10 Credit Secrets - Banks may not tell you!
- Your Credit Report and CIBIL TransUnion Score is the most important indicator of your financial discipline and Credit Eligibility. Lenders are keen to provide loans and credit cards to disciplined consumers who have a high credit score and a healthy credit history. 80% of Lending Financial Institutions look for a CIBIL TransUnion Score of 750.
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- Consumers with a good credit score can negotiate a lower lending rate !
- EMI to Income Ratio: If your EMI > 50% monthly salary, you may not get a loan.
- Banks look at your Payment History Trend for defaults and amount overdue.
- Discrepancies in your Credit Report may cause your loan application to be rejected. Rectifications to your CIBIL Credit Report takes 8 weeks – so be proactive in getting an analysis of your Credit Report bi-annually. You will then face no unforeseen hurdles in applying for that Emergency Loan when in dire need.
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- Forgot to make credit card payments? You will be surprised at the amount you owe now! Credit Cards APR >36% !
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- Your loan account may have dues of paltry amount only, but it can thwart your plan to raise bigger loans.
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- Applied for a loan through Direct Selling Agents? Not only does each Loan Enquiry decreases your Credit Score, but Bankers assume you exhibit “Credit-Hungry Behaviour” that may not get you that loan you are seeking for.
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- Standing Guarantor for a delinquent borrower lowers your CIBIL TransUnion Score !
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Become Credit Clear today!! »
