CIBIL (CREDIT INFORMATION BUREAU (INDIA) LIMITED) is India’s first Credit Information Company. It collects and maintains records of payments pertaining to loans and credit cards. These records are submitted to CIBIL by member banks and credit institutions, on a monthly basis.
This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications.
- We should properly plan our credit card spend and payment: It is common to use credit cards for most of our purchases, but we should ensure that we are paying it on or before the due date.
- Let’s avoid a heavy outstanding in our credit cards, it will affect our credit score slowly. We should keep it within 30 to 35% of our credit card limit.
- Mostly we will be getting call from the bank to increase our limit in the existing card. We can take that, since these calls are made after verifying credentials and also will help us to stay within our 30% credit limits.
- Do not have more than two cards, and always try to use the oldest credit card. Effective use of older cards will increase the score
- We need to pay our secured or unsecured loan EMI promptly. Try not to miss any instalment. Always try to use the part payment option if available. It will help us to finish your loan faster and also helps to improve the score
- Let us not apply for loan or credit card, just to check your eligibility, that too in multiple banks. This will badly affect our score as our credit score gets deducted for each application we sign.
All the projects of Trimurty Group are backed by loan facilities from leading banks and financial institutions like SBI, HDFC, ICICI Bank, LIC Housing Finance, CITI Bank, Axis Bank, etc. You may avail flexible and hassle-free finance options for residential and even commercial property purchase.