For an individual planning to apply for a loan or a credit card, the most important factor that a lender/bank considers is the CIBIL (Credit Information Bureau (India) Limited) report and score of that individual, besides his/her income. Hence, it is imperative that the individual checks his/her credit report, showing the credit history and score, before applying for a loan/credit card, so that his/her application is viewed favourably by the lender/bank.
9. Different banks have different cut-off
credit scores for considering loan
applications. For most banks, the
credit score of borrowers should be 750
and above.
11. The 4 major factors that affect
Your score are
- Payment history
- High utilization of Credit Limit
- Higher percentage of credit cards or
personal loans
- Many new accounts opened recently
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