Improving CIBIL Score for Better Halves

Jewellery and flowers are preferred gift items for almost every wife since the historic times. However, recently a more necessary and of course useful gift – in form of a CIBIL credit rating in her own name – is steadily gaining prominence. It is no joke and this kind of gift is definitely more meaningful as compared to the conventional ones. As far as India is concerned, just 22% of people have a credit score. Even fewer of them are actually aware of their score. Housewives are pretty unlikely have a CIBIL score.

Financial self-reliance for women is steadily gaining momentum. It is a crucial issue especially for those who stay at home. In contrast to that even a large number of working women across the country do not bother about having an independent CIBIL rating. To put it in short, public consciousness about this financial aspect is pretty low.

Usually, a married couple in India has a joint bank account. Usually, credit cards are issued in the name of husbands and a wife generally is not an authorized user of her husband’s card. There is hardly any proper procedure to generate credit history of working women as well as homemakers. People purchase insurance coverage to provide financial certainty to dependents. Similarly, an independent credit score ensures one’s other half is also financially independent, with or without the other’s presence.

It is always better for every couple to be prepared for the worst. One can never know in advance when death in going to arrive. Even separations and divorces are pretty common these days. For any couple, it is much better to keep all these adversities in focus. Without a CIBIL score it is simply impossible for women to get loans – either for vehicle or to launch an independent business.

Thankfully, it is possible to improve your CIBIL score. However, it takes considerable time and one has to follow through a set of strict rules to achieve this aspect.