Credit Score

Taking a loan nowadays has become easy due to the increase in digitization. Applying for the loan, processing it, and disbursing it can be done completely online. While this is quick and easy, it has given rise to loan fraud.

It can be a surprise to see your credit score fall despite paying all your bills on time. Don’t worry, you are not alone in this category. Many borrowers panic at the first instance of seeing a low credit score while they have been diligently paying all the bills on time to ensure that their credit score stays at the top.

The credit utilization percentage on your credit card, also called the credit utilization ratio, indicates the total amount of credit you have utilized out of your total available credit. This percentage is primarily calculated on credit card credit limit, but when seen from the context of your credit report, includes all types of credit limits available for you as an individual.

Individuals are increasingly looking at ways to improve credit scores so that they can get quick loan approvals and other credit options. It is not only simple to achieve a great credit score, even ones with a bad credit score can make some amends and get a higher credit score.

When was the last time you accessed your Credit Report or Credit Score? What purpose did you check it for? How did you access your Credit Report and Credit Score?

We often wonder what is the difference between Credit Report and Credit Score; while one is the detailed information of your loans and credits, the other is the 3-digit ranking given based on your credit report. Read on to learn in detail the differences between your Credit Score and Credit Report.

How does a high credit score benefit you? What is the importance of credit scores? If you have been seeking the right answers to these questions, you have just arrived at the right place!

Banks and financial institutions closely evaluate the creditworthiness of loan applicants based on the information detailed in their credit reports. Lenders also use the information in credit reports to set the interest rates on loans.

When you’re facing a cash crunch, you may be tempted to withdraw cash using your credit card. Getting a cash advance on your card is easy. All you have to do is use your credit card at the nearest ATM and withdraw the required amount. It is super convenient, and you can get cash instantly.

Neha Agarwal wants to take a personal loan to renovate her home. But she is worried that her low credit score will lead to her personal loan application getting rejected. Is Neha right to worry about her credit score? What can she do to overcome this hurdle?

In any home loan application, the lending bank checks the applicant’s credit score to determine his/her creditworthiness. The bank reaches out to credit bureaus to know the applicant’s credit score. While there is no minimum credit score for home loans in India, a score of 750 or above is considered ideal for easy home loan approvals.

In today’s fast-paced world, credit is a necessity for most and the saying ‘to get credit, you must have credit’ is apt but often frustrating for new borrowers. Building credit from the start can be challenging since credit history is a prerequisite for building a credit score

India boasts of a large financial sector consisting of more than 900 banks and financial institutions which offer different kinds of credit facilities and loans to borrowers. While lending a credit facility such as a loan, how do these banks and institutions check the borrower’s creditworthiness? The answer is, through an individual’s credit score.

Alternative credit scoring involves electronic data collection on the payment behaviour of consumers. This can include information on regular expenses such as mobile bills, internet, and also utility bills.

Your CIBIL™ score is a summary of the risk that the lender will have to take while lending you some form of credit. This is why your credit score is important for lenders.

Having a low CIBIL™ Score is not the end of the world. There are umpteen ways to improve your credit score, only if you are willing to put in the effort. Fixing your credit score may take some time, but it’s worth the effort.

Pay later services are just like your credit card; they offer interest-free credit for a specific number of days, but the repayment is directly linked to your savings bank account for direct debit.

Covid-19 has resulted in unprecedented economic hardships to millions of people around the world. Many of them have lost their jobs and are struggling to make their loan repayments or pay their credit card bills on time.

Whether you already have loans, or just a beginner looking for the best credit cards in the market, you are probably aware of the importance of your credit score by now.

A credit score is an important parameter to get the best loans and credit cards. It is imperative that you take all necessary steps to maintain a healthy credit score

If you want a credit card or loan, the lender wants your credit score; which is not possible to build if you don’t have credit. Then how does a starter build credit? How can he achieve the ideal score of 750 to get the best loans in the market?