Products or Solutions Offered By CIBIL Ahmedabad 9426497770 / 079-40099917

Products or Solutions Offered By CIBIL

CIBIL is the premier agency for providing credit scores and reports pertaining to individuals and companies. Here is a brief look into what constitutes a credit score, credit report and company 

credit report:

• Credit score - A credit score is a three-digit numeric representation of your creditworthiness.
• Now, the three-digit CIBIL score does not only determine whether one is eligible for a loan;
•  it is also used by lenders for ascertaining the interest rate on the loan. High CIBIL scores can help fetch competitive rates on loans.
•  It ranges from 300 to 900, with 300 being the least and 900 being the highest. The score is determined using the credit history mentioned in the CIBIL report. Most banks and financial 
• institutions are only willing to extend credit to individuals with a score of 750 and above.
•  Financial institutions view individuals with high credit scores as those who are less likely to
•  default on payments.
• Credit report - A CIBIL report contains your credit information, which CIBIL sources from different lending institutions like banks and credit card issuers. It contains details about your borrowing history and repayment patterns, including delays and defaults, if any. The key 
• sections of a CIBIL report are CIBIL Score, Personal Information, Contact Information, 
• Employment Information, Account Information, and Enquiry Information.
• Company credit report - A company credit report contains details about the company’s credit history. The various segments in the company credit report tell potential lenders about the existing credit that the company has, outstanding amount (if any) and lawsuits filed against the company (if any). A good report is necessary for approval of loans, while 
• a bad report can damage a company’s chances of being granted a loan

Importance of CIBIL in Indian Economy

In the last decade, the loan market in India has witnessed major changes. The number of clients and their purchasing power has seen a major increase, and CIBIL has played a big role in bringing about this change. The credit bureau has brought financial literacy and encouraged people to maintain a good credit rating.

The financial market is more regulated now thanks to CIBIL. Interested borrowers can check them
 CIBIL score online and find out what their financial standing is. This gives them an idea about how much they can borrow and encourages them to maintain a good financial history.

તમને જો નીચે પ્રમાણે ની કોઈ સેવાઓની  જરૂરિયાત હોય, તો  મેહરબાની કરીને અમારો  સંપર્ક કરવા વિનંતી  ઘર બેઠા સર્વિસ
 આપવામાં આવશે

1. Gumasta ધારા (દુકાનો અને મહેકમ) લાઈસન્સ & નવીકરણ
2. નોટરી / સોગંદનામું
3. જન્મ પ્રમાણપત્ર
4. લગ્નની નોંધણી / લગ્નનું પ્રમાણપત્ર
5. પાસપોર્ટ તાજા, નવીકરણ, મુખ્ય નાના
6. નામ ટ્રાન્સફર વીજળી , મ્યુનિસિપલ કોર્પોરેશન, ગેસ એજન્સી
7. પાન કાર્ડ નવા / કરેક્શન
8. gst return filing (through C A)
9. આવકવેરા રીટર્ન
10. કાનૂની દસ્તાવેજો સુધારાઓ
11. મની લોન્ડરિંગ લાયસન્સ
12. આરોગ્ય લાઇસન્સ
13. વ્યાવસાયિક કર
14. નિકાસ આયાત લાઈસન્સ
15. ડ્રાઇવિંગ લાયસન્સ, નવીકરણ, આંતરરાષ્ટ્રીય
16. મિલકત, બેંક, સરનામાં ટ્રાન્સફર માટે અરજી
17. વેચાણ કરાર, વેચાણ ખત

અમદાવાદ મા કોઇ પણ પ્રકારના સરકારી કામ માટે મળો

સર્વિસ ટેક્સ સરકાર કાયદા મુજબ લાગુ પડશે.

અમે તમને ઘર બેઠા સર્વિસ પુરી આપીશુ

Office:

VERITAS THE TEAM

127,Sahajanand Park

Nr Swaminarayan Temple

Shahibaug Ahmedabad 380004

Ph: 079-40099917,9426497770

Mail: veritas.smeet@gmail.com

www.veritastheteam.com 

WHAT IS GOOD CREDIT SCORE IN INDIA? Ahmedabad 9426497770 /079-40099917

Loan, credit card rejected? low credit score call 079-40099917 VERITAS -Independent Financials Advisors, Ahmedabad INDIA www.veritastheteam.com

WHAT IS GOOD CREDIT SCORE IN INDIA?

