A credit score is a three-digit number that reflects your creditworthiness. Your credit score is determined based on various factors like your loan repayment history, credit limit used, and also how long you have been using credit. A higher credit score facilitates getting loans and credit cards approved easily by banks and non-bank lenders. A good credit score also boosts your bargaining power when you deal with bankers for lower loan interest rates. With a good credit score, you also get higher credit limits on credit cards.
When it comes to building a good credit score, it is said that you “pay on time” and your credit score will improve. But, though it is crucial to pay on time, several other factors come into play. There could be some hidden factors quietly impacting your credit score, even if you are clearing your dues on time. Before moving ahead, we should also know who issues credit scores in India.
The term ‘CIBIL Score’ is mistakenly used interchangeably with ‘credit score,’ which can be misleading. TransUnion CIBIL is just one of the licensed credit bureaus in India, and using the term ‘CIBIL Score’ may inadvertently imply that credit scores are provided exclusively by this single entity.
Coming back to the main point—what impacts your credit score the most—several lesser-known factors are often overlooked. Understanding these can help you improve your credit score and achieve your financial goals more quickly
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