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why you need CIBIL Consultants help to improve your CIBIL & What is CIBIL Consulting ?
The word Consulting means to get an assistance and guidance resolving any problems or issues. So CIBIL Consulting means getting the assistance and the guidance to resolve any problems or issues related to your credit. Specifically, credit score and credit report related problems.
If you are among those feeling the weight of debt, you shouldn’t hesitate to seek professional help to tide over the crisis. At present, borrowers struggling with repayments can turn to financial planners who can chart out the path to freedom from credit counsellors. The idea is to spare the already-burdened debtors of further expenses, thus making it an ideal method for debt resolution.
Typically, CIBIL Consulting centres are manned by retired bank officers, as they are believed to be well-equipped to understand both the borrowers and banks perspectives and hence, better placed to come up with a mutually acceptable solution. Debt restructuring packages, designed by CIBIL Consultants, are bound to carry more weight than those chalked out by the debtors themselves.
As pointed out earlier, good credit counselling is all about telling you about the best use of your resources. For instance, you may have decided to take a vacation on impulse with the family and do not have enough cash in hand to pay for this trip. While you use some of the money you have stashed away somewhere to pay for the tickets, you think of making use of your low interest credit card to fend for the remaining expenses, thinking you have one whole billing cycle to make repayments.
First, you need to know the components of the CIBIL score and the weightage they carry.
· The pattern you follow in paying off your credit card and loan EMIs has the highest weightage of 35% and thus is the most important factor impacting your CIBIL score.
The number of “hard inquiries” on your CIBIL report has a 10% weightage on your CIBIL score. Every time you apply for a new loan or a credit card, it gets registered in CIBIL as a hard inquiry and shaves off a few points from your CIBIL score.
· Lastly bearing a 10% weightage on your CIBIL score is the “mix of credit”. A healthy mix of secured and unsecured credit, will have a positive bearing on your CIBIL score.
Now that you know what goes into the calculation of your CIBIL score, here a few mistakes you need to avoid to keep your CIBIL score intact.
Making late payments
It doesn’t matter how many credit cards you own, but if you develop a habit of not paying the total outstanding amount within the billing cycle, you may be heading towards a disaster. Ensure that you spend judiciously and make all credit card repayments on time. The same holds true for loans, missing even one repayment can bring your CIBIL score down substantially.
Exceeding credit utilisation above 30%
Having a higher limit on your credit card, doesn’t mean that you have to use it completely. This ways, you’ll be inviting an overwhelming debt trap, as a higher credit utilisation means that more points being knocked off your CIBIL score. Therefore, keep a conscious check to see that your credit utilisation remains under 30% at all times.
Closing old credit cards
Do not commit the mistake of closing a credit card that was given to you by your parents once you are proficient enough to own a bunch of cards yourself. The reason being that if the card carries you name, it means that CIBIL has been recording your repayment history (assuming that your Mom or Dad have been footing the bill for the same). You simply need to ensure that you have cleared the balances as this will help you gain brownie points for maintaining good credit history.
Appearing credit hungry
We are often credit card issuers and money lender to avail easy credit, but one should try to escape as much as possible unless you are in dire need of it. Applying for too many credit cards or loans will make you appear credit hungry and a considerable number of enquiries on your CIBIL report will bring your CIBIL score down .
Not having the right credit mix
If you are thinking that you are better off not availing credit at all, you are wrong. In fact, it makes a lender wary because he can’t access your credit history to asses you. On the other hand, what adds on to your CIBIL score is having a good mix of credit such as a home loan, car loan, a personal loan, etc. along with a maximum of two or three credit cards. Remember, the crux of maintaining a good CIBIL score is to use credit responsibly. If you are aware of your spending habits and are making timely repayments, you have little to worry about! `
Chandigarh city came into existence in 1952 when its foundation stone was laid. Also known as “The City Beautiful”, Chandigarh is one of the modern cities of India designed by the French architect Le Carbusier.
The city got its name from a temple “Chandi Mandir” located near the city. “Chandi” is the deity – the goddess of power; “garh” means dwelling place, which translates into “dwelling place of the goddess Chandi.” In the ancient past, a wide lake existed where now Chandigarh is with its sloping plains. Eight thousand years ago, Harappan civilization developed in the area. Visit Chandigarh museum to discover more about the historic past of the city.
Chandigarh is home to thousands of migrants from Punjab and other states. Prestigious educational institutions attract students from all over the world who live and study in Chandigarh. The city has the highest per capita income in India, making it one of the most affluent cities. The real estate industry has been constantly booming since the year 2000 with property rates now more expensive than New York. The city restaurants are always filled with people, markets buzzing with consumers, pleasant weather for many months throughout the year, beautiful parks, well maintained roads and almost 24 power supply are some of the reasons why Chandigarh city is thronged by tourists from other parts of India and the rest of the world.
Chandigarh’s Capitol Complex was in July 2016 declared by UNESCO as World Heritage at the 40th session of World Heritage Conference held in Istanbul. UNESCO inscription was under "The Architectural Work of Le Corbusier an outstanding contribution to the Modern Movement". The Capitol Complex buildings include the Punjab and Haryana High Court, Punjab and Haryana Secretariat and Punjab and Haryana Assembly along with monuments Open hand, Martyrs Memorial, Geometric Hill and Tower of Shadow and the Rock Garden
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