The World Opens Up With A Great CIBIL Score
There’s always a lot of effort to be put in before your ultimate achievement, that’s why it’s so satisfying when you get there. Getting discourages is natural, and oftentimes we get stuck along the way and wonder if the effort your putting in will be worth the reward. We’re here to tell you, don’t lose your motivation! Because the reward of a huge CIBIL score can set your life path in better directions which will pay off in ways you may not even be thinking about right now.
In the credit card world, undoubtedly the greatest urge is to build and maintain a great CIBIL score. Almost all financial institutions rely on this. Of course, there’s a huge difference between good and great. The latter is what makes all the difference, as banks prefer those who are having a great CIBIL score, naturally. Let me take you on a journey what small miracles appear just by having a great CIBIL score:
- Get Better Interest Rates: How often do we find ourselves cursing the lender of credit card for high interest rates? It’s time we get some better deals. Having a great CIBIL score automatically does this for you with no negotiation on your part. Your CIBIL score range will put you into a lower rate only high scores are entitled to. It not only helps you to have better interest rates, but also saves your hard earned money. Thus it makes you receive the special interest rates you always wanted. Negotiating is not noecessary, but helps here too. You have more leverage with a great score.
- Awesome Deals For Housing Or Car Loans: Want to build your dream home? Or want to have that car you are dreaming to buy from many months? Having a great CIBIL score can get you a loan for reduced interest rates. Mortgage lenders will take you more seriously if they know you’re taking your CIBIL seriously.
- Get Cards With Higher Limits: Well, if you use your credit card too much, you often wish of having some extended upper limit for credit. Thus this wish comes true if you have a great CIBIL score. The upper limit gets extended. More credit, more usage. Of course you don’t have to use your high credit limit, in fact your score goes up in two ways just by having a high credit limit. First, if you carry a very small balance on your high limit card, you have a great credit to debt ratio. Secondly, it adds to your combined credit limits across all cards – both these things dramatically help your score.
- Faster, Easier Credit: Want it now? No need to wait weeks before getting credit approval. Almost all financial institutions keep an eye over your CIBIL score before lending to you. They want to know whether you are genuine or not, whether you would pay the debt or not. Thus, higher the score, the faster the credit approvals are. It is surveyed that 79% of approved loans are for individuals with a CIBIL score higher than 750.
You might have seen that advertisement, where banks approve loans and offer better interest rates not because of your profession, your level of income, or because of that new dress you are wearing – but because of your CIBIL score. You might have noticed discussions and forums all over Google saying CIBIL score matters.
It’s because CIBIL scores matter immensely.
CIBIL scores are essentially a new identity in this new world. Scores are between 300 to 900. Try to maintain a healthy score of above 750, and there you go. You would be surprised of the special treatment you are receiving because of your CIBIL score. Let these benefits and financial security become your motivation and light the fire to reach 750! Happy Scoring!!