CIBIL is India’s credit rating agency. It monitors individuals and companies’ financial health by scoring them on a scale. The marks given on this scale determine and individual or company’s credit worthiness. In simple terms, based on this score, you can secure a high loan amount or see your application get rejected. CIBIL recently conducted a survey that talked about us and our spending habits. A few things about us folks also stood out in the survey. So, let’s jump right into the CIBIL survey takeaways that you need to know about.
CIBIL Survey Takeaways
Takeaway 1: Regard for deadlines
The CIBIL survey noted our habit of repaying more than minimum amount due towards our credit card bill. This not only affects our credit score positively but also shows that we care about our deadlines. While the survey does not outright say that, we get to understand it by other means. One of them is the fact that we pay more amount than the minimum due. Also, the survey reveals that we are aware of non-timely payments that can affect our credit score negatively. Hence, while not being explicit about this, the survey underlines our habit of being watchful of deadlines.
Takeaway 2: Financially Aware
The second takeaway from the CIBIL survey is the fact that we are financially aware. Not only are we aware of deadlines and their effect on our credit score, we are aware of our monthly bills. Being aware of monthly bills is one thing. We are also aware of the fact that paying more than minimum due amount will reduce the bill and restore the credit limit faster. Being aware of these factors helps us in making finance-related decision which are guided by prudence more than emotion or impulse.
Takeaway 3: Financially Responsible
One of the most important CIBIL survey takeaways is that we act responsibly when it comes to financial matters. This is reflected in our repayment habits. Firstly, to repay more amount than minimum amount due means that we are not acting like shopaholics. Since most of our expenses, as a result, are out of necessity, we feel that such necessities may arise in future. By repaying more than required, we try to shield ourselves from any emergencies in future. If that is not being financially responsible, then what is?
CIBIL Survey Takeaways – Conclusion
Despite these takeaways nobody is saying that we are the best people. However, if anything we are counted among the best folks out there to whom loans and other advances can be forwarded with least worry. Nobody is perfect and we surely aren’t. What we are are people for whom prudent spending rules the day. This is another one of the biggest CIBIL survey takeaways that you can have.