Why is it important to have a Healthy Credit Mix?
Just paying your dues on time cannot secure a perfect cibil score in future. A lot of other actions contribute to these scores. Some of these are listed here-
- Your ability to borrow long term loans as it reflects your ability to pay back the debt. Further, the continuing repayments on time make your cibil score check reflect your timely repayments over a longer period.
- The presence of installment credit and its timely repayments helps a better credit score since the banks perceive such borrowers as less-risky borrowers in terms of default.
The article about how important it is to have a healthy credit mix on cibil score check for made me inform so much more about cibil scores. This article proved to be very informative and beneficial to me and if you are a fellow borrower you should definitely give this article a read.