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Posted on Jan 31st 2018

A higher personal Credit Score (over 700) may be the most important factor in getting  a loan This score is obtained from an individual’s credit history. This number ranges from 300 points to 900 points, and higher the points the more positive is the CIBIL score. Being the key measure used by banks to determine your creditworthiness that facilitate the loan approval and disbursement process. A "Good Credit Score" means that the customer gets cheaper loan rates. People with bad CIBIL have their credit card and loan applications rejected by most financial institutions. The score can be raised by repaying any outstanding amounts on the due date. As it is a single reference point for your current and past credit history so it’s better to study your strengths and weaknesses in financial matters and it gives you a chance to take remedial measures if necessary. There is a need to look at the overall case merit of each individual as opposed to deciding based on CIBIL only.