What it is?
Basically Credit Information Report (CIR) is the summary of the payment history of how sincerely you have been paying your loan and credit card dues from any bank or financial institutions. Based on that the ‘credit Score’ is generated. It is a 3 digit numeric which ranges from 300-900, the closer the score is to 900 the stronger your profile is.
Credit score determines the worthiness of the person to pay back the lenders.
What should you do to improve your CIBIL Score?
- Most effective way is to pay your credit payments on time. Missing the due dates can contribute a lot in low credit score.
- In case your credit score has not yet generated due to no loaning history, you can apply for a zero annual fee Credit Card.
• HDFC Bank World Master Card: Zero annual fee
Reward Rate: 0.60 (2 Points= Rs. 150)
• Maruti Suzuki NEXA HDFC Bank: Zero annual fee
Reward Rate : 2.25 (3 Points= Rs. 150)
It will help you build a credit score just by maintaining the monthly payments with no annual fee.
- Keep credit card balances low, as high outstanding can get you in trouble.