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The article provides a clear distinction between the <keyword id="2054234" type="General" weightage="20" keywordseo="CIBIL-score" source="Orion">CIBIL score</keyword> and the <keyword id="2405124" type="General" weightage="20" keywordseo="CIBIL-report" source="Orion">CIBIL report</keyword>, which are important factors in assessing an individual's creditworthiness in India. Here's a summary of the key differences. CIBIL Score: <ul><li>Nature of Information: A numerical representation (ranging from 300 to 900) that reflects your creditworthiness.</li><li>Usage by Lenders: Used by lenders or lending institutions for swift credit risk evaluation.</li><li>Purpose: Serves as a quick reference point for lenders to assess an applicant's credit risk.</li><li>Impact on Lending Decisions: The CIBIL Score affects interest rates, credit limits, and the approval or decline of loan applications and credit card requests.</li></ul> CIBIL Report: <ul><li>Nature of Information: A detailed record of your credit history and overall financial behavior.</li><li>Usage by Lenders: Offers comprehensive insights for a meticulous credit assessment.</li><li>Purpose: Provides a thorough background for lenders, enabling a meticulous evaluation of an applicant's creditworthiness and financial responsibility.</li><li>Impact on Lending Decisions: The CIBIL Report paints a detailed picture, offering insights into an individual's financial behavior and credit management skills, guiding lenders to make well-informed decisions when extending credit.</li></ul> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:bottom;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aspect </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:bottom;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CIBIL Score </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:bottom;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CIBIL Report </td></tr><tr><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nature of Information </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A numerical representation (300-900) </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A detailed record of credit history and financial behavior </td></tr><tr><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Usage by Lenders </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Used for quick credit risk assessment </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers comprehensive insights for meticulous credit assessment </td></tr><tr><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Purpose </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quick reference point for lenders </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Provides a thorough background for lenders, enabling meticulous evaluation </td></tr><tr><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Impact on Lending Decisions </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Affects interest rates, credit limits, and approval/denial of loan and credit card applications </td><td style="border-left:solid #d9d9e3 0.75pt;border-right:solid #d9d9e3 0.75pt;border-bottom:solid #d9d9e3 0.75pt;border-top:solid #d9d9e3 0.75pt;vertical-align:middle;background-color:#f7f7f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Provides detailed insights into financial behavior and credit management skills, guiding informed lending decisions </td></tr></tbody><tbody></tbody></table>In summary, the CIBIL score is a concise numerical representation of creditworthiness, while the CIBIL report offers a comprehensive view of an individual's credit history and financial behavior. Both are essential for maintaining a healthy financial profile and making informed decisions about credit management. Regularly checking your CIBIL report can help identify errors, monitor credit behavior, and take steps to improve your credit score, ultimately enhancing your financial well-being.

