Gifted money does not directly affect your CIBIL score as it depends on your credit behaviour and financial management. But here s how you can use this money to improve your score indirectly.
Credit counselling entails a number of sessions where you receive guidance on managing your finances, creating a budget, and developing strategies to repay debt. Putting this advice in practice can lead to better financial habits, which may eventually improve your credit score.
There are numerous ways to improve your credit score quickly: paying off your existing debt, paying credit card bills on time, maintaining good credit mix and reducing credit utilisation.
While your CIBIL score is a key factor in determining your eligibility for an unsecured loan, banks consider other aspects of your financial profile as well such as your income, employment stability, existing debt obligations, and overall credit history.