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What is CIBIL :-
How does it affects Loan approval ?
I have never defaulted in my loans or credit cards, still I am not getting loans, Why ?
How and why CIBIL Score gets lowered ?
1.More and usage of credit cards
2. Outstanding loan amounts
3. Your income to debt ratio
4.Late payments of EMIs
5.Late payments of credit card outstandings
Does A Loan Enquiry Affect The Credit Rating Or Cibil Score ?
Yes of course. More and more loan enquiries or credit card enquiries show that you are credit hungery and looking for a loan which is not meant for you that results in lowering your credit score significantly. Every loan enquiry needs a CIBIL check , which in turn goes to CIBIL and they send the required information to that concerned bank or NBFC. Hence it will decrease your credit rating .
How to imrove CIBIL Score or Credit Score ? Or Is It Possible To Improver CIBIL Score
Yes, It is possible to improve someone's credit history. Simply you have to follow some simple steps which our advisor will share with you.More and more loan enquiries or credit card enquiries show your credit hunger that results in lowering your credit score significantly. Every loan enquiry needs a CIBIL check , which in turn goes to CIBIL and they send the required information to that concerned bank or NBFC. Hence try to purchase your CIBIL Score first before you apply for any loan.Don't apply too early or more often as it creates credit worthiness issue for you. Integrity of yours is at stake when multiple enquiries are reflecting in your credit history.
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