CIBIL Score vs CIBIL Report - check out the differences

<ul><li>This is the first time the institute has secured 100 per cent placement for a batch this big in its 38-year history.</li><li>The highest package offered during the drive was ₹ 3.5 lakh per month.</li><li>The average and median stipends offered to students were ₹ 1.41 lakh per month and ₹ 1.5 lakh per month. </li></ul> The Indian Institute of Management, <keyword id="6355192" type="General" weightage="50" keywordseo="lucknow" source="Orion">Lucknow</keyword> (IIM-L) has scored 100 per cent placement in its summer placement drive. The drive -- held for the 38th batch of <keyword id="473399" type="General" weightage="50" keywordseo="post-graduate-programme-in-management" source="Orion">Post Graduate Programme in Management</keyword> and 19th batch of PG Programme in Food and Agri-Business Management -- saw 566 students getting a total of 570 offers. This is the first time the institute has secured 100 per cent placement for a batch this big in its 38-year history. According to a press release issued by IIM-L, the highest package offered during the drive was ₹ 3.5 lakh per month. The average and median stipends offered to students were ₹1.41 lakh per month and ₹ 1.5 lakh per month, respectively. This is also the highest-ever in IIM-L's history, added the communique. Students secured offers in varied fields -- including consulting, finance, general management, IT &amp; analytics, sales and marketing, operations and retail e-commerce -- from top recruiters across the globe. During the drive, several major companies came to hire IIM-L students for the first time. These included -- Alkem Laboratories, Berger Paints, Bharat Serums &amp; Vaccines, Big Basket, Castrol, CK Birla, DSP Investment Managers, GEF Capital Partners, <keyword id="720079" type="General" weightage="50" keywordseo="ivycap-ventures" source="Orion">IvyCap Ventures</keyword>, <keyword id="1196648" type="General" weightage="50" keywordseo="lincoln-international" source="Orion">Lincoln International</keyword>, L'oreal, Ninjacart, Redseer Consulting, SBI Capital, Sony Pictures, The <keyword id="1855697" type="General" weightage="50" keywordseo="rohatyn-group" source="Orion">Rohatyn Group</keyword>, <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">Transunion Cibil</keyword>, and <keyword id="5921903" type="General" weightage="80" keywordseo="whiteboard-capital" source="Orion">Whiteboard Capital</keyword>. Meanwhile, several other companies that have recruited from the institute earlier as well also participated in the drive. These included -- Accenture, Aditya Birla Group, Adobe, Alvarez &amp; Marsal, Amazon, Arthur D. Little, Atlassian, <keyword id="6429146" type="General" weightage="80" keywordseo="avendus-capital" source="Orion">Avendus Capital</keyword>, Bain &amp; Company, Boston Consulting Group, Citi Group, Colgate-Palmolive and Deloitte. "Despite the current state of economy, the placement drive was made a huge success by the relentless support of recruiters and placement teams, making it the best placements with more than 185+ recruiters participating in the process," said the IIM-L release SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-dominate-the-india-rich-list-with-the-gap-between-them-the-rest-of-india-inc-being-a-very-large-one/articleshow/94751112.cms">Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-to-declare-iphone-5c-obsolete-by-next-month/articleshow/94750969.cms">Apple to declare iPhone 5c 'obsolete' by next month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/1000-ev-charging-stations-to-be-set-up-in-delhi-in-a-year-govt/articleshow/94742229.cms">1,000 EV charging stations to be set up in Delhi in a year: govt</a>

IIM-L scores 100% placement

Mumbai, Mar 30 () Credit information company Transunion Cibil on Monday assured borrowers that data reporting will be aligned to RBI's moratorium announcement and there will not be any dent to credit histories as a result of it.The move came after the RBI announcement of a 3-month moratorium for servicing all the term loans as a measure to contain the economic fallout due to the lockdown to contain coronavirus spread."We would work closely with our member banks and credit institutions to define the data reporting framework basis (after) the announcements made by the RBI Governor, so that during the moratorium period there is no adverse impact on the credit histories and CIBIL Score of borrowers," the company said in a statement.The RBI announcement came as a relief to the borrowers and affirmed commitment to provide a comprehensive picture of each person so they can be reliably and safely represented in the marketplace.The company, the biggest among three players in the CIC (credit information companies) market, said it is also working with members to ensure more frequent and near real-time data reporting during these unprecedented times."Reporting and monitoring daily nuances of consumer behaviour trends will yield deep insights for the industry to adjust policy and lending. This will ensure support to consumers and enable the lending bodies to transact with confidence," it said. AA BALBAL

Transunion Cibil says data reporting to be in line with moratorium guidelines

Mumbai, Feb 25 () TransUnion Cibil, the largest credit information bureau, on Tuesday appointed Rajesh Kumar of HDFC Bank as its new managing director and chief executive. Kumar succeeds Satish Pillai who has moved to become the president of Asia region business of the US-based company. Prior to joining Cibil, Kumar was the group head for retail credit and risk at HDFC Bank. With two decades of experience at HDFC Bank, he helped the second largest bank grow its retail lending book to USD 50 billion, leading a team of more than 3,000 officers. In his role as the MD and chief executive, Kumar will be responsible for steering Cibil India's business into the next phase by ensuring it continues to support the domestic finance industry and consumers. Speaking on Kumar's appointment, Pillai said, "Kumar brings vital leadership and expertise to our business. His deep rooted experience in helping build one of the most successful retail credit business at HDFC Bank gives him great insight into better serving our clients and driving growth of our credit information infrastructure, insights, products and solutions for the benefit of all." BEN MRMR