CIBIL Score is a 3 digit number extend between specified limits from 300 to 900. Here we explained about what is good credit score in India and cibil score check.

The more you score to achieve 900 the greater you get credit card approval process. A good credit score is considered to be more than 750.

CIBIL Score is a summary of the individual’s credit history. Credit Information Report is being prepared for the individual by credit history. The regular repayment of the loan amount. The payment should be on time period of the due date.

The online CIBIL Score for personal loan approval is about 750. Above 750 is the creditworthiness of the individual without irritating.

Bad CIBIL Score will not helpful when facing urgency. A medical emergency is an example to say. Bad CIBIL Score will not be helpful. But these may be cleared by getting help with Credit Help India. They will guide you the overcome from the bad credit score of CIBIL Score. Follow their terms and conditions will be helpful on how to improve your cibil score.

All credit cards there is a limit for consumption. Credit Utilization Ratio (CUR) having a certain limit for all credit card to the utilization.

For Example, The credit has a limit for 100000 the usage of the credit card is about 75000 then the Credit Utilization Ratio is about 75%.

GOOD CIBIL SCORE IS SAID TO BE:

• 300-900 is the range of CIBIL score value.
• 750-900 is the range of good CIBIL score.
• 650-750 will the most of individual facing rejection on loan applying.

Frequent purchases on credit basis will make your credit score low. By using 30% and lesser the 30% of credit card and repayment of credit balances will gain CIBIL score.

Good CIBIL score ranges are above 750 is to be resolving balances about 20-30%. If the CIBIL score ranges are between 650 and 750 then the resolving balances will be in high percentages like 40-50%. Even one late payment can drop your CIBIL score value by 60-70. If it is continued for two or three months then it may decrease score value by 90-100. So make sure that the CIBIL score ranges to be in the good value. Late payment of credit balances by two or three months will affect even after two or three years when the individual planning to get a loan.

DISADVANTAGES OF HIGH CREDIT UTILIZATION:

• Monitor the balance of your credit card. There is a limit for the borrowers to use the card. Maximum utilization of credit card is being considered as credit hunger. There is a limit ratio to determine credit utilization.
• Try keeping the credit utilization under 30%. Frequent purchases on credit basis will make your credit score low. By using 30% and lesser the 30% of credit card and repayment of credit balances will gain healthier score.
• High Credit utilization denotes that having a high chance of negligence of repayment by the customers. Therefore the bank gives credit cards to the person who is having a high credit score. 760 of CIBIL score individuals get a credit card with good interest rates and high credit limit. Because they are regular repaying customers to their bank.

MULTIPLE CREDIT CARDS BEING USEFUL:

Utilization of more credit cards will be helpful for maintaining minimum cibil score for credit card. The advantage is said to be every card have a credit limit on it. High usage of a single credit card will make your credit score low. For good CIBIL score maintaining of 30 percent to 40 percent will go good. Mostly 30% and below utilization is better for good CIBIL score.

For example:

1. Having SBI credit card which has a credit limit of 100,000.

2. Having Indusland Bank credit card which has a credit limit of 50,000.

The cardholder needs an amount of 40,000. Using of 40,000 in SBI will cause Credit Utilization Ratio at 40 percent. And using of 40,000 in Indusland Bank credit card will cause Credit Utilization Ratio at 90 percent.

Therefore it’s best to use multiple credit cards for good CIBIL score. By using of 30,000 in SBI Credit Card and 10,000 in Indusland Bank credit card. The Credit Utilization Ratio for SBI is at the percent of 30% and Credit Utilization Ratio for Indusland Bank credit card percent will be at 20%. 30% and 20% of credit utilization will be good for CIBIL Score calculation by the bureaus.

The calculation of the credit score of the bureaus will be separate only. One will not affect another. This will maintain good CIBIL score will is to be maintained.

ADVICE TO THE CREDIT CARD CUSTOMERS:

• Use the credit card when it is needed.
• Easy to gain debt if the customer uses the credit for all time and fails to pay the bills on time.
• Customers are advised to pay the full amount if possible not only the debt amount.
• Cardholders must understand their card limit and credit scores values, with them in mind they should use or purchase with the card when it is required.
• Try purchase by using a debit card or cheque or you can pay by liquid cash.
• If you are spending more take a step back and be a regular payer of debt amount in time and use the credit when necessary.
• To maintain your credit score at a good level ask your bank or the provider of the credit card spending limit to increase.

