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    Misconception About Doing Things That Can Affect Your CIBIL Score

    adminBy adminJuly 22, 2021Updated:July 22, 2021No Comments4 Mins Read

    When you apply for an online personal loan in India, the first thing a lender checks is your credit score. Why? It is because the personal loan is an unsecured debt. And it means that you don’t need to keep any collateral to secure it. 

    It is where your creditworthiness counts. And your CIBIL score is among the crucial parameters that affect your creditworthiness. 

    The ideal credit score for personal loans that lenders consider is 750 and more – the higher, the better. The timely payment of your ongoing loans and other debts may increase CIBIL score. 

    However, many prospective loan applicants have this misconception that a few things may also affect credit scores. It’s time to debunk all such claims. 

    Read on and learn more!

    Your salary 

    You should be aware that your salary is not mentioned in the credit report. Any increase or decrease may affect your personal and financial lifestyle. But it is not likely to have any effect on your CIBIL score. No matter your take-home salary, if you are paying your existing dues on time, you can easily increase credit score. But yes, your income does affect your personal loan and credit card eligibility. Having a sound take-home salary, along with a robust credit score, is a perfect recipe for loans and cards approval. 

    The place where you live 

    The city and the state where your home is situated have no say on your CIBIL score. Yes, your residential address may be mentioned on your credit report. But, it is not considered to determine your overall creditworthiness. 

    The rent that you pay 

    For many loan applicants, their rental payment may be the biggest amount they have to manage per month. Even if you pay your rent on time every month, it may not increase your credit score. In other words, it may not hamper your credit score. 

    Your workplace 

    The company or organization that you work for has no say on your CIBIL score. Yes, a few details about your employer may be available in the credit report. It may be used to ensure that the account data is linked to the correct individual. Hence, your creditworthiness may not improve even if you are employed with the best company. 

    The credit score of your spouse 

    Another thing that does not affect your credit score is your marital status. You should be aware that the credit score of every applicant is different. But, if you wish to co-borrow a personal loan, the details will be mentioned in both credit reports. And in this case, if you don’t make timely payments, that will impact both reports. 

    Checking your Credit score 

    If you wish to get a personal loan with a poor credit score for personal loan application, your credit score will not take the hit. Many people have this misconception that checking their CIBIL score will affect it. But doing that is considered soft enquiries. Your credit score will only be hampered by different hard enquiries. A hard enquiry happens when you apply for a credit card or a loan. Hence, you should avoid applying for too many debts simultaneously. 

    You are now well-versed with aspects that may affect your credit score. Being aware of all may help you avoid all misconceptions about credit score and be loan confident. 

    Bajaj Finserv offers pre-approved offers on personal loans, home loans, business loans and more. It is to make the entire loan processing simple and less time-consuming. 

    You can check out your pre-approved loan offers today after sharing your basic details like your name and mobile number.      

    cibil score credit score personal loan
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