Cibil ropes in HDFC Bank's Rajesh Kumar as MD, CEO

It isn’t rocket science to know that you can buy expensive electronics stores by taking instant <keyword id="6360217" type="PERSON" weightage="20" keywordseo="Loan">loan</keyword>s. However, not everyone can get a loan instantly. There are a few things that you need to do in order to buy those fancy electronics through EMIs. BI India lists down those few important things to do before you apply for a loan at the electronics store. 
	 
	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 Harshala Chandorkar, COO, <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword>. 
	 
	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 <keyword id="2796743" type="UNKNOWN" weightage="20" keywordseo="CIBIL-TransUnion">CIBIL TransUnion</keyword> 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.

Now you can get easy loans at an electronics store if you follow these tips

Often, while applying for a loan, we are clueless about what our <keyword id="6354680" type="ORGANIZATION" weightage="20" keywordseo="credit">credit</keyword> history is all about. The typical jargons used for credit score such as <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword> report and <keyword id="728709" type="ORGANIZATION" weightage="20" keywordseo="CIBIL-TransUnion-Score">CIBIL TransUnion Score</keyword> unnerve us and we often end up feeling confused by the end of the loan application. But hey, don't worry! Harshala Chandorkar, senior vice president, Consumer Services and Communications, CIBIL told BI India some of the common myths about credit score. 
	 
	CIBIL decides the cut-off score for credit institutions 
	 
	CIBIL does not recommend any cut-off score to banks to help them arrive at any lending decisions. Each bank has a different risk appetite and they decide what the cut off score should be for their bank. What may be a good credit score for Bank A may or may not be a good credit score for Bank B. 
	 
	In addition to a good credit score credit institutions may also consider other critical factors like your income to debt ratio, your residential status, professional qualifications etc. while deciding on your loan application. Therefore along with a good credit score you must also ensure that all these factors are well placed before applying for the loan. 
	 
	Banks and credit institutions can access an individual’s CIBIL Report 
	 
	Consumers can directly access their own CIBIL Report and CIBIL Transunion Score on CIBIL’s website in 3 easy steps. A user will have to fill up an online form and make a payment through net banking, debit, credit or cash card. The final step would require online authentication based on the user’s credit history. 
	 
	If you are successfully authenticated, your CIBIL Report and CIBIL TransUnion Score will appear on the screen and you shall also receive it via e-mail. If you fail the authentication then you can upload a scanned copy of your identity proof and address proof on CIBIL’s website. The report will then get delivered to you via express delivery. 
	 
	A poor score will haunt me forever. 
	 
	An individual with a low credit score can gradually work towards improving it. Credit report and credit scores are dynamic and change according to the credit behavior of the borrower. Once the borrower has paid all the unpaid EMIs and has again started regularly paying the installments on the loan, his credit report will improve and reflect the regular payments accordingly. The credit score may also improve gradually.

All that you should know about your CIBIL score

Bad credit behaviour is bad because it ruins your chances of getting any kind of funding from the banks or financial institutions. And while it is not rocket science to understand why your loan application has been rejected, we still feel its important to send you reminders about what it really means to have a ‘bad credit behaviour’. 
	 
	Skipping EMIs 
	 Have you missed out on paying your monthly EMIs on any of your loan. This is quite a common trend often observed amongst young consumers, who often take loans and delay the EMI payment. “Default on the monthly payment will occur if sufficient fund is unavailable in your linked account. Defaulting on loan EMIs is detrimental to your <keyword id="728709" type="ORGANIZATION" weightage="20" keywordseo="CIBIL-TransUnion-Score">CIBIL TransUnion Score</keyword>. So ensure you pay your loan EMIs month on month and have adequate funds in your bank account for the loan EMI debit,” said Harshala Chandorkar, COO, <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword>. 
	 
