Your CIBIL score is subject to your credit behaviour – and hence it changes the way you manage your credit. Lenders check your CIBIL scores when you apply for a loan. So, if you are planning to buy a home and are looking for a housing loan to fund your needs, you may find it difficult to get one on favourable terms without a good CIBIL score.
Also, if you are paying your dues regularly and keeping your credit utilisation low but still find your credit score rolling down, here could be some reasons.
Five Reasons Your CIBIL Score is Going Down
There are many factors that affect your credit rating. Here are a few facts that can help you understand how your CIBIL score may experience a sudden drop:
1. Multiple Lines of Credit
Holding numerous credit cards, secured loans and unsecured credit can hurt your CIBIL score as these are signs of heavy debt. Lenders usually calculate your debt-to-income (DTI) ratio when considering loan approvals. A higher DTI proves that you already have several EMIs and bills to pay, and they may be unwilling to extend a loan.
2. Delayed Payments
Delayed payments can also adversely affect your CIBIL score and credit history. Your previous repayments convey how seriously you take your debts. Therefore, honour your debts on time and monitor your accounts to ensure no payment is missed.
3. Increased Credit Limit
In certain instances, a request to raise the credit limit may lower your score because this can look as if you are overly dependent on credit. Thus, keep an eye on your credit utilisation, maintain low balances and obtain new credit in moderation only when required.
4. Not Having the Right Credit Mix
A healthy credit mix of both secured and unsecured loans spanning short and long tenors contributes to a higher credit score.
5. Under-Utilisation of Credit Cards
Many people are wary of using credit cards assuming that it may lead to bad credit habits and unnecessary spending. However, zero transactions on credit cards could render your credit file inactive, downgrading the CIBIL score.
Also Read: 10 Tips to Help You Improve Your CIBIL Score
Understanding the Anatomy of Your Credit Score
Your credit score comprises four major factors with each assigned a different weightage. This includes:
Payment History
One’s payment history is the biggest contributing factor to the credit score. It records all your credit payments such as loan EMIs and credit card bills. If you regularly clear your outstanding bills and instalments by the due time, it will boost your score while delayed or missed payments could lower it.
Credit Exposure
Credit exposure or the credit utilisation ratio also constitutes a part of your credit score. Credit utilisation denotes your credit usage in proportion to the available credit limit, and a ratio of over 30% can project you as a high-risk borrower and may cause a dip in your credit rating.
Credit Type and Duration
Another part of the CIBIL score comprises the duration of your credit history and the type of credit portfolio you hold. A longer credit history with a good repayment record is always preferable since it implies sufficient experience in managing credit.
Other Factors
Hard inquiries and other similar aspects also cover some parts of your credit score. When you apply for a loan, lenders access your credit report from the credit bureau, commonly referred to as a hard inquiry. Several of these can damage your score.
Also Read: Know What CIBIL Score Is Considered Good for a Home Loan
Benefits of a Good Credit Score
Without a credit score, lenders cannot assess creditworthiness. It is imperative to build a credit history and maintain a good CIBIL score, which can increase loan eligibility for availing loans at preferential rates.
If you have a good CIBIL score, you can enjoy several benefits including:
- One may secure bigger loan principal amounts at attractive interest rates and conditions
- Borrowers can choose a longer loan tenor to make repayments easier
- You can get quicker loan approvals and better leverage when negotiating loan terms with lenders.
- A higher score can accord discounts for loan-related charges and fees.
- One can easily qualify for pre-approved loans.
Every time you apply for a loan, such as a Home Loan or property loan, lenders will examine your credit history and CIBIL score. A low score can get in the way of securing the best loan deals, while good scores will open the doors to the most competitive offerings. Hence, it is important to always maintain a good CIBIL score. But if it is below expectations, one should consider remedial measures to improve the CIBIL score through systematic financial practices.
Also Read: What Is Credit Mix and How Can It Improve Your Credit Score?
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
![alt](https://www.bajajhousingfinance.in/documents/37350/2716445/Blog-60.jpg/740fc935-bac3-8956-6be0-918c1c72bb47?version=1.0&t=1690869415677null&download=true)
cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
![alt](https://www.bajajhousingfinance.in/documents/37350/146860/Blogs+1.webp/dfde657e-946f-2b0a-d20a-772fa5f19371?version=1.0&t=1660719630964null&download=true)
tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
[N][T][T][N][T]
Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
[N][T][T][N][T]
Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
[N][T][T][N][T]
Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
![alt](https://www.bajajhousingfinance.in/documents/37350/1461143/Blog-20.jpg/8a62b6ff-d696-dd8f-cff1-e569b4c22bf9?version=1.0&t=1680758738737null&download=true)
home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
[N][T][T][N][T]
Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?2024-01-24 | 3 min
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cibil Cibil
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A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min
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home+loan Home Loan
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An Essential Guide to Refinancing a Home Loan