Your CIBIL TransUnion score is your financial passport in India. A score above 750 positions you as a prime borrower, enabling you to negotiate processing fee waivers and interest rate discounts from top tier banks.
5 Golden Rules for a Higher Credit Score:
- Pay CC Bills and EMIs on Time: Even a single 30-day delay can drop your score by up to 40 points.
- Keep Credit Utilization Under 30%: Avoid maxing out your credit card limits.
- Avoid Applying with Multiple Banks Simultaneously: Multiple hard inquiries signal credit distress. Work with a consultant who checks soft eligibility.
- Maintain a Balanced Credit Mix: A healthy proportion of secured (home/auto) and unsecured (personal/business) loans builds credit credibility.
- Rectify Credit Bureau Errors: Regularly review your report for closed accounts that still appear active.