So you are busy buying out your needs with the purchasing power of a credit card. And since the plastic money is being used, there are tons of rewards and cashback credited to your card account, delighting you every second.
But as the card spends account for about 50%-60% of your need, the bills soar to new heights every month. Well, you are somehow able to pay off the dues even as it takes to compromise on some of your leisure.
Amidst all these, you plan to get your sister married and that too in a glittering ceremony, requiring massive bucks to make it a reality. One that can help your case is a personal loan widely given for such a purpose.
Since you are aware of the importance a credit score holds to your chances of loan approval, you now seek a credit report which could tell you the do’s and don’ts regarding the use of your credit card. And what better than a CIBIL report to look at and incorporate the suggestions made in it to get your card usage in order so that your impending goal of marriage with a personal loan sees the light of the day.
How Can You Access CIBIL Report?
To access the report, you first need to create a CIBIL login as well as mention some personal and credit-related details. By choosing username and password, the login can be created. But make sure to choose in a way that can meet the requirements as set by CIBIL.
Like many logins, CIBIL also wants you to conform to the requisite number of alphabets, numerics and special characters. As soon as the login is made, enter the relevant details properly before the credit bureau runs its authentication. After that, you are through to request for a credit report from India’s credit information company.
What Does CIBIL Report Consist of?
The report would consist of the dates on which you have paid your card dues, the extent of credit limit utilized, etc. Concerns will flare on the report of finding you being chucking out a lot of credit limit every month, raising the bill amount substantially. CIBIL may come with these suggestions to get your debt servicing improved with time.
Get a Curb on Your Credit Limit Utilization – It’s ideal to maintain a credit limit of around 30%-40% to rein in the bill amount surge while also helping you to build your credit history at the same time.
Say No Impulsive Spends – These spends are increasingly becoming an absolute villain by drying out the wallet of most with the payment of surging card bills month-on-month.
So, don’t purchase everything just for the fact that others are doing. They may be more on the income side and won’t require a loan or so to fulfill their needs. Purchase what is necessary and also check the cost of it before doing so. After all, you would want to pay a bill that is affordable.
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