	Defaulter! Defaulter! 
	 
	Not everyone is Vijay Mallya, who defaults on Rs 9,000 crore loan and still have a good credit score. We are aam aadmi, so defaulting isn’t an option for us. “Delay or default on credit card bill payment: Forgetting to pay your credit card bill on the due date or not paying your credit card bill at all can hamper your credit score drastically. Ensure you set up payment alerts on your credit card bill and make the payments before or by the due date,” she explained. 
	 
	Settling down 
	 
	You may think it is a wise idea to settle your outstanding credit card bill or loan but believe it or not, it is often considered to be bad credit behavior by the banks. 
	 “If the customer has partly paid the dues and settled a loan or a credit card then the status will reflect as "Settled" in the credit report. It is important to understand that though there will be no impact of the “settlement” flag on the customers CIBIL TransUnion Score, his <keyword id="88181" type="UNKNOWN" weightage="20" keywordseo="credit-history">credit history</keyword> will show a “Settled” status in his CIBIL Report and there will be Days-Past-Due reflecting on the report since the payment on the loan has not been timely. Each bank has its own policy of viewing at a “Settled” status and will decide on the consumers future loan applications accordingly. Therefore it’s best to not ever get into a loan settlement,” pointed out Chandorkar. 
	 
	Crossing the limits 
	 
	No, we aren’t trying to scare you. We are only talking about your credit card limit, which if reached and worse exceeded can adversely impact your credit score. “Spending more than the assigned limit on your credit card or spending close to the limit on the credit card may affect your credit score to some extent. Therefore ensure that you spend well within the limit on your credit card,” she noted.

Getting a loan is difficult but
these things can make it worse for you

If you are tempted by calls for <keyword id="6368202" type="ORGANIZATION" weightage="20" keywordseo="Credit-card">credit card</keyword>s with different schemes, hold that thought for a moment! Before you sign up the document for yet another new credit card, have you ever wondered how is your credit limit decided and if you have the room to raise it later? 
	 
	“When you sign up for a credit card you are requested to fill up a form providing details of your income, KYC and employment. Based on the details you provide the credit card company first checks your <a href="http://www.businessinsider.in/Not-sure-what-your-credit-report-shows-Heres-whatit-means/articleshow/49092557.cms">CIBIL TransUnion Score</a> and <a href="http://www.businessinsider.in/Loan-rejected-despite-a-good-CIBIL-TransUnion-Score-Check-your-CIBILreport-again/articleshow/48541388.cms">CIBIL Report</a> to assess your credit history and past credit behavior,” says Harshala Chandorkar, COO, <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword>. 
	 
	She adds, “If your <keyword id="728709" type="ORGANIZATION" weightage="20" keywordseo="CIBIL-TransUnion-Score">CIBIL TransUnion Score</keyword> meets the cut-off limit of the credit card company and they are satisfied with your <a href="http://www.businessinsider.in/Heres-what-accessing-your-CIBIL-report-can-do-for-you/articleshow/48280411.cms">CIBIL Report</a>, they proceed to decide your credit card limit, rate of interest and terms and conditions on your card.” 
	 
	It must be noted that while each credit card company follows its own set of criteria for deciding on the credit card limit, the credit limit is primarily a function of an individual’s income and usage. 
	 
	Chandorkar explains that the crucial factor that determines the credit limit for a credit card include-- income documents such as salary slips, income tax return documents and surrogate methods which include your association with a brand, a merchant outlet or a premium club. But apart from the income, a credit card company before fixing the limit of the credit card also takes your credit history and credit score into account. 
	 
	This is primarily done in order to understand your repaying ability. If your credit score is low, your credit card limit would also be low. And if you have a higher limit, you can swipe your card a little liberally without worrying about your card being declined. 
	 
