CIBIL Score: Applying for loan repeatedly will have this effect on CIBIL score, know the rules..

CIBIL Score Latest Update: Due to rising inflation in today's time, people have to resort to loans to meet their daily needs. In such a situation, it is often seen that people apply for loans in many banks.

After this, they apply to where they get the loan at the lowest interest rate. In such a situation, do you know that if you apply for a loan repeatedly, you may have to face problems. Know the details about this in the news.

The possibility of getting a loan may be reduced.

If you take a loan more than once in a short time, then repeatedly inquiring about the loan or credit card has a direct negative effect on your credit score (Credit Score Update). Experts cautioned about this and said that due to repeated loan-related inquiries, the credit score also gets affected, and in many cases, the possibility of loan approval (Loan Approval latest update) seems to be reduced.

Know how the CIBIL score falls-

Giving information about the fall in credit score, financial experts said that when inquiries are started through lenders (Loan Lender latest update), difficulties can increase for lenders due to many hard inquiries in a short time. This inquiry shows that the person is more dependent on credit (Credit card update) or is facing any financial problem.

You can avoid the impact of credit score in this way.

In such a situation, now the question arises: that how can the impact of credit card score (Credit score news) be avoided. To avoid this impact, one should avoid not only applying for a credit card but also applying for many loans in a short time.

You can also check your credit score by doing a soft inquiry. For this soft inquiry, instead of contacting the lenders, you can try to check it directly using a trusted platform.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.