MobiKwik's guide to a good CIBIL Score

August 25, 2021 05:08 pm | Updated 05:08 pm IST

MobiKwik  is a leading online digital payments platform, serving more than 100 million active users nationwide. It is paving the way for ultimate digitization in the monetary transaction industry.

The robust app offers easy-to-use & convenient cashless payment options for their customers. It supports all kinds of monetary transactions - from daily payments like electricity bills, credit card bills, grocery, online shopping, movie tickets and flight tickets to other financial services such as personal loans, shopping loans, Mutual Funds, SIPs, Digital Gold, etc. MobiKwik takes utmost care of the user’s safety and security.

What is CIBIL Score & how to get a good CIBIL score?

Credit cards are extremely useful when it comes to making large payments. However, it is also necessary to pay the credit card dues on time.

The primary condition that comes with the regular usage of credit cards is that you have to settle the amount on time; otherwise, a high amount of late fees will be charged for your dues. Additionally, you would need approvals for making bigger payments. For example, while you are purchasing expensive flight tickets, or buying jewellery for your loved ones, you can get immediate credit of up to Rs 5 Lakh instantly by selecting the personal loan option on the app.

The CIBIL score is one such feature that is regulated, based on your loan and credit card bill/EMI payment behavior. If you have a good reputation for regular payments, your CIBIL score will be high. It is a number between three hundred and nine hundred. On an average, a score of seven hundred and fifty and onwards is considered high. So it would be helpful if you kept your CIBIL score high, for your credit convenience.

There are several ways in which you can make sure that your CIBIL score is on the higher end. You can keep a check on your payments and dues, and that should serve the purpose sufficiently. Some of the important things to keep in mind if you want a good CIBIL score are:

1.  Paying dues on time:  The first and the foremost step towards maintaining your standard CIBIL score is to settle all credit related payments on time. Be it your credit card bills or other personal loan premiums, it is elementary to schedule all your payments within the expected timeline. This is where MobiKwik steps in! You can make all your EMI/ Credit payments with the MobiKwik app in literally no time.

2.  Controlling your credit usage:  Callous expenditures and miscalculated amounts can take a serious toll on your finances if you aren’t careful about the same. Hence, carefully controlling your credit utilization and keeping your due balance low should be of utmost concern if you want to keep your CIBIL score high. You can always keep a track of the spent amount via MobiKwik. You can also see the history where all the money has been transacted.

3.  Maintaining a healthy balance between secured and unsecured loans:  The secured loans are like auto and home loans, while the unsecured ones are credit cards and personal loan settlements. It would help, if you ensured that neither one is extreme nor is accumulating the dues.

4.  Opting for multiple credit cards is not suggested:  As mentioned earlier, before opting for new credit options, make sure your credit limit is stable and that the due payments are not stooping. You cannot spend everything via your credit card and hence should ensure other ways of payments too. Otherwise, the bill can be huge and difficult to pay within the stipulated time.

5.  Your co-signer, guarantee, or fellow joint account holder should not be missing payments:  When it just depends on you, it still can be controlled and regulated on your terms. But when another individual is involved, perhaps the person with whom you have a joint bank account or the guarantor of your loans, or a co-signer, you should be a little more careful and give them timely reminders for the payment dues. Otherwise, you can miss payments, and that can lead to a low CIBIL score.

6.  Monitoring your score regularly to maintain the standard:  Regular observations and calculation of your payments and your CIBIL score should be maintained. This is to ensure a high score and easy credit availability option as and when required.

A good CIBIL score helps you in providing immediate availability of money in an hour of crisis, helps you get lower interest rates and quicker approvals when opting loans for automobile, house or any other loan.

So, download the MobiKwik app today & make use of all the available credit services to build and maintain your credit score.

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