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Every adult needs to establish some form of credit or the other
as soon as possible in life to be able to get better credit in the
future. So if you are a student or graduate just out of college,
you should start building your credit history just like your
career. A strong credit history could result in a cheaper loan and
a better bargaining power.
For years in western countries, credit bureaus have found that a
good credit history or a strong credit score has a strong
correlation with discipline of an individual. This has resulted in
various practices such as individuals with good credit history get
cheaper rates on their loans and even have cheaper premiums on
their insurance policies. Even future employers take credit score
in perspective before extending new offers as an individual with
high credit score would be a disciplined individual and hence he or
she is likely to excel at work.
India is slowly embarking on the journey of using credit scores
- banks and other financial institutions use Cibil score
extensively for credit underwriting. A leading private bank in
India has a Cibil score cut off of 750 for all new senior level
hires. In a recent article published in ET, the author argued that
usage of credit reports and credit scores will cut down cases of
identity theft in India.
In future, when you need to buy a house or a car and you are in
need of a loan, it is very important to have a good Cibil credit
history. Getting a secured credit card or a small loan is a good
place to start building a credit history.
Since you are beginning to build a credit history, it is
important to note the following points as creating good credit
history requires intelligent use of credit card.
We, at CreditVidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.
How to get your CIBIL credit score online ?
Want to improve your Cibil Score? Try our 'Score Builder'