CREDIT SCORE

Credit Score Definition:

A credit score is a number that represents how likely an individual is to repay borrowed money. Lenders use this score to evaluate the risk involved in lending money and it also influences decisions on loans, interest rates, and credit limits.

CREDIT SCORE

CREDIT SCORE

Factors Affecting Credit Score:

  1. Payment History: Timely payment of bills and debts positively impacts the credit score.
  2. Credit Utilization Ratio: The percentage of available credit in use; lower ratios are favorable.
  3. Length of Credit History: A longer credit history generally contributes positively to the score.
  4. Types of Credit in Use: A diverse mix of credit types (e.g., credit cards, loans) can be beneficial.
  5. New Credit Inquiries: Multiple recent inquiries can adversely affect the score.

Methods to Increase Credit Score:

  1. Timely Payments: Consistently pay bills on time to establish a positive payment history.
  2. Reduce Outstanding Debts: Lower credit card balances and overall debt to improve the credit utilization ratio.
  3. Maintain a Healthy Credit Mix: Diversify credit types but avoid opening too many new accounts.
  4. Be Cautious with New Credit Applications: Limit the number of credit inquiries to prevent negative impacts.


Reasons for Decreasing CIBIL Score:

  1. Late Payments: Delays in bill or loan payments can lead to score reductions.
  2. High Credit Utilization: Using a significant portion of available credit negatively affects the score.
  3. Frequent Loan Inquiries: Numerous credit inquiries in a short period may suggest financial instability.
  4. Loan Defaults: Failing to repay loans as agreed significantly harms the credit score.
  5. Errors in Credit Reports: Inaccuracies in credit reports can unfairly impact credit scores.


Advantages and Disadvantages of Credit Scores:

Advantages of a Good Credit Score:

  • Easier Access to Loans: Higher chances of loan approval.
  • Lower Interest Rates: Qualify for loans with more favorable interest rates.
  • Favorable Terms: Enjoy better terms on credit agreements.

Disadvantages of a Bad Credit Score:

  • Limited Financial Opportunities: Difficulty in obtaining loans or credit.
  • Higher Interest Rates: Loans may come with higher interest rates.
  • Potential Rejections: Lenders may reject credit applications based on a low credit score.
   


RupiCard- SBM (Lifetime free Credit card )

hello. Let me tell you that RupiCard- SBM (Lifetime free Credit card ) is operated by SBM Bank, which is designed keeping in mind the CIBIL score improvement, brothers who want to take any financial product but you cannot take it because you do not have CIBIL score. Friends, be it online or offline, CIBIL score is very much needed everywhere, there is only one way to make CIBIL score, friends, I am going to tell you about it. FD credit card will help a lot in building or increasing your CIBIL score.

नमस्ते। मैं आपको बताता चलूं की RupiCard , SBM Bank द्वारा संचालित है, जो कि CIBIL स्कोर सुधार को ध्यान में रखते हुए बनाया गया है, जो भाई कोई वित्तीय उत्पाद लेना चाहते हैं, लेकिन आप इसे नहीं ले सकते क्योंकि आपके पास CIBIL स्कोर नहीं है, दोस्तों ऑनलाइन हो या ऑफलाइन हो हर  जगह CIBIL स्कोर की बहुत जरूरत होती है, CIBIL स्कोर बनाने का एक ही तरीका है,  दोस्तों मैं आपको इसके बारे में बताने जा रहा हूं . एफडी क्रेडिट कार्ड आपके सिबिल स्कोर को बनाने या बढ़ाने में काफी मदद करेगा।

SBM Bank Credit Card for cibil score Incressing
Features

✔️ 100% approval guarantee, eliminating the hurdles of income or credit score prerequisites.

✔️ Enjoy lifetime membership with the Rupi Credit Card without the burden of annual or joining fees.

✔️ Get the card on a minimum fixed deposit of Rs.5,000 and enjoy an annual interest rate of up to 7%.

✔️ Close your FD anytime, no lock-in

✔️ Your FD is fully insured by RBI up to ₹5 Lakh

✔️ Avail of generous credit limit of 90% & cash limit of 80% of Fixed Deposit amount.

✔️ Access to many discounts on dining, lifestyle, medicines, and other categories.

✔️ Earn transparent rewards on every purchase adding more value to your spending.

✔️ Claim rewards without incurring any additional fee.

Fees & Charges

✔️ Joining Fee: NIL

✔️ Annual Fee: NIL

✔️ Forex Markup Fee: Minimal forex markup fee of 2.49%.

✔️ Late Payment Fee: Rs.299.

✔️ Cash Advance Fee: 2.5% or Rs.300, whichever is higher.


  • Eligibility Criteria   

    • Age:   18+ years
    • Employment type - Salaried & Self-employed
    • Citizen: Indian
    • Minimum fixed deposit : 5k

    Documents required 

    • Aadhar card 
    • Pan Card