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CIBIL score is gaining its prominence among financial institutions as a source to understand credit worthiness of a customer. Let's understand how CIBIL actually works: CIBIL (Credit Information Bureau of India Limited) acts like an information data base of customers of different banks. If one has credit card or loan against their name, the respective lending authority will update the same to CIBIL. CIBIL maintains analyzes the record of how efficiently the payments were made. Every enquiry for a credit card or loan will be updated in CIBIL records. Whenever a request is placed by the individual for a credit card or loan, the financial institutions contacts CIBIL to assess the credit worthiness of the individual.

 

Factors which Influence your CIBIL Score:

 

1. Payment History: The payment history of an individual represents the financial state of an individual. As per CIBIL's assessment, if the payments are made as per the schedule and in the given time lines, it is considered as a positive sign. Late payments or defaults on the loans and credit cards indicate the financial troubles of the individual.

 

2. Usage of credit limits: This factor is highly pertinent to credit card usage. It is considered as a negative sign if an individual consistently consumes 80-90 percent of the card limit. Increase in the current balance of the credit card over a time period is a sign of increased repayment burden.

 

3. Number of loans and credit cards: Home loans and car loans are considered as secured loans and credit cards and personal loans are considered as unsecured loans. While higher number of secured loans impacts the CIBIL score positively, higher number of unsecured loans impacts it negatively.

 

4. Credit Hungry: Repeated applications for credit cards or loans signify the credit hungriness of an individual. Every enquiry made for any form of credit is reported to CIBIL. The lenders maintain caution in case of such individuals who are repeatedly trying for some or other form credit.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online