For example:

1) Having 40,000 credit utilization of 100,000 spend limit card the Credit Utilization Ratio will be 40 percent.

2) If the spending limit of the card is increased to the amount of 150,000 then the 40,000 utilization of credit will be by 26 percent.

Therefore ask your credit card provider to increase the credit access limit for a good credit score if not available use your credit your credit utilization at the minimum level or apply for multiple credit cards. Request a raise to your credit limits by calling the credit card company. If they can raise the credit limit with a soft pull, since there will be a hard inquiry will appear under new credit.

Before opening a new credit card, clear the old credit card balances. If the old credit card which has been cleared with good CIBIL score, maintain that old credit card. It is being helpful to get a loan with the CIR report of CIBIL score. Keeping a good account as long as you can by not closing the credit card account will be a solid proof for repayment history.

A CREDIT CARD SHOULD BE USED REGULARLY:

For bureaus, it is negligible to calculate and consider a new individual for an unsecured loan and improve credit score. To get the good credit score make sure to pay the payment and repayments on time. Before the due date, it is important to consider that the individual pays off the interest amount on the correct time.

To build a healthy credit score it takes time, within a month or two the improvement in credit score cannot be possible. It takes about six to a year to build the credit score.

Always use the credit card for once in a month. Not using credit cards may not be healthy for credit score evaluation.

INFLUENCE OF CREDIT CARD PAYMENT DELAYED:

Missing of payment or lower payment or forgotten to pay the credit card payment will impact the customer in a way which decreases in credit score, increase in debt amount and make you pay more and more for the consideration.

For example:

The individual’s credit payment statement states that the balance of payment should be of 10000, the debt is being missed to pay for the month or reduce in payment about 1000 the balance amount of 9000 will be considered as debt and interest payment done for month will be considered as 700 as interest amount and the balance amount be only considered as principal amount.

For the next month due to the balance of repayment about 9700, if there is any add on the value of credit purchases which is also added with the balance amount and totally being paid.

This type rising in the debt amount will be riskier for the payee while paying the credit amount.

PLANNING ON CLOSING CREDIT CARD:

If the individual is planning on closing the credit card, before closing the credit check whether the spending limit for the card is increased or not. If the spend amount is not improved then put the account as opened try using the account for a while to increase the score and spend limit increase.

PROCURE A LOAN:

To get a loan, smart way to move is to get a personal loan or secured loan by using security. Credit cards repayment is quite a lot to be paid. For the repayment, the amount of interest rates is considered being high for monthly installments.

In today’s market credit cards are being used high for financial use. Credit cards not just allowing the customer to borrow of money against the credit line, but also make them use of offers for trips, discounts, coupons, and others also. Using these offers carefully will maintain a good credit score or how to improve cibil credit score.

PLANNING ON CLOSING CREDIT CARD:

If the individual is planning on closing the credit card, before closing the credit check whether the spending limit for the card is increased or not. If the spend amount is not improved then put the account as opened try using the account for a while to increase the score and spend limit increase.

PROCURE A LOAN:

To get a loan, smart way to move is to get a personal loan or secured loan by using security. Credit cards repayment is quite a lot to be paid. For the repayment, the amount of interest rates is considered being high for monthly installments.

In today’s market credit cards are being used high for financial use. Credit cards not just allowing the customer to borrow of money against the credit line, but also make them use of offers for trips, discounts, coupons, and others also. Using these offers carefully will maintain a good credit score or how to improve cibil credit score.

તમને જો નીચે પ્રમાણે ની કોઈ સેવાઓની  જરૂરિયાત હોય, તો  મેહરબાની કરીને અમારો  સંપર્ક કરવા વિનંતી  ઘર બેઠા સર્વિસ આપવામાં આવશે

1. Gumasta ધારા (દુકાનો અને મહેકમ) લાઈસન્સ & નવીકરણ
2. નોટરી / સોગંદનામું
3. જન્મ પ્રમાણપત્ર
4. લગ્નની નોંધણી / લગ્નનું પ્રમાણપત્ર
5. પાસપોર્ટ તાજા, નવીકરણ, મુખ્ય નાના
6. નામ ટ્રાન્સફર વીજળી , મ્યુનિસિપલ કોર્પોરેશન, ગેસ એજન્સી
7. પાન કાર્ડ નવા / કરેક્શન
8. gst return filing (through C A)
9. આવકવેરા રીટર્ન
10. કાનૂની દસ્તાવેજો સુધારાઓ
11. મની લોન્ડરિંગ લાયસન્સ
12. આરોગ્ય લાઇસન્સ
13. વ્યાવસાયિક કર
14. નિકાસ આયાત લાઈસન્સ
15. ડ્રાઇવિંગ લાયસન્સ, નવીકરણ, આંતરરાષ્ટ્રીય
16. મિલકત, બેંક, સરનામાં ટ્રાન્સફર માટે અરજી
17. વેચાણ કરાર, વેચાણ ખત

