Your CIBIL score is a reflection of your financial health. One glance at your credit score tells your lenders how responsible you are with your credit. The higher the CIBIL score, the better are your chances of getting approved for new loans and credit lines. A higher score also increases your chances of getting the loan at the lowest available interest rates.
Importance of a Good CIBIL Score
If your CIBIL score isn’t where it’s supposed to be, you need to work towards improving it.
How can I improve my Credit Score?
1. Ensure your credit report is accurate
2. Set up payment reminders
If there’s one thing you could do to improve your CIBIL score that would be paying your bills on time, every time. Being late on your payments is one of the credit mistakes you should avoid because a single late payment can cause a considerable drop in your CIBIL score. Moreover, a late payment stays on your credit report for at least seven years.