When you fall ill, you are advised to see a doctor. Similarly, when your credit score is not in good health, it is recommended to see a credit counsellor. Credit counselling is likely to have a range of effects on your CIBIL score, based on your individual financial situation and how you make use of these … Read more
The CIBIL score requirements for unsecured loans vary from banks to banks and depend on a range of factors such as current employment, income, existing loans, and the credit history. There is no denying the fact that banks tend to lend to borrowers who have good to excellent credit scores for unsecured loans. This is … Read more
Taking a mortgage and managing it in a responsible way can improve your CIBIL score. By raising a home loan or taking a loan against a property, you can lengthen your credit history, which is an important factor in credit scoring models. And a longer credit history usually reflects positively on your creditworthiness. This is … Read more
At the outset, it is vital to note that marriage — in itself — does not affect credit score. The credit scores are not based on marital status; however, it can indirectly influence your credit score in a number of ways especially when you share a credit card or open a joint bank account. For … Read more
Establishing a good CIBIL score is vital for young professionals since this can positively impact their ability to access credit in the future. One should avoid excessive debt, manage credit responsibly, and stay disciplined with their finances in order to achieve a strong credit score. As a matter of fact, maintaining a good credit score … Read more
Improving your CIBIL score in the long-term calls for consistent effort and responsible financial habits. These are some of the key strategies which we list out here. Thirty one-year-old Ashish Mehra recently discovered that his CIBIL score is only 590, so he asked around the ways to push his CIBIL score higher. He received numerous … Read more
Failing to repay a personal loan can lead to significant financial repercussions and negatively impact your credit score. Furthermore, the failure to repay your loan can lead to unnecessary stress. Waiting to communicate with your lender after missing a payment only compounds the anxiety over time. Here are some of the key consequences: Impaired credit … Read more
CIBIL score, or credit score, maintains credit information of individuals and businesses. Your CIBIL score is a three-digit numeric summary of your credit history. It, undoubtedly, plays an important role in the loan application process. It influences the interest rates, loan terms, processing time and negotiating power, among others. For instance, someone with a high … Read more
Facing a difficult financial situation can certainly challenge your commitment to saving, but there are smarter approaches than depleting your emergency fund or selling investments. An alternative option is to explore loans from banks or other financial institutions such as NBFCs. However, the decision between opting for a personal loan or a payday loan depends … Read more
Securing a personal loan is based on various factors that lenders evaluate to determine your capacity to repay the loan. There are various steps you can take to enhance your eligibility for a personal loan and potentially secure more favourable loan terms, such as lower interest rates or increased loan amounts. Here are some essential … Read more