અમદાવાદ મા કોઇ પણ પ્રકારના સરકારી કામ માટે મળો

સર્વિસ ટેક્સ સરકાર કાયદા મુજબ લાગુ પડશે.

અમે તમને ઘર બેઠા સર્વિસ પુરી આપીશુ

Office:

VERITAS THE TEAM

127,Sahajanand Park

Nr Swaminarayan Temple

Shahibaug Ahmedabad 380004

Ph: 079-40099917,9426497770

Mail :veritas.smeet@gmail.com

www.veritastheteam.com

Does Loan or Credit Card Settlement Affect Your Credit Score? Ahmedabad 9426497770/079-40099917

Loan, credit card rejected? low credit score call 079-40099917 VERITAS -Independent Financials Advisors, Ahmedabad INDIA www.veritastheteam.com

Does Loan or Credit Card Settlement Affect Your Credit Score?

You have been struggling to make your credit card or loan repayments for a few months now. Bank officials and recovery agents have been breathing down your neck to make these payments. You have explored all potential options, but nothing has materialized. You have grown tired of all this. You decide to approach your bank for Settlement.

What Does the Loan/Credit Card Settlement Mean?

A settlement means that the bank agrees to accept less than what is due. For instance, your credit card outstanding is Rs 5 Lacs. It takes Rs 3 lacs and closes the loan/card account. Essentially, the bank forgets about the remaining amount. No interest payments or penalties for this account in the future.

Do note settlement is only for unsecured loans. For secured loans, the banks won’t be so kind as to accept less than the due amount. They will first sell the security and if there is still some portion of the debt to be repaid, they can think about settlement.

Does Loan/Card Settlement Affect Your Credit Score?

Though I have read conflicting accounts of whether debt settlement affects your credit score, I am more inclined to believe that your credit score will be affected if you opt for debt settlement. After all, you haven’t made the complete payment to the lender and you must be penalized for this.

You must also note that nobody goes for debt settlement at the first signs of debt trouble. For instance, you will not call your bank to settle your loan/credit card debt just because you feel you won’t be able to pay next month’s EMI or credit card bill. Even the bank won’t agree to your offer (or make a settlement offer) so soon. It is only when your debt troubles are obvious that the bank will agree to take a haircut. Banks don’t indulge in charity. Unless they have lost hope of full recovery from you, they won’t agree for a settlement. Therefore, your credit score would have already taken a hit due to prior non-payments. Whether debt settlement affects your credit score even more (over and above the hit took due to non-payments) is a question for me too. Credit bureaus have proprietary score calculation method and may treat settlements differently.

At the same time, the credit score is just one part. Your credit report contains a whole host of other details. If you opt for settlement, the relevant account will show as “Settled” in your credit report. The banks will clearly dread this and won’t be comfortable in lending to you in the future. Therefore, your chances of getting a loan in the future will go down. You may be charged a higher interest rate for any loans in the future. Your loan eligibility may also drop due to a prior debt settlement. For this reason, settlement must be your last resort.

How Much Would the Bank Settle For?

Difficult to comment. May vary from case-to-case basis. Clearly, the bank will not settle for a very low amount. And there is no reason why it should. It would want you to pay the maximum you can pay. If your finances are clearly messed up, the bank would agree to a bigger cut. The bank would (and should) also look at your intent too. It cannot happen that you have loads of assets and you are not selling them to repay the loan/credit card debt.

It is easy for us to portray banks as evil. However, they are playing by the rules. We have reneged on the terms of the contract. The bank does not want to be short-changed either. That the corporate borrowers short-change them so regularly is a different matter altogether. They can’t let retail borrowers get away so easily.

The banks may have internal policies about settlements. However, as I understand, the extent of haircut (loss to the bank) will also depend on a case-to-case basis. There won’t be any well-defined formula. You can expect extensive negotiation too. As a borrower, you know that a settlement is a settlement. You know that your credit report will reflect this account as Settled, irrespective of the quantum of the haircut. The less you pay, the better it is for you. Well, the banks know this too, and they would want to maximize their payment.

