Credit Builder Program
In the current market scenario, a healthy Credit Score is important to avail credit facilities from majority of Banks and Financial Institutions. Hence, an unhealthy credit score may adversely affect a customer’s probability of availing fresh credit from the financiers.
The Credit Builder Program is a program which lends a helping hand to customers who:
- Are Willing to clear their existing overdue
- Are Looking for a new credit line
- Are Interested in improving their credit history and credit score
- Don’t have credit score due to lack of any loan or Credit Card
With the Credit Builder Program, these customers can avail an Insta Platinum Credit Card and subsequently, making timely payments of dues on the card can help them improve the credit score over a period of time.
How does this program work?
- The customer needs to clear the existing overdues or pay the amount waived off for a previously settled credit line with the Bank, as the case may be.
- An Insta Platinum Credit Card is issued against a Fixed Deposit of a specified amount.
- Once the customer starts using this Insta Platinum Credit Card regularly and repays the dues on time, the credit history will start improving gradually and consequently, improve the overall Credit Score.
Benefits to the Customer
- Clear existing outstanding
- Opportunity to improve the Credit Score
- Increase possibility of getting new Credit Line
Importance of Credit Score
When a customer applies for credit facility (Loan/ Credit Card), the member Institution/ Bank requests the Credit Bureaus for the customer’s Credit Information Report. The credit score is used as a parameter by the Banks for credit decisioning.
How Credit Score is determined
- Financial Institutions, being members of Credit Bureaus, regularly provide them with the borrower's credit behavior, such as credit facilities, its utilisation and repayments, information on repossession, write off, etc.
- Credit Bureaus use these details to create a Credit Information Report and subsequently determine the Credit Score for each customer.
Tips to improve or maintain a High Credit Score
- Always pay your dues on time
- Keep your balance low on credit cards
- Maintain a healthy mix of secured and unsecured credit
- Monitor your co-signed, guaranteed and joint accounts monthly
- Review your CIBIL TransUnion Score and Report periodically to avoid loan rejections
To know more about Credit Builder Program
- SMS CBCB at 9215676766
- Call our Customer Care and press 1, 7 and 5 after welcome message
- Contact our Executive in Credit Builder enabled Branches
(*) Credit Score is calculated by Credit Bureaus upon considering many factors like – repayment track record, exposure, current outstanding etc.
(*) Loan sanctioning or Credit Card issuance depends on the credit policy of the concerned financial institution/ Bank.
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