How to improve your 666 CIBIL Score?
Improving a 666 CIBIL score requires a focus on disciplined credit management. Pay all your bills and EMIs on time, as timely repayments have a significant positive impact on your score. Reduce your credit utilisation ratio to below 30% to reflect responsible borrowing. Avoid applying for multiple loans or credit cards in a short time to minimise hard inquiries. Regularly monitor your CIBIL report for errors and resolve discrepancies promptly. Maintaining a balanced mix of secured and unsecured credit can also improve your credit profile. With consistent efforts and financial discipline, you can elevate your score above 700, enhancing your creditworthiness.
How does a 666 CIBIL Score impact interest rates?
A 666 CIBIL score often results in higher personal loan interest rates , as lenders consider it a moderate-risk score. While you may still qualify for loans or credit cards, the borrowing costs will likely be higher. To reduce interest rates and secure better terms, aim to improve your score above 650 through timely repayments, low credit utilisation, and responsible credit behaviour. A higher score demonstrates reliability to lenders, leading to lower borrowing costs and easier access to premium financial products. Consistently practising good credit habits not only improves your score but also saves money on interest over time.
