Agents Login    About Us   Blogs   Loans in India   Media Coverage   Contact Us   Insurance Deals
 
Home > Newsletter Menu

Newsletter

 
Untitled Document
Deal4loans NEWSLETTER for November 2008
Guru Gyan
More and more banks are becoming a part of the CIBIL network and soon your CIBIL score will decide your credit taking ability. So please be careful about how much credit you take and how you repay it
  Trends
  Best Personal Loan Rates for Salaried / Self Employed
Best Home Loan Rates
Latest Credit Card Offers
  Apply For
  Loans/Credit Card
Life Insurance
A Debt Consolidation Plan
  Know More About
  Personal Loan
Home Loan
Insurance
  Test your knowledge
  Play the Loan Quiz
Play the Insurance Quiz
  Testimonials
  I want to say thank you to deal4loans.com, when I applied through the site I was really not sure of interest rates of banks. But the comparison from different banks made it too easy. I am glad that I have chosen the right way to go for my loan.Thank You.
By Prathibha
Credit information Bureau (India) Limited (CIBIL)
CIBIL- was incorporated in 2000.The relationship between CIBIL and the Banks is that of close interdependence. Banks provide Cibil the information of its customers who have taken credit and there payments behavior and track record. CIBIL on the basis of information collated from all Banks, helps its member Banks to make faster credit decisions when they acquire new customers as they will be able to check his previous credit history.

The CIBIL Credit Score System:
It will be on a scale ranging from 100 to 999. Cibil collates data from its member Banks and creates a track of all loans, Credit taken by an individual and impart him a score based on his behavior of repayments of Emi s and Credit card from member Banks. Lower the CIBIL credit score lower the chances of getting money on credit. Say if your credit score is close to 100, then this implies, outright refusal of credit, requirement of additional security / guarantee, higher down payment, shorter duration and higher interest rates. If you have a very high CIBIL credit score, say 800, this implies, lower interest rates, waiver of processing fees and faster disbursement of funds.
So then, how can I improve my CIBIL Credit Score?
Pay all your EMIs on Loans in time. And when you have more than one loan running it gets difficult to repay them or keep a track. So, its very important to make regular & timely re-payments of your loan to maintain your credit level.
Never fail to pay the Minimum Payment required by your Credit Card. What is advisable is making full payments on your credit card every time. Credit Card is categorized as revolving credit and it helps in building a good credit history if payments are regular.
Always make a budget for yourself & ensure your monthly income permits you to take a loan.
Do not apply for loans or credit cards if not required. As this would mean more credit exposure. This could affect your credit score. Instead of applying for another loan, try checking for a top-up loan option on your existing loan. This will make your debt burden easier to manage.
Use some of your savings to repay some of your debt. Always plough back extra income to reduce your debts. This will increase your credit score level.
A cheque bounce on your credit card or on a loan also affects your credit rating.
Avoid going in for settlements, although you make payments only for your purchases in a settlement it does bring down your score level. And never get into a write off case. This means not paying for your dues at all.

Now that you are aware of the CIBIL scoring system, please work on maintaining your score. Ensure that you are always in control of your finances. However, even if your credit score is low dont be disheartened. The credit system always gives scope for improvement. You can start improving your credit score by simply paying of your debt and not opting for more until your score improves.
www.deal4loans.com Blogs SMS "DEAL" to 56161 Feedback Contact us Disclaimer
Subscribe for Newsletter
Newsletter Menu
    Home    Product Articles     Help Articles     Advertise With Us     Site Map     Terms of Use    Testimonials    Newsletter    Privacy Policy
Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans .All loans are on discretion of the associated Banks/Agents. Read More
DMCA.com
© Copyright 2013, Deal4loans, India