CIBIL Score Using Tips: Nowadays, everyone uses credit cards and debit cards. In the past, people often lacked sufficient funds to purchase items, so they resorted to borrowing money. But that has changed. In the past few years, the use of credit cards has increased significantly. Previously, people often lacked the funds to pay their bills. Therefore, they can use credit cards. The number of credit card users has increased significantly year after year.
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According to data released in 2023, the total number of credit cards in the country has surpassed 100 million. While 12.2 million new credit cards were issued in 2022, this number reached 16.7 million in 2023.
If you have a credit card and a bill is generated after use, but the payment is not made on time, it can negatively impact your CIBIL score. This also reduces your chances of getting a loan in the future. However, this alone doesn’t significantly impact your CIBIL score.
In such a situation, you need to use your credit card carefully. This requires you to pay close attention to your CIBIL score. You should never spend the entire credit card limit. If your credit card limit is up to ₹1 lakh, limit your spending to ₹20,000 to ₹30,000.
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A high credit utilisation ratio means you will frequently spend the entire limit. This means you are overly dependent on your credit card, which can negatively impact your CIBIL score.
A CIBIL score below 700 is considered a poor CIBIL score. In such a situation, it becomes very difficult to get a new credit card or any type of loan. In such a situation, pay special attention to the credit utilisation ratio.