Monitor your CIBIL credit score Things that will lower it 2019 | Lets see some of the glands about the credit score / cibil score which was became so famous after the later 2000’s after the bureau made a three digit representation score for the person who have accounts in banks or will to open account for a loan.
This credit score playing important role on opening an loan account in any banks whether it is government or a private your CIBIL score will talk first before bank representatives talk to you.
Based on the various providers it is usually calculated from 300 – 900 and some where about 300 – 850. The 300 is the lowest rating given by the bureau if you have checked the rating as 300 don’t try to contact the bank representatives for loan they will never give you.
Even they may block your number, you much correct your old faults on banking sector to get normal score. Followed by the 300-599 are very worst score next 600-649 is poor, fair score falls between 650-699, now comes the good score which is between 700-749, very good from 750 to 799 and excellent score falls on 800-850.
Chances for getting loan from good score which is above 700 is good, above 750 you can get loan very fast and if your score was excellent which is between 800 to 850 you will get loan on applied based on requirements if the amount is too high then it is tough but the representatives may explain you to reduce the amount and approve the amount eligible to you.
So these are the basic thing about the CIBIL or credit score so check the thing you should not do to lower your score. Prevention is better than cure always which applies in this scores too, this 3 digit was a complex to maintain, first is you should not check the score more often if you have checked the score online many websites nowadays providing this monitoring facility but if you keep checking often your rating will be reduced.
Getting rejected again and again if you applied for loan and got rejected by the banks remember what ever the bank is all of them were interlinked. Don’t try on other banks if you got rejected in one, This will also lowers your score brutally. Not Paying the EMI on time this will reduce the rating considerably choose wise amount don’t make huge EMI return and get make yourself trouble.
Taking multiple unsecured loans from different banks or same banks will also lower your ratings / score. Two types of loan formats are there one is secured other one is unsecured, the secured one is taking loan based on some collateral like car, home, business extra.
The unsecured is like taking personal loan based on your account with out any collateral they cannot get your property if you have not paid that loan. Credit card loans are similar to the unsecured loans only so multiple unsecured loans will make your ratings lower.
That’s all there are other things like multiple old bank account holdings and closings will be also considered but not much above are the major factors that will affect your credit score much then others.