When you are given a loan’s pre-approval, it usually has a minimal impact on your CIBIL score. This happens because it leads to a soft inquiry rather than a hard inquiry. In other words, loan pre-approval does not influence your CIBIL score in any significant way. Let us understand what is a soft inquiry. Pre-approval … Read more
Maintaining a healthy credit score is vital for financial stability. There are numerous factors responsible for a healthy credit score such as length of credit history and credit utilisation ratio. Additionally, if you are struggling to make payments, consider reaching out to your creditors to discuss alternative payment arrangements or hardship programs. Your bank may … Read more
CIBIL scores reflect your creditworthiness based on your credit history. Banks use this score as one of the key factors in their decision-making process at the time of assessing your loan application. While a high CIBIL score shows that you have a good credit history and are likely to repay your loans on time, banks … Read more
While CIBIL primarily deals with credit information of account holders, it does not directly handle disputes related to fraudulent charges. However, if anything of this sort comes to the fore, it is recommended to place a fraud alert or credit freeze on your credit report with CIBIL. This makes it quite cumbersome for fraudsters to … Read more
Gifted money does not impact your CIBIL score in a direct way. But it can, and does, affect the score positively in the following scenarios: you invest the gifted money into a scheme and improve your financial situation, use the gift received in cash to retire a debt, or use the same to give the … Read more
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
Your credit score, also known as CIBIL score, can indirectly affect your rental applications in a number of ways. Although it does not have any bearing on rental applications in the unorganised market, but some landlords in big cities such as Mumbai and Delhi may consider the credit (CIBIL) score as well of tenants to … 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