Credit Score Repair Services - An Essential Guide to Understand CIBIL Score

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Kenstone Capital Debt Consulting
Cibil/Credit Score Repair Agency
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AN ESSENTIAL GUIDE TO UNDERSTAND CIBIL SCORE
Maintaining a healthy CIBIL score is a must for a
happy financial life. But wait, what is CIBIL
Score? Why does it impact an individuals
financial life? Here is an overview of the CIBIL
score, its importance as well as the factors
affecting it. What is the CIBIL Score? The CIBIL
score is a 3-digit numeric summary indicating a
credit history of a person. This score is derived
using details found in the Accounts and
Enquiries sections of an individuals CIBIL
report. CIBIL Score reflects a persons
creditworthiness, built on his/her borrowing and
repayment history. The number ranges from 300 to
900, where higher is considered better. Lenders
typically look for scores of more than 700 or
750. In fact, 79 of bank loans are sanctioned
with a CIBIL score higher than 750.
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Why Is The CIBIL Score So Important?
CIBIL is the most trusted credit bureaus in
India. Most banks and NBFCs trust its scoring
technique as its accuracy level is much better
than other credit bureaus in India. Owing to its
credentials, lenders check an applicants CIBIL
score when an individual applies for a loan.So,
CIBIL scores are crucial when it comes to taking
loans. It is the first imprint of an applicant in
front of the lender. In the Indian Financial
System, the majority of banks and NBFCs are
dependent on it for loan approval and disbursal.
Be it home or vehicle loan, the loan officer
downloads your CIBIL report to learn your
creditworthiness. The Advantages of a Good CIBIL
Score Approval of Loan Banks and NBFCs approve
loans and credits on the basis of your credit
score. If the score is high, the chances of loan
approvals are more with minimum paperwork. Rate
of Interest Offered The bank offers a lower rate
of interest for those having a high CIBIL
score. Credit Card Offers People having a
healthier credit score usually get a wide range
of credit card offers from several companies
that are not given to individuals with lower
scores. These cards have more privileges,
cashback, and higher limits.
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Negotiation Authority If your CIBIL score is
very high, you gain the negotiation authority
wherein you can bring down your interest rate
further. Higher Approval Limits People with a
higher credit score will get loans at a lower
rate of interest and also most likely get the
upper limit of loans. Approval of Leased/Rented
Properties A good CIBIL score helps you in easy
approval of loans for rented or leased
properties such as homes, apartments, or
commercial complexes. In case you have a low
CIBIL score, it creates concern among the lenders
while you apply for a loan or a credit card.
Banks either do not approve the loan application
or grant you a loan at higher interest rates.
However, there are certain CIBIL score repair
agencies in India that helps you in this area.
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What Factors Adversely Affect Your CIBIL Score?

• High Credit Limits Utilization You seek trouble
  if you always hit your credit limit and make only
  a minimum payment every month.
• Late Payments or Defaults It creates a red flag
  if you make late payments always. It shows how
  financially unstable you are and how you are
  unable to meet your obligations on time.
• Length of The Credit History A long credit
  history increases your CIBIL score. So avoid
  closing old cards as you would lose out on such
  history and good repayment behavior associated
  with it.
• Extreme Credit-Seeker If you apply for more
  cards or loans even after having an ongoing loan
  or multiple cards, the lenders may be cautious
  as you could easily fall into the debt trap.

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Type and Duration of Credit Make sure you dont
have a high unsecured or a secured credit.
Maintaining a right balance of both secured and
unsecured credit boosts your CIBIL score.
Multiple Hard Inquiries A hard inquiry is where
lenders make the query when you go for a new
credit card, a loan, or an increase in your
present credit limit. This can lower your credit
score to some level. Now we know that a good
CIBIL score confirms that you get a greater
advantage over those having no CIBIL score or a
lower score. So, why wait? Be a responsible
borrower and be consistent in paying your bills
on time. Also, keep checking your credit report
periodically to understand your CIBIL score
health. Contact us For Further
Information Kenstone Capital Pvt Ltd. Phone 91
9538977129 Email info_at_kenstonecapital.in
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