.
If you have taken a big loan, it also affects your CIBIL score as it shows that you are already in debt. In such a situation your CIBIL score may be reduced. Apart from this, taking too much loan at a time also affects the CIBIL score.
If you apply for repeated loans, your CIBIL score may be reduced. Actually, when you apply for a loan, banks check your CIBIL score hard, due to which your CIBIL score is reduced.
The post, are you taking loans from the bank? These 5 mistakes can spoil your cibil score first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
