Credit Score: Bad CIBIL score can cost you your job, fix it with these 5 tips..

CIBIL Score Update: Many such cases are coming up regarding CIBIL score, due to which people's problems are increasing, and their lives are getting affected. Recently, a case has come up where a person did not get a job even after getting a job letter due to a bad CIBIL score. While a case has also come up where a person's marriage broke down due to a bad CIBIL score.

Companies are checking the CIBIL score.

Nowadays, a CIBIL score (low CIBIL Score) has become necessary for jobs as well. Many companies are checking the CIBIL score before giving a job. If the credit history is bad, the company does not offer a job. Due to this, the person seeking a job is also deprived of the job.

These are the benefits of having a good CIBIL score.

Many things are offered by banks with a good CIBIL score. If someone's CIBIL score is 800 or above, then the interest rate is also reduced by the bank. If your credit score is good, then the bank will give you attractive offers. You will get a lot of benefits from this.

What is a CIBIL score

We also know CIBIL score as a credit score. It is a number between 300 and 900 points. This number tells whether you are paying your loan on time or not. It depends on the credit history of the person. When a person has a good credit score, banks think that the loan will be returned soon and give a loan to that person.

While banks find it risky to give a loan to the said person with a low CIBIL score. A credit score between 300 and 549 is considered bad (low cibil score). Whereas a credit score between 550 and 700 is considered good (good cibil score).

At the same time, a CIBIL score of 701 to 800 is considered good (very good cibil score), and if the credit score is above 800, then it is considered a great credit score (Best CIBIL Score Number).

How to correct a bad CIBIL score

If your CIBIL score (How to correct CIBIL Score) has become bad, then you can also correct it. For this, you have to adopt financial discipline; only then can your credit score be corrected.

If you need a loan, then the bank will give you the loan on time. Your credit score will be correct. Let us know in which ways you can correct the CIBIL score.

Make all payments on time.

If you want to keep your CIBIL score good, then you should pay everything on time, be it the EMI of your loan, any credit card bill, electricity bill payment, or internet bill. You should avoid making late payments so that no penalty is imposed on you and your CIBIL score is not spoiled.

Spend less than the credit card limit.

The credit card limit plays an important role in this. You should keep in mind the credit card limit while shopping. You should maintain the credit ratio; otherwise, your CIBIL score can be affected.

We should use 30% or less of the credit limit. Using more can spoil your credit score. If you want, you can also increase the limit of your credit card.

Take a cashbacked credit card.

You can also improve your CIBIL score by taking a cashback credit card. You can deposit a lump sum amount equal to or more than the limit in it. This is a guarantee that you will pay the credit card bill.

With a cashback credit card, your credit score improves rapidly. If you do not have any credit history, you can increase your credit score by taking a credit card.

Keep checking your credit report.

You should keep taking information about your credit report from time to time, so that you can know whether your negative report is going somewhere. By knowing that negative report, you can take action on it.

Do not apply for a loan at many places.

If you want to take a loan, then you should not apply for a loan at many places. Taking a loan from many places and applying for a credit card can spoil your credit score.

On applying for a credit card or loan repeatedly, your credit profile is scrutinized, which is recorded as a hard inquiry. This spoils your credit score.

How to check your credit score

You can check your credit score (how to check cibil score) by going to your bank, through the bank's app or a digital payment app. Be it Paytm or Google Pay, you can know your credit history and credit score on these too. With just one click you will see it on your screen.

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