Common Myths about CIBIL Score

Here are the some common myths associated with CIBIL scores

Myth 1: Regularly checking my credit score will lower it.

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Myth 2: My income affects my credit score.

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Myth 3: Credit Score is the sole criterion for securing a Loan

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Myth 4: Closing old accounts can help improve credit scores.

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Here are the some common myths associated with CIBIL scores

Myth 1: Regularly checking my credit score will lower it.

This is a misconception. Checking your credit score does not impact your credit score negatively.

Myth 2: My income affects my credit score.

Your income is not mentioned anywhere in your credit report. However, higher income may enable you to manage your debts more effectively.

Myth 3: Credit Score is the sole criterion for securing a Loan

Credit scores play a crucial role in loan approvals but they are not the only factor considered by lenders.

Myth 4: Closing old accounts can help improve credit scores.

It is generally advisable to keep old accounts open unless there are specific reasons to close them.

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