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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
An individual’s bank account information is not reflected on his/her credit report. It also does not impact the credit score.
While applying for loans and/or credit cards, lenders first check the credit score and credit report to verify all the past and present credit accounts and loans. They also look at the applicant’s payment history. With this information, they can also gauge how much credit is available with the individual, how much is put to use, the number of soft or hard inquiries in recent times, etc.
Additional Reading: The Big 5 Top Factors That Affect Your Credit Score
Credit scores are primarily based on the information that is reflected on a consumer credit report. This includes a detailed credit history of credit cards and loans, any unpaid accounts, collection instances, etc. All creditors furnish all credit-related information to the credit reporting agencies like CIBIL™.
Savings accounts are not part of credit reports since no borrowing or debt is related to them. A savings account or related information that is on your credit report will not have an impact on your credit score. The same goes for the activities in a savings account, like deposits and withdrawals. Since such information will not be part of your credit reports, it is not considered while calculating your credit scores.
When you apply for debt, it triggers an inquiry and this appears on your credit reports and considered in your credit score. There are two kinds of inquiries:
When you borrow debt, the money from your savings account can help in making timely repayments every month and avoid carrying too much debt. This, in turn, helps to maintain a good credit score.
Payment history: If you don't have enough funds to repay your loan and credit card bills on time, you may end up with a poor credit score on your credit reports. Creditors generally notify the credit reporting agencies when you are lagging in your payments after 30 days from the due date. Since payment history is considered the topmost factor in calculating credit scores, late payments can seriously damage the credit score.
Credit utilization rate: Credit utilization is a measure of your credit balances as compared to your total credit limit. If you don’t have sufficient balance in your savings account to deal with unexpected expenses, it can affect your credit score. This will especially be noticed when you use your credit card to make debt payments instead of using a savings account balance. A credit card balance that is nearing the card's credit limit increases your credit utilization rate and may harm your credit score.
Maintaining sufficient balance in your savings account is an important step in ensuring good credit health. Enough money in a savings account can also be used during a crisis, meeting your current financial obligations and helping your future borrowing needs, especially a home loan. Here is how a savings account can further help in building credit:
Additional Reading: Savings Account Vs Current Account
Savings is a key element in your overall financial well-being. Having a savings account balance while approaching a lender to borrow debt can improve your chances of easily securing it at favourable terms.
1. Does my savings account affect my credit score?
Your savings account information doesn't reflect on your credit report and so it does not impact your credit score. However, lenders use such information while determining whether you are eligible to take additional debt.
2. Does savings increase credit score?
Since savings are not a credit product, they are not mentioned in the credit reports. This data is mostly only available to banks that you hold savings accounts with. It is however used to verify your identity at the time of a savings account application.
3. Does the savings account balance affect your credit score?
Savings account balance does not directly affect your credit score. However, since it builds your ability to repay your borrowings on time, it can indirectly have an impact on the credit score.
4. What impacts your credit score the most?
Your credit score is mostly impacted by your repayment history and also credit utilisation ratio.
5. Is it bad for the credit score to have a lot of savings accounts?
No. Having multiple savings accounts means that you have sufficient savings and this can help in debt repayments. This, in turn, will have a positive impact on your credit score.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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