Things you didn't know about your CIBIL score

In my experience, I have deciphered that the term credit has a rather negative connotation especially for Indians. Having said that, millions of Indians survive and get by on credit. Loans and credit cards are forms of credit that we incur on a monthly basis. While everyone knows about CIBIL, here are a few things many didn’t know about the score: 1. **It's not just for loans**: Your CIBIL score can affect your ability to get a job or even rent an apartment in some cases. 2. **Credit Utilization matters**: Just because you have a high limit doesn't mean you should use it. Keeping utilization below 30% is ideal. 3. **Multiple inquiries can hurt**: Every time you apply for credit, it's a 'hard inquiry'. Too many in a short time can lower your score. 4. **Old accounts are good**: The age of your credit history matters. Keeping old accounts active shows stability. ### How to improve your score? - Pay all your bills on time, every time. - Keep your credit utilization low. - Don't close old credit card accounts. - Monitor your credit report for errors. ### Conclusion Knowing your CIBIL score and how it works is the first step toward financial freedom. It is a powerful tool that, when used responsibly, can open many doors.