CreditInfobySakshi

  A Credit Card is a simple and useful financial tool. When used, they may help clients with establishing credit, financing purchases, and in some situations, earning rewards like miles or cash back . These advantages are attractive but come at a greater price if you’re not aware. Building strong credit, which can enable you to make larger purchases like a home or car, is dependent on using credit cards wisely, carefully, and properly. Mistakes to Avoid To get the most out of your credit card, here are five basic credit card mistakes to avoid, along with best practices to follow: Sending late payments: The most common credit card error is making late payments. When you are too busy with work or family duties and forget to pay your credit card bills. And the main factor affecting your credit score is your payment history. Missed payments will result in penalty fees and if you don’t pay off your debt, then you have to pay interest on it for a longer period. Making a late payment can lowe

What is a CIBIL Score? The most well-known of four credit information firms granted licenses by the Reserve Bank of India is The Credit Information Bureau (India) Limited (CIBIL). Three more businesses also have RBI licenses to operate as credit information companies: Experian, Equifax, and CRIF Highmark. The CIBIL score yet is the most used credit score in India. 32 million enterprises and 600 million people have credit files on CIBIL Limited. The American multinational corporation TransUnion includes CIBIL India. As a result, credit scores are known as the  Transunion CIBIL score in India. Your credit history, rating, and report are summarised in three digits by the CIBIL Score, which ranges from 300 to 900. Let's find out more about the CIBIL rating. Components of a CIBIL Score The four components that make up your CIBIL scores each carry a certain weight which includes payment history, credit type, credit exposure, and other aspects as well. Payment History 30% Credit type 25%