Why do we check CIBIL score?

Your lender checks your CIBIL score to verify your ability to repay the loan before giving you approval. The closer you are to a credit score of 900, the better are your chances of getting easy approval on your loan. Having a higher CIBIL score boosts your prospects of getting a better deal on your personal loan.

Should you check your CIBIL score?

It is important to have a high CIBIL score as it is useful when you are applying for a loan or a credit card. Keeping your CIBIL score on track since the beginning of the year can help you increase the chances of getting a loan approved easily. Maintaining a healthy CIBIL score is extremely important.

What is the benefits of good CIBIL score?

A good CIBIL score is a CIBIL score between 700 and 900. A good CIBIL score will be followed by many benefits such as quicker approval, a low-interest rate on the credit facility, a higher loan amount, a longer repayment period, and more.

What CIBIL score is best?

CIBIL scores can range anywhere between 300 and 900, with 900 denoting maximum creditworthiness. A CIBIL score of 750 or above in your credit report is ideal and will aid in qualifying you for Personal Loans and credit cards.

Does Bajaj Finserv check cibil?

Yes, Bajaj Finserv checks the CIBIL score of personal loan applicants. The minimum CIBIL score for a personal loan in Bajaj Finserv is 750.

Is 800 a good cibil score?

Your 800 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.

What should my CIBIL score be if I have no credit?

When you take a loan or a credit card, it helps you build a credit history and thereby a CIBIL score. If you have never taken a personal loan or have not used a credit card, you will not have a credit history. In such cases, your CIBIL score will be NA (Not Available)/NH (No History). A CIBIL score is a 3-digit number that ranges from 300-900.

Why is my CIBIL score Na or NH?

When you take a loan or a credit card, it helps you build a credit history and thereby a CIBIL score. If you have never taken a personal loan or have not used a credit card, you will not have a credit history. In such cases, your CIBIL score will be NA (Not Available)/NH (No History). CIBIL scores are calcul… Loading…

How does a high credit utilization ratio affect your CIBIL score?

A high credit utilization ratio indicates a heavy repayment burden that negatively impacts your CIBIL score. A person with a low credit utilization ratio (30% or lower) has higher credit worthiness for lenders and can avail additional credit with greater ease. 3.

What do you need to know about the CIBIL report?

CIBIL Report is a financial document which shows an individual’s credit behaviour/credit history with respect to all forms of credit and lending institutions. This report includes 5 key sections – CIBIL score, personal information, contact information, credit account information and enquiry information.