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If you are a perfectionist of sorts, you probably have everything under perfect control at home and at work. But have you ever wondered whether or not your CIBIL score is perfect? If you are financially conscientious you are probably aware of the fact that anything above 750 is considered a satisfactory CIBIL score and opens up doors of lenders for you when you go seeking credit? But is it possible to strive for just a little more and achieve the perfect CIBIL score? Of course it is! All it will take is that extra bit of effort from your end. What
is the perfect CIBIL score?
While everything above an 800 is considered a very good CIBIL
score, a score of 850 means you pretty much can access credit at
any time you want and can negotiate with the lenders for a better
rate of interest or better repayment terms. A lender will indeed be
keen to get a borrower with a perfect CIBIL score because it
indicates that you are a responsible user of credit and will not
default on your repayments. Since the risk it will associate with
you will be lower side, the benefits you may get may be slighter
higher than those with a lower CIBIL score than yours.
How to achieve the perfect score?
No prizes for guessing that you achieve the perfect CIBIL score
to make a conscious effort to improve it. Here are some tips to
help you through it.
Automate your repayment schedule - If you
already have a satisfactory CIBIL score, it is safe to assume that
you already make timely repayments on your credit lines. To make
things better, put an ECS instruction ahead of schedule to ensure
that you never miss a payment date.
The length of your credit score- The length of your credit score
can go a long way in influencing how good your CIBIL score gets. So
if you are using multiple credit cards and are contemplating
closing an old account, do not do so. Cut it up or lock it away for
no further use by all means, but do not close it as it can add to
the length of your account, thus swaying things in your favor, if
you wish to increase your CIBIL score.
Keep your credit utilization low - Your credit
utilization too has a great impact on your CIBIL score. Credit
utilization is the total amount of credit you use as against the
total amount made available to you. In order to keep your CIBIL
score high, keep your credit utilization low. Ideally, your credit
utilization should be between 30-40%. The other way to keep your
credit utilization low is to ask your credit card issuer to
increase your credit limit. However, do bear in mind that it is
just for the betterment of your credit score and should not be used
Do not apply any credit prior to a taking a big credit
line - If you want to apply for a big credit line such as
a home loan or an auto loan, do not apply for any other credit card
or personal loan at least six months ahead of it. This will not
only ding your CIBIL score, it may make you seem credit hungry and
make the lender reconsider your credit profile.
Finally, do remember that attaining and maintaining a good CIBIL
score is all about good financial health, so it is best not to
overcomplicate things and just maintain good financial discipline.
Just as a good diet and regular exercise can help you maintain
ideal body weight, so good financial habits translates into
financial discipline that can lead you to a perfect CIBIL score of
We, at CreditVidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.
How to get your CIBIL credit score online ?
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