What Aspects You Must Keep in Mind?

Get everything in writing. Don’t go by promises made by customer care executives over the phone. In the financial services industry (not just banks), they will promise the world to you over the phone to get you to part with money. You don’t want to part with your money and then realize that the funds have been used to settle the balance in a regular way (and not as settlement). In that case, you will still have debt outstanding and the bank’s interest and penalty meter will keep running.

Insist on settlement offer over e-mail from official IDs or physical letters. In case of physical letters, do check that the letter is on the letterhead, has bank seal and a reference number. Essentially, you must ensure that the letter is genuine. You can scan the letter and e-mail the letter to the customer care and ask them to confirm if the letter has been issued by the bank. Fortunately for you, banks must keep records of such letters. For a quick response, you can always escalate to higher management.

Don’t pay by cash. Pay using cheque or demand draft or net banking. While handing over the cheque, insist on a letter that contains the details of your payment and the purpose of payment.

To put it in a crisp manner, once you have mentally prepared yourself for the settlement and the associated consequences, ensure that you are not short-changed by the bank. Don’t go by words, go by the letter. Get everything in writing.

A settlement is your last resort. A prudent borrower must never find himself in this situation. Don’t borrow more than you can afford to repay. Look for early signs of debt trouble and take proactive remedial action.

તમને જો નીચે પ્રમાણે ની કોઈ સેવાઓની  જરૂરિયાત હોય, તો  મેહરબાની કરીને અમારો  સંપર્ક કરવા વિનંતી  ઘર બેઠા સર્વિસ આપવામાં આવશે

1. Gumasta ધારા (દુકાનો અને મહેકમ) લાઈસન્સ & નવીકરણ
2. નોટરી / સોગંદનામું
3. જન્મ પ્રમાણપત્ર
4. લગ્નની નોંધણી / લગ્નનું પ્રમાણપત્ર
5. પાસપોર્ટ તાજા, નવીકરણ, મુખ્ય નાના
6. નામ ટ્રાન્સફર વીજળી , મ્યુનિસિપલ કોર્પોરેશન, ગેસ એજન્સી
7. પાન કાર્ડ નવા / કરેક્શન
8. gst return filing (through C A)
9. આવકવેરા રીટર્ન
10. કાનૂની દસ્તાવેજો સુધારાઓ
11. મની લોન્ડરિંગ લાયસન્સ
12. આરોગ્ય લાઇસન્સ
13. વ્યાવસાયિક કર
14. નિકાસ આયાત લાઈસન્સ
15. ડ્રાઇવિંગ લાયસન્સ, નવીકરણ, આંતરરાષ્ટ્રીય
16. મિલકત, બેંક, સરનામાં ટ્રાન્સફર માટે અરજી
17. વેચાણ કરાર, વેચાણ ખત

અમદાવાદ મા કોઇ પણ પ્રકારના સરકારી કામ માટે મળો

સર્વિસ ટેક્સ સરકાર કાયદા મુજબ લાગુ પડશે.

અમે તમને ઘર બેઠા સર્વિસ પુરી આપીશુ

Office:

VERITAS THE TEAM

127,Sahajanand Park

Nr Swaminarayan Temple

Shahibaug Ahmedabad 380004

Ph: 079-40099917,9426497770

Mail :veritas.smeet@gmail.com

www.veritastheteam.com

How Long Does it Take to Improve Credit Score? Ahmedabad 9426497770 / 079-40099917

How Long Does it Take to Improve Credit Score?

Improving your credit score is not an overnight process, it requires both time and patience. There is no easy way to improve or repair your credit score. Therefore, getting impatient after seeing your low credit score is not a way out, but applying a correct approach in getting it increased will be a wise and responsible decision.

People with low credit score generally have difficulty in getting a loan sanctioned under their own name or face problem in availing a new credit card, as each and every financial institution thoroughly checks your credit report and specifically credit score, before offering you any lending product. A bad or low credit score can hamper your creditworthiness and can further increase your financial problems. Your credit score is increased or decreased because of several factors, such as debt amount, payment history, new credit and length of credit.

