What will you say if someone asks you about CIBIL score? Yup, definitely you will answer if you are known but what if you don’t? So, ladies and gentlemen, this stuff is exactly for the person who knows nothing for my question. Read it fully to know correctly.
What is CIBIL? I asked about the abbreviation of that word. It is Credit Information Bureau India Limited. That sounds like a perfect abbreviation, right? I am sorry if no, whatever I am not responsible for this abbreviation. But apart from the jokes, it is really important that everyone has to know about CIBIL score.
Into the CIBIL
So what can this Credit Information Bureau India Limited do? It will monitor your credit and bank details. Don’t panic, it’s not that much dangerous. It has many beneficiary things. Can’t understand properly? Wait, wait, wait, how can I explain properly? Yes, I got the way. For most of the young star received these kinds of phone calls. We are calling from some bank and we would like to provide some loan, so do you have any interest in that? Usually, these kinds of calls come from female employees of those reputed banks. It’s just the banks marketing strategy but my friends use to flirt with them. What to do poor 90’s kids. Sorry out of the topic! Where am I left? Got it. Usually, many people ignore those calls but no one thinks why those calls are coming to them. Not everyone but someone. If you get these kinds of calls, you definitely have a good CIBIL score.
You can ask who are they to see my transactions and my bank details, either me to. Basically, I don’t like this scoring and grading system from my schools days. Because whenever scoring comes I will come last, scoring sucks right? What to do scoring is a bad scheme. Where was I? Yup scoring sucks, sorry. I earn money and I save them for my personal purpose in banks but who the hell are they to monitor me? Everything in this digital era is monitored by so someone Internet, Income, Instagram, sorry just came from the flow of I. If I don’t use a bank account, how do they monitor? But I am not sewage and I have to commercialize in this commercialized world. This is the key thing for them. Ok, let me stop saying about cryptography and get me to focus only on the CIBIL. But one thing for sure if you ask anyone in the world about do they need unmonitored society? The answers will be yes. Every one needs binary answers but most of the time that will not happen.
Jobs of CIBIL
This CIBIL guy plays a master role in India’s financial and economic status. They collect your data from various sources like a bank, post office, and your investments and maintain them this information is gained from banks on a monthly basis.
Everything About CIBIL Score
It is a three digit numerical score ranges from 300 to 900. Three digits are enough to establish your creditworthiness. REALLY? CIBIL SUCKS. This department first arose in the year of 2000AD, from that year it is the decider of the Indians financial status. Basically, a bank decides and proceed with your loan application by observing your CIBIL score. If you pay your bills and loan dues properly then you can get more loans and you can see the smile in the face of the respective bank manager.
Possibilities of the Loan Depend on CIBIL Score
CIBIL score ranges from 300 – 900 which has three slots. If your score ranges from 300 to 400 then don’t waste your time on bank manager’s office because you don’t get any loan for this score. So don’t waste energy for trying loan, and save it to increase your CIBIL score. If your score is between 400 to 500 you may have a chance of getting a loan. It’s like scoring 60% mark in higher secondary and trying for Medical seat. You are eligible but you have to score more, funny right. But jokes apart, you have 50/50 chance for this score.
If your score lies between 500 to 700, then you have 70% chances of getting a loan. It’s just like scoring 75% and trying for dote 1 engineering college. You will get a seat, maybe, maybe not.
If your score lies above 750, don’t worry the bank manager will come to your home and provide the loan. It’s like clearing JEE and going for IIT counseling. So don’t worry you can get crores and crores of the loan.
While reading this if your mind things this, what was the CIBIL score of Viaymalliya and Nirov Modi? You are a legend because we are like-minded people. Yes, I too had this question.
So all we have to do is to maintain and improve our CIBIL score properly.
Reasons for CIBIL Score Drop
If you pay EMI more than half of your salary, then your CIBIL score will drop.
If you take more loans and more credit cards, then your CIBIL score may drop down because the board considers more EMI payers will not pay their future interest properly. Please don’t ask me how dare they can consider, that is their norms. I know it sounds stupid but what else can we do? We have to simply follow the norms like a sheep.
Hey, guys, it is the perfect timing for some interesting facts. Don’t close down, it also has some much-needed information. So let’s start.
Interesting Facts on Credit Score.
It sounded interesting to me, if it does not sound like that for you, don’t worry my apologies are always ready for you. Ok, let’s get into the interesting stuff. One of my friends have low CIBIL score but he got a loan. How it is possible? I know this question will arise in your mind. The answer is simple he has two acres of land. That’s how it becomes possible. So what is the moral of the story? Even if your score is low, there will be some other chances for the loan.
As per RBI’s rule, you can get your CIBIL report once in a year for free. It true completely free. But if you need more than once a year, I am sorry you have to pay some amount. Ok, the third fact is if you apply for multiple numbers of credit frequently, I am sorry guys your CIBIL score will fall down even if the god helps, there will be no chances. Even though if you repay your loan properly, there will be no chances for you.
If you think like Einstein and close your old credit account you know what will happen? The answer is nothing. These silly ideas will not rise your CIBIL score. So don’t act like over brilliant. Once my friend asked me, I never asked my CIBIL score then what will happen? It happens nothing. Nothing means nothing even if you are not requested for your score, sure it will exist. Another interesting factor, having no credit history means no matter and it shows that you don’t have 900 CIBIL scores You may have some silly questions like what will happen If I check my score infinite times? Don’t worry, no changes will occur while checking it.
CIBIL Score & CIBIL Ranks Cannot be Interchanged
Basically, the CIBIL score is for the individual person and CIBIL rank is for companies. In that, if you have 900 scores, then you can easily get a loan as a person. If your company have a rank 1 in CIBIL rank, then you can be the next Vijay Malaya.
If you have a fixed deposit, trading, current savings, and huge investments, then go to hell. Just kidding! These kinds of stuff will not influence your CIBIL score.
There are some other organizations like CIBIL and they call themselves as Experian, Equifax and CRIF high mark. The score given by these organizations will not be the same at every time. For example, if your CIBIL score is 700, but there is no condition to be your Equifax score as same as your CIBIL score. It can be 600 or some other else. That is because of different norms. Sounds like shit right? Leave them they are just a rule board people other than rules they know nothing.
Ok, this one is the last and final fact. Like the Super Star said last but not least. These funny scoring boards have no powers or authority to edit or delete or change your credit information directly. So shut down your worries, they are not the authority to change your credit details.