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Get answers to commonly asked questions related to Credit score
If you have been regularly borrowing credit, the first discipline that you must inculcate as part of good credit behaviour is regularly checking your credit score. Are you having questions in your mind like ‘Is it bad to check your credit score’ or ‘will checking your credit score lower it’?
Well, you’re not alone in having these questions when it comes to credit. Do you believe in the myth that checking your credit will negatively affect your credit score? Worry not, as we will help you demystify some common doubts about checking credit score. Read on to know some important facts around credit score checks.
Checking your credit score is an important part of the credit borrowing process. It has varied benefits, especially if you are a regular credit user. Here are some important points to consider about checking your credit score:
There are two types of credit enquiries:
While the soft enquiry does NOT have any impact on your credit score, your hard enquiry can have a negative impact on your credit report. You can keep on checking your own credit report any number of times, but when lenders check your credit report, it will show up on it, indicating you are hungry for credit. Checking your credit score on CreditMantri will not affect your credit score.
If you use credit and have a credit score, you must understand how to check your credit score. Regular credit score checks will help you to understand what comprises your credit score, hard and soft inquiries, and much more.
Many people believe that checking the credit score will negatively impact their score. Thus, they tend to avoid regularly checking the same and thereby missing out on the identification of errors or inaccuracies on their credit report. This can lead to a lower credit score. Hence, it is important to regularly check your credit report and credit score to track errors and ensure that your score is as per your expectations.
Your credit score is a numerical figure which reflects information about your credit behaviour, repayment capability, defaults, repayment history, etc. In simple words, it’s a number that displays your credibility to lenders.
Different credit scores have different scoring models and calculation techniques. However, most of them are based on the following key factors:
Payment history: Your repayment history has a significant impact on your credit score. Making timely payments every month is the key to have a stable payment history. If you are unable to make the full payment, ensure to make at least the minimum payment.
Credit utilization: Credit utilisation refers to the proportion of available credit which you end up using every month. For an ideal credit score, you should try to keep your credit utilisation below 30%.
Length of credit history: The length of your credit history also determines your credit score. If you have old credit card accounts, avoid closing these. Lenders can easily check your credit behaviour based on your credit history. If there is no credit history, it may be difficult to source fresh credit.
Types of current credit: Banks and lenders prefer customers who ensure responsible use of different credit types. If you are currently using only credit cards, try adding a loan to the credit portfolio. Always opt for a healthy mix of secured and unsecured loans to have a positive influence on your credit score.
Account inquiries: The number of credit inquiries you make will also impact your credit score. Soft inquiries do not affect your credit score. However, a hard inquiry, such as applying for a new credit card, will immediately impact your score. Therefore, try and limit hard inquiries to a minimum.
Here is what you should remember while checking your credit score:
It is not bad to check your credit score since closely monitoring your credit score will help improve it over time. Make sure to check your credit score before applying for fresh credit to avoid rejection of applications.
1. Is it bad to look at your credit score?
This is a myth, as checking your credit score can allow you to take the necessary steps to improve it if required.
2. Does checking your credit score affect your credit rating?
Checking your credit score may affect your credit rating. Here’s how:
3. How can I check my credit score without penalty?
You can check your credit score for free by visiting CreditMantri. Alternatively, if you want to check your detailed credit report, you can do so by visiting CIBIL™ official website.
4. How often should you check your credit score?
You can try and check your credit score every month, especially if you are new to using credit. You can check it once in 2-3 months if you have been maintaining a good credit track record.
5. Is it safe to check credit score online?
You can check your credit score on trusted websites like CreditMantri. Alternatively, you can check the same on the official website of credit rating agencies like CIBIL™.
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