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Credit scores of individuals with no credit history or nil usage of credit can be improved in few months, but individuals with loan debts or missed EMIs (Equated Monthly Instalments) payments can get their score improved, relatively in lesser time. Presently, there are four major credit bureaus that provide credit scores to Indian customers, such as TransUnion CIBIL, Experian, Equifax and CRIF High Mark. Every time lender reports your credit report to the credit bureau, your credit score changes.

What is the Purpose of Credit Scores?

The primary motive of credit score or credit report is to assist banks to decide if the person is worthy to access a loan. Hence, your credit score plays an essential role in fulfilling your financial needs, since it functions as the foremost judging aspect for the lender. The better the score, the higher you build chances for your credit card or loan to get approved.

How to Get Your Credit Score Up?

There are several people who hold a poor credit or CIBIL score. For such individuals acquiring an approval for a credit card or other financial aid can become a significant problem. If you have a lower CIBIL record, then the chances of acquiring a loan or credit card accessibility can be improved only when you try to enhance the credit score to a satisfactory level mentioned by the banks.

Most people aren’t aware of this fact, but it takes a minimum of 12 to 18 months to improve one’s credit score. Further, it is decisive to spot the measure of damage on your score that behaves as a factor to determine how long it would take to enhance your credit ratings. In India, it is seen that banks and financial companies do hold a different CIBIL score range for different products.

Let us understand some of the basic features related to credit score and ways to improve it.

Credit Score is a 3-digit numeric that ranges between 300-900, which depicts your creditworthiness and summarizes your financial repayment capability and capacity. According to credit bureaus any score close to 900 is considered good, however score above 750 is also marked as decent enough to make you eligible for numerous financial products. Credit score below 750 requires time to increase but still there are possibilities for an individual to make it reach to the mark of 750 and above.

Below mentioned are the important measures that help to improve your credit score:

Improving Payment History: By regular and on-time payments of credit card EMIs and loans, your payment history gets improved that eventually results in an increase in your credit score. Even if you miss single payment of credit card or loan EMIs, your credit history gets hugely impacted that results in the fall of your credit score. Thus, an improved payment history plays the most vital role in building your credit score.

Lowering Credit Utilization Ratio: Credit utilization ratio is the second most important factor that influences your credit score. To maintain good credit utilization ratio, one needs to use less than 30% of the total available credit limit. Use of credit above 30% could lead to decrease in your credit score. Therefore, to avoid the expense burden on one single credit product, it is better to divide the burden by availing multiple credit lines, as it helps in reducing the credit utilization ratio in near future.

Maintaining Good Mix of Credit: Mix of credit can be maintained by availing more of secured loans, as compared to the unsecured loans. Secured loans, such as home loan helps in the increase in the credit score as they are termed as long-term appreciating asset. As the repayment tenure is higher for home loan, it becomes evident that borrower shall be making regular payment for longer duration to the lender, which will help in maintaining and balancing the credit score.

Avoiding Closure of Older Accounts: Most of the people have this misconception that closing the less functional or old accounts may help in the increase of their credit score, which is false. So, it is always recommended to not close your old accounts or old credit cards, as it negatively impacts your credit score. Older accounts show your long-term association and connection with the banks or NBFCs (Non-Banking Financial Companies), which is considered good by the credit bureaus. This further helps in the improvement of your credit score.

Regular Monitoring of Credit Report: Consumers need to regularly check their credit reports, as it is an important practice in maintaining and rebuilding their credit score. There could be instances of incorrect or inaccurate personal information being contained and displayed on your credit report, which is supposed to be immediately reported to the credit bureaus by submitting disputes. Error free credit report can further be checked for managing personal finances and to avoid being a victim of identity theft.

Not applying for Multiple Credit Lines: Applying for multiple credit products at once depicts you as a credit hungry person, and this credit hungry behaviour is immediately tracked by credit bureaus which further leads to fall in the credit score. Therefore, avoid applying for multiple credit products at once to rebuild your credit score. Even banks and NBFCs doubt in giving approvals, as they find a person at high risk who shall be unable to pay the loan amount on time and incur losses for the lender.

Using atleast one Credit Card: Individuals who are new to credit or do not have credit history needs to use atleast one credit card to firstly have a credit score generated for them. Once they have a credit score, availing new lending products shall become easier in the near future.

Do not exhaust available Credit Limit: If an individual possesses only one line of credit then he/she shall tend to exhaust his/her available credit limit because of necessary expenditure. This expenditure and burden on one credit product eventually results in the downfall of credit score. If in case you want to add any credit line, then avoid unsecured loans as availing them also leads in the reduction of your credit score.

