Credit Information Bureau India Limited or CIBIL is considered the highest credit information body in India. It assigns a CIBIL or credit score to every single individual with a financial history.
The CIBIL score is a numerical gradation of your financial history. It is a 3-digit number which can vary from 300-900. A high credit card CIBIL score is important when you apply for credit card.
One the best credit cards in India, the Bajaj Finserv RBL Bank SuperCard, comes with the features of 4 cards in 1. You can use it as a credit card, loan card, cash card, and an EMI card.
The CIBIL score required for a credit card is 750 or above. If you have a low CIBIL score, you need to improve it.
Delayed or missed EMI payments are recorded in your credit history. It lowers your CIBIL score and showcases you as a financially irresponsible borrower. Always make sure to pay your credit card dues or EMIs in time.
Credit cards give you access to immediate funds which you are liable to repay later. You should always try to pay the total outstanding amount reflecting on your credit card bill instead of the minimum amount due.
If you face a rejection after applying for a loan or credit card, take some time off before you re-apply. Multiple such applications within a short span of time shows you as a credit-hungry individual.
Utilise credit only as much as you need. Limit the credit usage on your card to 30-40% of the total credit limit.
You can check your credit card CIBIL score on the official website of CIBIL. Provide your details like your name, address, etc. and perform a free CIBIL check for a credit card.