	For instance, you may have an income of Rs 60,000 per month. However, the limit on your on your credit card could be just Rs 1 lakh. If you have been wondering why your limit is so less as compared to your income, then you should probably check your credit history and your credit score once again. 
	 
	We know what are you thinking now. You probably want to know if you can raise the limit on your cards. And the answer is a definite yes. 
	“Most banks make you eligible for getting an increase on your credit card limit after 6-18 months of you availing and using the credit card, depending upon their credit policy,” says Chandorkar. 
	 However, credit card companies do not increase the limit without their own assessment of your credit behaviour. According to Chandorkar, the raise in credit limit for a card depends primarily on two factors—your payment history for that particular credit card and your payment pattern for other credit relationships, which is reflected in your <keyword id="2405124" type="UNKNOWN" weightage="20" keywordseo="Cibil-Report">CIBIL Report</keyword> and CIBIL Transunion Score. 
	 
	If the banks or the credit card company finds your overall credit behaviour satisfactory, it will allow you to up your credit limit. 
	 
	But the catch here is that while the banks can increase the limit on your credit card, they also have the power to reduce it, if need be. Chandorkar points out that banks and credit card companies often do it when they find an individual’s credit behaviour hinting at a possible default or delinquency on loan and credit card payments. 
	 
	One must remember that credit card issuers regularly keep a tab on their customer portfolio and constantly check for their borrower’s credit behaviors. Well, this just leaves us with one advice-- Spend wisely and stay safe!

High income but low credit card limit? Here’s why your bank doesn’t
want to give you more

The first month of 2016 is about to get over and its time to look back and analyse your financial behaviour. 
	 
	“Advent of 2016 signals new hopes and aspirations along with resolutions for fulfilling these aspirations. Here are 7 resolutions you must commit to if you want to enjoy credit happiness and <a href="http://www.businessinsider.in/Is-this-what-2016-holds-for-startups-in-India/articleshow/50549936.cms">easy access to finance</a> in the New Year by maintaining a healthy credit report and high credit score,” says Harshala Chandorkar, COO, <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword>. 
	 
	Timely payment of loans 
	 
	Ensure that you are paying of your EMIs and credit card bills on time. Always have enough balance in the bank in order to make timely disbursements. 
	 
	“In case you are making payments through cheque each month ensure that the check is deposited in advance before the due date of the EMI payment. Similarly also make sure that you pay credit card bills on time each month. Try to make the credit card bill payments in full each month to avoid accumulation of debt and interest charges,” says Chandorkar. 
	 
	If making full payments isn’t possible, it is suggested that one should at least make part payments in order to avoid default tag. “Missing any EMI or credit card bill payment will impact your credit report and lower your credit score,” she notes. 
	 
	Restrict credit card limits: 
	 “While increased spending on your credit cards may not necessarily negatively affect your <keyword id="728709" type="ORGANIZATION" weightage="20" keywordseo="CIBIL-TransUnion-Score">CIBIL TransUnion Score</keyword>, an increase in the current balance on the card over time is an indication of an increased repayment burden and may negatively impact your score. It’s always prudent to not use too much credit,” says Chandorkar. 
	 
	Limit credit exposure 
	 
	“The total size of your debt reflects on your <a href="http://www.businessinsider.in/Wanteasy-access-to-credit-for-your-startup-Here-are-a-few-tips-/articleshow/50743156.cms">credit</a> report and has an impact on your CIBIL TransUnion Score. Having many loans or credit cards increases the total amount of debt you owe and increases your credit exposure. High credit exposure may impact your CIBIL TransUnion Score. If you have many loans running ensure that you close some of them so that your total credit exposure is reduced, before you apply for new loans,” she adds. 
	 
