A CIBIL score is a comprehensive numerical expression of your credit-worthiness. The Credit Information Bureau (CIBIL) is the authoritative agency which provides the widely-used CIBIL report which covers the history of debt and repayment of an individual. A CIBIL score ranges between 300 to 900. Higher the score, the better is your creditworthiness. Hence it becomes important that you proactively work to improve CIBIL scores. Credithelpindia.com is one such competent agency which dedicates itsservices towards bettering your CIBIL report.
Now one may ask, why is a good CIBIL score important. Simply put, it determines whether you can access that, much required loan or credit card, to move ahead in your life, financially. Almost all banks and financial institutions access an individual’s CIBIL report in order to determine if it is worth considering the applicant for a loan.
It is the first impression of your credit-worthiness. For example, if your credit score is around 850, a banker will then consider this as a green flag and get into further details of your application. A good score is enough however and usually means that your approvals will come through at a faster rate & will save you the time & effort required to sit down through multiple rounds with the banker in order to convince him to provide you the loan. However, if you consider the situation where your CIBIL score hovers around 550, it means that you will need to either spend a lot of time and convincing power to get an approval, which is still unlikely. Or you will need to wait and improve CIBIL scores to apply again.
A good CIBIL score gives you the bargaining power to ask for a lower interest rate. As is known, many personal loans, gold loans and home loans have high interest rates or the payment terms are almost punitive. But a good score helps you to demand for lower interest rates and terms of payment which are advantageous to you. In case your scores are low, then a banker is bound to charge higher rates, terms and conditions which aid them in making higher profits for themselves through this transaction. This simply means these would be detrimental to you in terms of your financial standing.
While those with a traditional financial mindset, steer clear of credit cards; those with sharp financial acumen know that it can be used to one’s advantage. Banks offering customers credit cards, segregate them basis their CIBIL score and offer cards to only those with a score high enough to qualify. In case you want a credit card packed with benefits and offers, a good score is your sure short way to that card. Many a times, any processing fee or incidental charges are waived off for individuals with higher credit worthiness.
Now that we know the benefits of a good CIBIL score, we invite you to discover more on credithelpindia.com and initiate building your credit-worthiness. As a life of financial freedom is what you deserve.