• Unnecessary declined applications to own money/handmade cards – For individuals who submit an application for that loan otherwise credit cards and you can the job is actually refused, you commonly apply which have various other financial, and something and stuff like that. Such techniques reduce your rating for a couple of causes. The first is that CIBIL requires ongoing rejects getting a good crappy signal and you will subsequently since whenever a lender demands CIBIL to suit your borrowing from the bank information, your fico scores come down.
• Paying down credit cards – When you have settled credit cards, that is, when you yourself have negotiated on the financial and signed a card cards right after paying a price lower than was owed on the the fresh new credit, in that case your credit history can get a red flag that could lead to difficulties later.

In case your score are less than a certain number, upcoming chances are that you may not be accepted for good financing

When you’re banking institutions may well not reveal exactly what CIBIL rating allows you to the ultimate candidate to possess an unsecured loan, they say that credit rating will have an associate on recognition of your own application for a financial loan.

Even although you is actually acknowledged, the eye costs offered to you’re greater than those available to somebody with a good get.