Credit Score

Sometimes, rarely there might occur a situation where deleted items from your credit report reappear even after the dispute resolution process has been completed. This may happen because of few reasons. 

If you find any error which you can prove is wrong then you can raise a dispute with all the required documents supporting your claim and challenge the collection. The best way to dispute a collection on your credit report is with help from an experienced credit repair company like CreditMantri.

Pledging a collateral when you have a low credit score can help you get a decent deal on loans. This collateral can act as a low-risk bearing factor not just for you but for the risk associated with lending to you. The collateral acts as a leverage for you to negotiate with the lenders to offer you lower interest rates.

The most important factor that plays a key role while calculating your credit scores is your credit card payments. If you mess up in this place then your credit score will take a hit and because of that you will experience the negative consequences.

Whenever you make a late payment note that it will impact your credit scores negatively. This will lower your credit score thus making it difficult to get new credit cards, get a loan or enjoy lower interest rates on future loans. There are few ways by which you can get late payments removed from your credit report.

Having a good credit score is beneficial in numerous ways. It impacts your future loan eligibility, credit card approvals, interest rates charged on your loans, and even your job prospects. Because of this, having a collection appear on a credit report can be devastating. 

If you want to repair or improve your credit health, here are some smart tips straight from CreditMantri’s credit experts.

Anyone can file for a dispute if they find something wrong with their credit report. This action will not affect their credit scores directly. However, if the assumed wrong information is proven correct then that might take a toll on your credit score. 

It’s completely normal for your credit scores to fluctuate. Information in your credit reports is updated as it is reported to credit bureaus. Any activity such as delay in payments of credit cards or EMI will be reported by the lenders to the credit bureaus and the credit bureaus will update it once in a month or once in every three months. 

Settling debt is essentially coming to an agreement with your creditors to pay back part of what you owe and be forgiven for the rest. So why would a lender agree to settle with you for less money than you owe? In most cases, they agree to recover at least a part of the debt than none.

If you're dealing with a lot of debt, it can be hard to know how to start tackling it. While it's generally recommended to first pay off the debts with the highest interest, the right strategy depends a lot on your situation. 

Credit score has taken a non-negotiable position in the world of credit.  There can't be much possibility of availing credit on competitive interest rates and favorable terms with bad credit scores. In India, the 4 credit bureaus that issue credit reports are CIBIL™, Equifax, Experian, and CRIF High Mark.

Asking your credit card issuer to increase your credit limit can not only boost your buying power, but also lower your credit utilization, which could help your credit scores. Whether your request will be approved, however, is a matter of timing. It's often said that the best time to ask for new credit is when you don't need it (at least, not yet).

Currently, there is only one credit card being offered by Amazon and that is the Amazon Pay ICICI Bank Credit Card. Amazon Pay ICICI Bank credit card is a credit card issued by ICICI Bank in association with Amazon and Visa. This is a lifetime free credit card with no joining and renewal fees.

First things first, a settled account affects your credit. However, what you need to know is that it's better than unpaid but worse than paid as agreed. 

Generally, a settled account will remain on a credit report for seven years from the date of settlement with the lender. Even if you have resolved the debt years ago, it will remain on your credit report until the seven-year period is covered. 

Yes, having a good credit score for MSMEs is always an added advantage in getting an MSME loan. MSME stands for Micro, Small and Medium Enterprises. An MSME loan is the funding offered by financial institutions to SMEs, MSMEs and Startup enterprises. These kinds of loans are mostly used by business owners and enterprises to suffice their working capital requirements, for business expansions, to enhance cash flow, purchasing equipment and machinery, etc. Many lenders also offer MSME loans without any security or collateral and at lower interest rates.

A credit card with zero balance simply means that the card has no dues that need to be paid to the bank. Paying off your credit card balance in full on or before the due date brings the outstanding balance to zero.

Refinancing a home loan means, transferring your existing home loan to another lender to pay off the existing loan. There are different reasons why people choose to refinance their home loan.

Qualifying for a refinance will depend on your eligibility criteria and mainly your credit history. The bank where you are transferring your loan to will require a few documents regarding the loan you are refinancing and the lender will check your credit score to make sure you are creditworthy. This is to check whether you will be able to make timely payments.

No, opting for the moratorium/repayment holiday will not impact your credit score and if you don’t make payments during that time it won’t be reported to the credit bureau. However, if you fail to make payments after the moratorium gets over, your credit score will take a hit.