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No. Your credit score is based purely on your credit-related activity regarding loans and credit cards. Your savings and current account balance or the performance of other investments does not affect your credit score. Neither does your education.

The credit score is a numerical representation of your credit worthiness. This score is issued by 4 autorized credit bureaus in India which are CIBIL™, Equifax, CRIF High Mark and Experian.

Is it good to have zero credit? (i.e. No loans or credit cards)

No, in fact, not having any loans or credit cards (or having a minimal number of loans) has a detrimental effect on your credit score. Lenders like to see a long repayment history in order to better judge your payment reliability over a period of time. If you do not have a sufficiently long credit history, your credit score will suffer.

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8 Jul 2020

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