	Monitor your co-signed, joint accounts 
	 
	It is important to regularly monitor all your loan accounts which include co-signed, joint and the ones for which you have signed up as a guarantor. It is also important to understand that by pledging as a guarantor on the loan, you are also legally responsible towards the timely repayment of the loan. In case of defaults and delinquencies by the principal borrower, the CIBIL TransUnion Score of the guarantor will also get negatively impacted. Hence, it’s imperative that the guarantor on the loan should ensure that the borrower pays the EMIs regularly on the due date, month on month. 
	 
	Know your CIBIL TransUnion Score 
	 It is important to keep a tab on your <keyword id="88181" type="UNKNOWN" weightage="20" keywordseo="credit-history">credit history</keyword> regularly in order to track your financial standing and be “loan ready” always. Remember responsible credit behavior is the cornerstone of financial independence. In order to enjoy financial freedom and access to credit you must ensure responsible credit behavior and due diligence.

4 credit management resolutions that you must make in this new year!

Many husbands often joke on how handing over a joint credit card to their wife is a recipe for disaster. But ditch this old school thought as many modern financial wizards will tell you that sharing your credit card with your spouse has it perks. 
 Yes it’s true! Applying for a joint credit card is beneficial as the credit activity will reflect on both your CIBIL reports and if you both have good financial habits, it will help your improve your <keyword id="2054234" type="UNKNOWN" weightage="20" keywordseo="CIBIL-Score">CIBIL score</keyword>. 
 
So, here are five ways in which you can gain with a joint credit card with your better half. 
 
Give your CIBIL score a boost As mentioned above, the activity on a joint credit card reflects on the <keyword id="2405124" type="UNKNOWN" weightage="20" keywordseo="Cibil-Report">CIBIL report</keyword> of both, you and your spouse. This can be both a good and a bad thing. If you are financial conscious and pay off your outstanding balances in full each month and also keep a hawk on the utilization rate of the total credit and keep it under 30%, your credit card can be used as great ammunition to garner a higher CIBIL score. But do bear in mind that it works the other way as well. If any of you proves to be a reckless spender and piles up credit card debt, it will end up wrecking both your CIBIL score as well as your marriage! 
 
Be more accountable 
It is obvious that reckless spending on your credit card can have grave effects on your CIBIL score. However if both you are using a joint credit card, it helps you keep a tab on your usage. If one of you has the tendency to go overboard, the other can assume responsibility of acting as a stopper. Don’t let money matters escalate into a fight, but help each other to become more financially responsible. 
 
Faster loan processing at lower rates 
A higher CIBIL score gives you greater power to negotiate with the bank and arrive at a better rate of interest. You may also get other perks such as the processing fee being waived off or better terms for servicing the loan. Most of all, your loan application may be processed really fast, as the due diligence for the bank is cut down drastically, as a high CIBIL score is a measure of your financial health and credit habits and gives the bank the immediate confidence to lend. 
 
Better money management 
If you are a financially conscientious couple and split all your expenses from groceries to entertainment, using your credit card is a great way to manage your expenses. When the credit card statement arrives, you will have a full record who has spent what and you can simply use your credit card to pay off your share. 
 
Earn more reward points 
In a bid to attract customers, credit card issuers have many attractive reward programs on offer. When both of you are using the same credit account through a joint card, you have a chance to garner reward points faster and reap the benefits of freebies. If you choose a good card you can either get a chance to earn cashbacks on almost every purchase or you can accumulate your reward points and redeem them for cheaper airline tickets or hotel stays, when you and your spouse are planning a vacation. 
 
Thus as you can see, a joint credit card can help you in a number of ways. Judicious use of your joint credit card wisely, will help you keep your CIBIL scores high and will open up doors easily, when you are in the need to access credit. 
 
