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How to Get a Good CIBIL Score at a Young Age?

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How to Get a Good CIBIL Score at a Young Age?
October 08, 2018
Financial freedom is a matter of taking the right steps, with a clear picture in mind. The planning for future also means making the right choices today and when it comes to finances, no chance can be taken. CIBIL score is the prime indicator of a persons credit health and determines whether the person can be considered eligible for a credit or not. CIBIL i.e. Credit Information Bureau (India) Limited (presently TransUnion CIBIL Limited) is Indias first credit information company founded in 2000. Based on a range of factors, like loan EMI default, pending EMIs and a persons payment history, CIBIL score is maintained as a financial record. The importance of maintaining a good CIBIL score can hardly be understated. The possibilities of getting a vehicle loan or a sizeable home loan etc. depends on the credit health and this can be maintained by getting a good credit score at a young age.

Here is a list of steps that can be taken for getting a good CIBIL score at a young age:

  1. Understand the basics of a credit score

    A credit i.e. a CIBIL score is an indicator of your financial responsibility and is measured by a lot of factors. Your payment history, debt usage, credit age (how longer have you been establishing your credit), account mix (how many accounts or lines of credit do you have) and inquiries (how often do you apply for new credit) all these are factors that make up the credit health and CIBIL score is an indicator of that.

  2. Open a savings account

    In the digital world of today, a savings account is very important for maintaining good credit health. If you are under the age of 18, ask your parents to set up a savings account for you.

  3. Apply for a credit card if you havent done so

    Again, take the help of your parents in applying for  a credit card if you are under the age of 18. However, remember that your parents are the co-signers on your account and as such, they are responsible for your spending. Therefore, spend responsibly and carefully.

  4. Know about monthly payments

    This is very important. In fact, responsible expenditure is the key of maintaining financial health. Avoid overspending on the credit limit and avoid late payments at all costs. Late payment on the credit card leads to payment of a monthly minimum, which further impacts the credit score in a negative way.

  5. Make a good credit checklist

    Making a checklist of your financial goals and another checklist for the steps being taken by you always helps. Simultaneously, you can make a credit health check list and make a note of factors that contribute towards it.

  6. Keep an eye on your CIBIL score

    Even if you havent applied for any loan, keeping a track of your CIBIL score is important. This will ensure that you are responsibly making a note of the future loan eligibility.

HDFC Life has introduced the CIBIL score calculator feature that is a sure shot help in getting to know your CIBIL score within minutes.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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