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What is a CIBIL score?- Property Hotline
Posted
September 23, 2016
Views
102
September 23, 2016
102
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4:54Now PlayingExpert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd?.
Question: What is a CIBIL Score? How important is it while availing a home loan? How can I improve my credit score?
Answer: CIBIL score is a summary of your credit history. It is derived using the credit history found in an individual's credit payment history across loan types and credit institutions over a period of time. A good CIBIL score for home loan normally starts from 700 upwards. However, the closer you are to 900, the more faith the credit institution will have in your capacity to repay the home loan.
Mentioned below are a few tips that you can follow to improve your CIBIL score. Make all your payments on time and pay the entire amount due. Don't use your entire credit limit. Keep a check on your credit utilization and keep your outstanding balances low to get a good credit score.
Keep a track of your credit score and history by accessing your credit information reports from time to time and rectifying errors, if any. Rather than having too many unsecured loans, try to maintain a balanced combination of secured and unsecured loans. It will help you improve your credit score.
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