The credit card has been in trend in recent times. People like to use a credit card more than cash, whether it is a restaurant bill or grocery bill. Today's credit card availability has become much easier. If you are a serviceman, then obviously you will keep getting calls related to credit card offers from banks. Along with this, bank workers also talk about giving you a lifetime free credit card while offering all kinds of free offers. But do you know that it is important to have a better CIBIL Score for a credit card. Banks give you credit cards only when your CIBIL score is good. Along with this, a formula of 30/25/20 is necessary to improve the CIBIL score.
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CIBIL score is also known as credit score. It is decided by three digits. This shows whether the loan you have taken has been paid on time or not, besides whether you have paid the entire interest. All this information is in the CIBIL score. The CIBIL score can range from 300 to 900. Also, the higher the credit score, the better it is considered. The credit score can be weak even on a default. Between 700 and 900 is considered to be a better CIBIL score. With this, certified financial planner Manikaran Singhal says, "To get a credit card, it is very important for someone to have a better CIBIL score." It is a parameter of a person's old loan. This shows the past credit history of the person. He said that banks offer bank deposits in addition to the CIBIL score for giving credit cards. Even if the CIBIL score is bad, a credit card can be found in the credit card application has good relations with the bank.
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To strengthen your CIBIL score, you may have to pay attention to some important things. Avoid paying the loan on time, avoid taking many types of loans at once, but by taking care of some such important things, you can strengthen your CIBIL score. Along with this, certified financial planner Pankaj Mathpal said, "Banks may offer credit cards based on account balance or fixed deposits (FD) even if the CIBIL score is poor". Suppose your account is in ICICI bank and if you need credit from that bank, then the bank tells you that you can maintain a minimum balance till the issue of the card. He said that many times banks give credit cards in lieu of FD. Currently you will get a credit card from the same bank in which you have an FD. With this you can know the CIBIL score sitting online. If you have made many applications for credit card and loan, then it affects your credit score by 25 percent. So avoid them.