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Unlocking the Secrets of CIBIL Score Calculation: A Comprehensive Guide

CIBIL maintains the credit information report (CIR) that forms the basis for calculating an individual's CIBIL score. The score itself ranges from 300 to 900, with a score of 750 or higher being considered favorable for securing credit. For more visit https://www.bajajfinserv.in/insights/how-is-your-cibil-score-calculated<br>

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Unlocking the Secrets of CIBIL Score Calculation: A Comprehensive Guide

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  1. What Factors are Considered in Calculating a CIBIL Score?

  2. CIBIL score is a three-digit numeric summary of an individual's credit history. CIBIL score calculation is based on the credit information report (CIR) maintained by TransUnion CIBIL, one of the four credit bureaus in India. The credit score ranges from 300 to 900, with a score of 750 or above considered good for obtaining credit. The CIBIL score is calculated based on various factors we'll discuss in this presentation.

  3. Credit Payment History This includes the timely payment of credit card bills, loan EMIs, and other dues. Delayed payments, defaults, or settlement of debts can negatively impact the credit score.

  4. Credit Utilization This refers to the percentage of the credit limit used by the individual. High credit utilization ratio indicates high dependence on credit and can negatively impact the credit score.

  5. Length of Credit History This includes the length of time the individual has been using credit. A longer credit history with timely payments reflects positively on the credit score.

  6. Credit Mix This includes the types of credit availed, such as secured and unsecured loans, credit cards, etc. A healthy mix of credit types can positively impact the credit score.

  7. New Credit Inquiries This includes the number of times the individual has applied for credit. Multiple inquiries within a short period can negatively impact the credit score.

  8. Contact Us 020 7157-6064 INVESTORS@BAJAJFINSERV.IN BAJAJFINSERV.IN

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