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Your CIBIL score is a three-digit number that reflects your creditworthiness. It ranges from 300 to 900, with higher scores indicating better credit health.
Consistently paying your bills on time shows responsibility, gradually boosting your CIBIL score. Set reminders or automate payments to avoid slips.
Keep your credit card balances below 30% of your credit limit. Reducing credit utilization demonstrates financial prudence.
A mix of credit types—credit cards, loans, and retail accounts—can positively affect your score. But don't rush to open new accounts; do it gradually.
Keep old credit accounts open to maintain a positive credit history; closing them can lower your credit score by shortening your history.
Frequent credit applications can signal financial instability. Apply only when necessary to prevent inquiries that may lower your score.
Be patient and persistent in implementing these strategies, and you'll be on your way to a stronger financial foundation. Take control of your financial future. Check your CIBIL score now to get started on the path to a healthier credit profile.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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