Know how a good credit score can help you avail instant finance at electronic stores

Ever wondered how you can afford that 5 star air conditioner or that expensive washing machine in the electronics store? Well, you may have thought of taking a loan from friend or a family member. But did you know a good credit score could help you avail a loan at an electronics store instantly.

“It is important to understand that a good CIBIL Report and CIBIL TransUnion Score is very critical for having access to finance when you need it. With availability of instant credit information and score from CIBIL, finance companies are able to assess an applicant’s credit discipline and are able to sanction the loan immediately. A good CIBIL report and high CIBIL TransUnion Score can be your gateway to building a prosperous future,” said Harshala Chandorkar, senior vice president, Consumer Services & Communications, CIBIL.

She tells BI India some basic tips that will help maintain a good CIBIL TransUnion Score and will ensure easy access to finances whenever required.

Keep track of EMIs and credit cards

“Keep a regular check on all the loans and credit cards and ensure to make payments on them before the due date month-on-month,” suggested Chandorkar.

Set payment alerts

She also advises that in order to better manage payments of credit card bills, one should set up an alerts that can constantly remind you of the dues.

Guaranteed loans:

Its always best to keep track of your guaranteed loans and make timely payments. “The guarantors CIBIL TransUnion Score gets impacted if there is a delinquency or default on the loan repayments by the principal borrower,” she said.

Review CIBIL Report and CIBIL Transunion Score

Before applying for any loan, credit card or finance for electronic goods ensure to check your CIBIL Report and CIBIL TransUnion Score. This practice will help you avoid any unpleasant circumstances in the form of loan rejection. You can always work towards improving your credit history and CIBIL TransUnion Score in case it is low and apply for loans or finance opportunities once it improves.