Hence, by now you must be having a better insight on how your credit score gets impacted positively or negatively. Thus, improving your credit score is about making wise financial decisions and having the time and patience to make them give positive results.

Additional Tips to Raise Credit Score

If you are still searching for ways on how to increase credit score, then here are some additional tips that can be considered and implemented for refining credit rating scores.

An individual’s credit score is affected if he/she enquires about other credit cards. Therefore, one should avoid this practice as quickly as possible. An individual can investigate a credit card through the online platforms conveniently without actually interacting with the different credit card companies.

An individual needs to prioritize and balance things which are necessary to purchase and desired to purchase. But how to raise credit score fast? You should maintain a list of all the items which you need to purchase and lessen the count of items as much as possible.

Reaching the credit limit can backfire at times. Therefore, keep a buffer limit and never cross it. For individuals, it is sensible if they can save some money to represent higher savings over time. This practice would lead to an improved credit score.

Make sure you do not borrow more for the repayment of loans and bills until and unless it is urgently required.

1. તમને જો નીચે પ્રમાણે ની કોઈ સેવાઓની  જરૂરિયાત હોય, તો  મેહરબાની કરીને અમારો  સંપર્ક કરવા વિનંતી  ઘર બેઠા સર્વિસ આપવામાં આવશે
   1. Gumasta ધારા (દુકાનો અને મહેકમ) લાઈસન્સ & નવીકરણ
   2. નોટરી / સોગંદનામું
   3. જન્મ પ્રમાણપત્ર
   4. લગ્નની નોંધણી / લગ્નનું પ્રમાણપત્ર
   5. પાસપોર્ટ તાજા, નવીકરણ, મુખ્ય નાના
   6. નામ ટ્રાન્સફર વીજળી , મ્યુનિસિપલ કોર્પોરેશન, ગેસ એજન્સી
   7. પાન કાર્ડ નવા / કરેક્શન
   8. gst return filing (through C A)
   9. આવકવેરા રીટર્ન
   10. કાનૂની દસ્તાવેજો સુધારાઓ
   11. મની લોન્ડરિંગ લાયસન્સ
   12. આરોગ્ય લાઇસન્સ
   13. વ્યાવસાયિક કર
   14. નિકાસ આયાત લાઈસન્સ
   15. ડ્રાઇવિંગ લાયસન્સ, નવીકરણ, આંતરરાષ્ટ્રીય
   16. મિલકત, બેંક, સરનામાં ટ્રાન્સફર માટે અરજી
   17. વેચાણ કરાર, વેચાણ ખત
   
   
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Does opting for EMI on credit card affect CIBIL score?

The very first criterion which determines the eligibility for any type of loan is a credit score. The credit score can be defined as a three digit numeric summary of the entire credit history of an individual which is generated by CIBIL. CIBIL stands for Credit Information Bureau, India Limited. This information is based on the monthly information that is provided to CIBIL by the various banks and the different financial institutions. Generally, an individual’s credit score appears between the range of 300 to 900.

When an individual applies for any kind of loan and submits the filled loan application form to a bank, the very first thing that the bank will check is the credit score of the individual and the credit history. If the person has a bad credit history and the credit score is relatively low, then the bank may directly reject the loan application. Rather, if the person has a good credit score, the bank would immediately pass the loan application and go ahead for further formalities. Provided that the CIBIL score or credit score is the primary and major deciding factor in order to help the person get the loan application processed, this is very important to know the factors which affect the credit score of an individual and take the necessary steps accordingly to improve the same if it is below the expectation.

What one must know before they go For an EMI on their Credit Card?

The digital payments are said to be the future of transactions in our country India. The young and the old Indians are slowly getting accustomed to this norm aspect. Now more & more people are choosing to use their plastic money over hard cash or real currency. No matter how big the volume of the transaction amount is, when given an option, the people will generally opt to use the credit cards for making the payment.

Some of the interesting reasons to do so are mentioned below:

• By using a debit card the individual account gets debited immediately.

• Whereas in a credit card, the bank provides a credit period to the customer during which the money balance in the bank account earns good interest. The card transactions help the customer earn loyalty points. These points can be redeemed for an array of benefits.

• At times, customers are offered to get an additional discount by using the credit card, in case if there is an offer on the card; for example a cashback offer. And obviously, with every additional credit card comes a greater purchasing power.

