IMPORTANCE OF CIBIL SCORE
IMPORTANCE OF CIBIL SCORE A bad credit score can cost you in Lakhs 🔻 With a credit score of 750+, Home Loan will cost you 9% 📈 If your score is <650, you pay 10.5%, or even more 📉 This makes you pay ~₹24 Lakhs on a 20yr loan of ₹1 Cr Top 5 things to boost your Credit / CIBIL score. [1] Repayment History Missed paying: 🔶 An EMI? 🔶 Credit card bills on due date? Or just paid the minimum balance? The banks know it all! Missing these payments can adversely impact your credit score Your history gets highest 30% weightage in CIBIL score calculation [2] Credit Utilization 🔶 Your EMI eligibility is 70% of your income and you're already at that limit 🔶 If your credit card limit is ₹1L and your avg o/s bal is ₹98,500 Then banks know that a bad event can make your default Ideally keep credit utilization rat...