CIBIL Score: Apart from not repaying the loan, CIBIL score also gets spoiled due to this reason..

CIBIL Score is that score, seeing which banks are ready to give you a loan. CIBIL Score ranges between 300 to 900. In such a situation, the closer your score is to 900, the better it is for your financial condition.

There has been a tremendous increase in the number of loans taken since Covid. Therefore everyone wants to clear every question related to CIBIL Score. One of the biggest questions is that if we check the CIBIL Score again and again, will it go down? Our answer to this is yes and no. Let us tell you why this is so.

This is the easy answer to this big question-
Actually, the CIBIL Score is a report of the past history of the customer, which tells the bank when the loan has been taken and when the inquiry has been made about the loan. If you are checking the CIBIL Score yourself, then there will be no difference in your CIBIL Score. Apart from this, if you apply for a loan then the loan giving company will check your CIBIL Score. When the company checks, your CIBIL score may go down.

CIBIL score should be above 800-
Therefore, do not inquire about more loans. You can check your CIBIL score any number of times, there is no problem. Also, try to keep the CIBIL score above 800. If not, then pay the loan or credit card bills on time, which will boost your credit history.

Avoid taking multiple loans simultaneously-
One should also avoid taking too many loans at once. Of all the loans taken since COVID-19, 30 percent have been taken to fulfill their hobbies. The loan is available, but 1 to 2 EMIs get delayed in repaying it. Due to this there is a negative impact on CIBIL Score.

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