WHAT’S THE IMPACT OF CHEQUE BOUNCE ON YOUR CIBIL SCORE? - PowerPoint PPT Presentation

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WHAT’S THE IMPACT OF CHEQUE BOUNCE ON YOUR CIBIL SCORE?

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When we’re talking about the CIBIL score, one of the main hindrances that can limit your credit score is a bounced cheque. Although it may have an adverse effect on your CIBIL, it’s not the same in all test bounce situations. Kenstone Capital letting you know what the CIBIL score is and what the optimal CIBIL score you should strive to maintain. Along with that, we will get you to know about how your credit score is impacted by cheque bounce events and also point out variables that have no impact on your CIBIL score. Read more: For further information Call Us: 9538977129 – PowerPoint PPT presentation

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Title: WHAT’S THE IMPACT OF CHEQUE BOUNCE ON YOUR CIBIL SCORE?


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Kenstone Capital
Debt Consulting
  • Cibil/Credit Score Repair Agency

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  • The most important aspects you need to consider
    while applying for a loan from any bank or
    financial institution is your credit score which
    is often considered as a CIBIL Score. Maintaining
    a consistent CIBIL score is one of the most
    significant considerations if you intend to take
    out a loan in the near future as it helps the
    bank to determine the financial ability to return
    the money within the specified period along with
    due interest.
  • When were talking about CIBIL score, one of the
    main hindrances that can limit your credit score
    is a bounced cheque. Although it may have an
    adverse effect on your CIBIL, its not the same
    in all test bounce situations.

4
  • In this post, were letting you know what the
    CIBIL score is and what the optimal CIBIL score
    you should strive to maintain. Along with that we
    will get you know about how your credit score is
    impacted by a cheque bounce events and also point
    out variables that have no impact on your CIBIL
    score.
  • WHAT EXACTLY THE CIBIL SCORE IS?
  • In simple words, CIBIL score is a numerical
    interpretation of your ability to pay your credit
    or, in other words, it illustrates how regular
    you are when it comes to debt payment. Generally,
    a CIBIL Score is calculated and provided by the
    Credit Information Bureau India Limited (CIBIL).
    The CIBIL score range ranges between 300 and 900.
    The higher the score, the better a loan will be
    for you. Anything more than 750 is considered as
    a better score for credit.

5
  • DOES THE CIBIL SCORE IMPACT CHEQUE BOUNCE?
  • In general, a check bounce situation occurs when
    your bank account has inadequate funds for
    redemption through a cheque. In such
    circumstances, the financial institution returns
    the cheque to the with drawer quoting the reason
    as insufficient funds. When applying for a loan
    or credit card, this can probably create major
    problems for you in the future because banks feel
    insecure about lending to someone who has already
    been unable to pay their debts.

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  • Hence, it is always recommended that your bank
    account must have sufficient funds when you are
    applying for the loan such that banks and lending
    institutions are sure of your financial stability
    and do not hesitate to give you the money.
  • NOW GET A PRECISE VIEW ON THE FACTORS THAT DO NOT
    AFFECT YOUR CIBIL SCORE INVESTMENT PORTFOLIO
  • Generally, banks are not at all concerned about
    your division of assets or savings, they care
    about whether you are able to pay your debts
    within a time or not. Most people are afraid to
    apply for a loan because they feel that their
    credit does not have sufficient amounts of
    investment.

8
  • However, it may be reinforced that your
    investment portfolio does not make any difference
    while deciding your CIBIL score.
  • PREVIOUS LOANS
  • For those people who all are thinking about
    previously obtained loans make them unable to
    apply to subsequent loans, it should be noted
    that having a successive loan does not adversely
    affect your CIBIL score until and unless are
    consistent with your EMI payments.

9
  • INOPERATIVE SAVINGS ACCOUNT
  • Maintaining a low balance in your bank account is
    not at all a reason that lowers your CIBIL score.
    Typically, account holders are under the
    impression that their CIBIL score will fall with
    a low balance in their bank account. It should be
    noted, that a CIBIL score is only for information
    about any credit and the borrowers repayment,
    and is not concerned about the amount of credit
    that the account maintains.

10
  • SPOUSES CREDIT SCORE
  • The other myth about CIBIL score is that your
    spouses credit score influences your own score.
    Indeed, it can be made clear here that this is
    not the case unless both the husband and the wife
    seek a joint loan. Lenders should realize that,
    when it comes to finances, a husband and wife are
    completely separate entities and the efficiency
    of a partner in terms of credit payment does not
    impact each other. It is also advised that a
    joint loan can only be received if there are tax
    benefits or if the partner is a qualified
    employee as such an advantage strengthens your
    CIBIL score together.

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  • MULTIPLE CREDIT CARDS
  • Many people often believe that having multiple
    credit cards would dissuade them from using loans
    and would affect their CIBIL score negatively. In
    essence, however, if a person pays his / her
    credit card bills in time and in full, having
    multiple credit cards cannot be a dissuasive when
    they are extending their loans. In reality, it
    only allows the financial institution to get a
    better understanding of your financial payment
    scheme and therefore makes them better serve.

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  • Do you want to know more information about WHATS
    THE IMPACT OF CHEQUE BOUNCE ON YOUR CIBIL SCORE?
  • Contact us
  • Kenstone Capital Pvt.Ltd
  • Kenstone capital is a platform that provides
    clients with credit scores and tools to help them
    manage their credit and save money. Live a Credit
    Healthy life and save money.
  • Call us for further information 9538977129
  • Visit our website https//www.kenstonecapital.in
    /
  • Email info_at_kenstonecapital.in
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