• So, one would agree that most of the people spend by using their credit cards also for high-value purchases. Now the important question is that should one opt to convert the high-value transactions (the ones which exceed an amount of Rs. 5000) into EMIs? It is important to examine its pros and cons in detail.

Suggestions in Favour of opting for EMI

• Converting the large amount into an EMI makes it easier to manage, since the cardholder is not loaded with the burden to pay the entire amount off in just a single month. The large amount is split up over a medium to the large period of time. For example, say three-month-long, six months long or twelve months long The EMI option is available depending on the value of the total transaction.

• Generally, the credit card companies levy a heavy interest rate on the outstanding bill amount. It may be something at the rate of up to 46%. But, by having an EMI as an option the rate of interest is considered to be much lower. It is something in the range of 11% and 18%.

• One can save the money by keeping it in the bank account, where it can earn good interest continuously, while the repayment of the card bill is being done in equated monthly installments.

• Aids in gradually building up the CIBIL score of an individual. Some of the people may find it tough to pay up a large amount in just a single shot. There might be a possibility of a default due to the lack of availability of funds to repay the debt, and not due to the lack of an intention to repay. Opting for an EMI helps avert such a disastrous situation for the person in the picture.

Let us take an example to understand this in a better way. The Newlywed Meesha observed, that “one need not invest a large amount of money in costly personal loans or to mortgage an asset with the bank in order to compensate for the requirements.” At the time of buying new furniture for their house, Raj and Meesha had been contemplating taking a personal loan that may have costed them to be around 19%. Rather they used their credit card for paying off their bills and other expenses, earned reward points and converted the large value transactions to easy EMIs at a relatively lower rate of 14%.

Suggestions in against opting for EMI

All that glitters is not gold. This is a very true adage, especially in the case of EMI which affect an individual's CIBIL rating or credit score. The factors going against opting for an EMI are as follows:

• An EMI blocks the credit limit of the individual to the extent of the amount of purchase. For instance, Ramesh had bought an iPhone 8, the cost of which was Rs. 75, 000 in October, 2018 by using his Credit Card. The credit card that he owned had a limit worth of Rs.1 lakh. Now due to this purchase, the available limit of his card is reduced to Rs. 25K. Thus, he requested the concerned authorities to convert the amount to EMIs of Rs. 7, 670 for a total of 12 months.

• Now every month, his credit card limit will be released to the extent of Rs. 7,670 only. This indicates that the limit of the card is blocked for the 12 months till the repayment is fully done. Also, Ramesh could not use the card to place any other high-value order until a significant limitation of the credit card has been freed.

• The Banks charge a one-time processing fee from the credit card holders to convert the large value transaction into an EMI. This fee is generally a percentage of the total transaction value. Most of the people fail to take into consideration this fee while calculating the interest to be paid. In reality, the net cost of converting the large value transaction into an EMI is relatively higher.

• It is definitely a better choice to opt for a smaller loan, like a loan against the FD, or a small personal loan or choose a gold loan at a relatively lower rate of interest and then pay off the entire credit card bill in just a single go. This would definitely be a cheaper option and even provide an individual with peace of mind, rather than the lingering worry every month.

• Also, not all of the credit card companies offer conversion of large amount transactions to EMI option. One must always check up with the bank or read their product checklist carefully in order to see if the card issuing bank would allow a customer to convert the large amounts into EMIs.

• Some of the banks might allow the people to convert the large value transactions to EMI but they might not allow the individuals to repay it. But still, if the individual insists, the banks might allow the person to foreclose their EMI upon the payment of an additional fee which may be of 1% or 2%.

Conclusion

Thus, converting a large transaction to an EMI is, undoubtedly, a very alluring option. But one must consider that whether it is the best option or not. Thus, one can only conclude from the above information that one must never opt for an EMI without actually calculating the real-time benefits of the transaction. One must ensure if the benefits are superficial or real. Is it alright for the individual to block the credit limit for such a long period of time? Or would he rather keep it free for any of the future use? If one does not convert a large amount of money to EMI, can he/she arrange for any other cheaper funds source? All of these activities definitely affect the CIBIL score of the individual. Also, if the individual skips to repay any of the EMIs, it further decreases the CIBIL score. So one must be very cautious while opting for an EMI on a large transaction which is above Rs.5000. This is because opting for an EMI on a credit card does affect the CIBIL score of the individual to a great extent in the long run. Also, all the future borrowings are affected due to a single EMI that affects the CIBIL score.