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Thread: What to do to build the CIBIL Score?

  1. #1
    PolicyWala Newbie
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    Mar 2009
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    Question What to do to build the CIBIL Score?

    A couple of months back, a colleague went to our salary account bank to apply for a personal loan. He was rejected. The reason he was given astounded me - that you have not taken any loans/Credit Card's in the past & hence your Cibil score is low - so, you are not eligible for a loan.

    What to do to build the CIBIL Score?



  2. #2
    Moderator Matrix's Avatar
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    Default

    First thing is to check your CIBIL Credit Report and find out whether all your details are correct.

  3. #3
    Moderator Rahul's Avatar
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    |Jargon Buster|Before you post, please read the FAQ and the sticky posts on the board you wish to use.|Blog|

  4. #4
    NewBie
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    Yes, To build your credit score take credit card from any bank, make payments regularly so that you can build good credit score

  5. #5
    Banned
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    Never default your credit card bills or loan EMI. Pay them without fail and within a specified period.

  6. #6
    NewBie
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    In a professional life, a good credit score is as important as a good resume. Building a good credit history and maintaining a high credit score can be very rewarding in the future as a good credit score helps you qualify for loans with lower rate of interest. A credit card can help you build a credit history. Making your credit card payment on time will enhance your credit score. You should plan your credit card expenses in such a manner than you can easily clear off your credit card balances before the due date. Avoid using your credit card to buy anything and everything. If possible, only use 30% of your credit limit monthly. This will establish your credibility for financial discipline and increase the CIBIL score.


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