Rajiv Raj is the Director and Co-Founder of <a href="http://www.creditvidya.com/">www.creditvidya.com</a> 
Image Courtesy: ThinkStock

Five reasons to apply for a joint credit card with your spouse

We have always stressed on how a good credit history is important for accessing <a href="http://www.businessinsider.in/4Tips-to-manage-your-financial-goals/articleshow/47468847.cms">financial</a> help. But if you still feel that applying for a loan is an easy job and you have all the documents in place, hold that thought for a moment. BI India now list down 5 reasons why you should access your <keyword id="2405124" type="UNKNOWN" weightage="20" keywordseo="Cibil-Report">CIBIL report</keyword> and <keyword id="728709" type="ORGANIZATION" weightage="20" keywordseo="CIBIL-TransUnion-Score">CIBIL TransUnion Score</keyword> before you apply for a loan. 
	 “Your <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword> Report and <a href="http://www.businessinsider.in/Confused-about-your-credit-score-Know-how-your-CIBIL-TransUnionScore-is-calculated/articleshow/47785300.cms">CIBIL Transunion</a> Score provides a testimony of your financial discipline to banks and financial institutions for approval of your loan or credit card application. A healthy CIBIL Report and a high CIBIL TransUnion Score indicates that you are managing your loans and credit relationships well and are financially savvy,” says <keyword id="1801472" type="PERSON" weightage="20" keywordseo="Harshala-Chandorkar">Harshala Chandorkar</keyword>, senior vice president – Consumers Services and Communications at CIBIL. 
	 
	You are always ‘loan ready’ 
	 
	“Along with your income to debt ratio, your credit history as reflected in your <a href="http://www.businessinsider.in/Straigten-up-You-have-a-bad-credit-behavior-if-you-are-doing-anyof-these/articleshow/47617149.cms">CIBIL Report</a> is a vital parameter for the approval of your <a href="http://www.businessinsider.in/Dont-be-a-guarantor-unless-you-knowthese/articleshow/48097607.cms">loan </a>application. It is important to do your homework and assess your credit eligibility before applying for a loan. Along with calculating your income to debt ratio you should also be aware of your credit history and credit score. Therefore before applying for a loan or credit card you must access your CIBIL Report and CIBIL TransUnion Score and understand its components so that you do not face any unpleasant surprises in the form of loan rejection because of low CIBIL TransUnion Score,” says Chandorkar. 
	 
	Manage your accounts 
	 
	A CIBIL report helps you keep a tab on your loan and credit card accounts. “It is a useful tool to monitor performance on all your loans - be it loans that you have availed, guaranteed or co-applied. It also provides you a snapshot of your credit cards- the ones you own and the ones you may have provided to your spouse or children as add on credit card, she adds. 
	 
	Ensure correct information 
	 
	Accessing your CIBIL report on time will allow you verify if your credit history is accurate or if there is any discrepancies in you report. “If you find any discrepancies in the information on your report you can always get it corrected by approaching CIBIL through its online dispute resolution forum. CIBIL can also help you resolve any discrepancies or disputes on your credit report through the online dispute resolution process on our website,” notes Chandorkar. 
	 
	Credit Health Check Up 
	 
	“Just like your regular health check you must also run a financial health check up to be in control of your financial stability. Reviewing your CIBIL Report will provide you insights into your financial health with reference to your credit exposure- how much debt do you hold?, how have you being repaying your loan <a href="http://www.businessinsider.in/Knowhow-a-good-credit-score-can-help-you-avail-instant-finance-at-electronic-stores/articleshow/47277522.cms">EMIs</a> and credit card bills?, how many times have you applied for a loan or credit card? Do you have detrimental flags like “Settled”, “Written-Off” or “Suit Filed” against any of your loan accounts or credit cards?. This credit health checkup will help you take corrective and preventive measures in time for maintaining financial hygiene and a healthy credit report,” she suggests. 
	 
	Better negotiations 
	 
	Accessing your CIBIL report helps you in negotiating the terms and conditions with your lender. According to Chandorkar, banks and lenders now increasingly rely on CIBIL Report and CIBIL TransUnion Score to decide if the loan should be approved. “The consumer can use this powerful reputational collateral to his or her advantage. Accessing you CIBIL Report before applying for the loan may give you better negotiating power with the lending institution for availing the loan at better terms and conditions, if you have a high credit score and a healthy CIBIL Report,” she states.

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