Credit Score

You can raise your CIBIL™ score by following the right financial habits. Maintaining a healthy credit score needs close attention to credit monitoring. Although you won't be able to improve your credit score overnight, doing these steps will have a significant impact.

Your credit score is the result of your credit behaviour. You can increase the score easily by regulating your credit activities. Never miss a payment on your loans and credit cards.

Credit score is calculated using different components. Raising your credit score to 800 requires strict financial discipline and meticulous execution of credit activities.

CreditMantri is the no.1 credit services provider in India. We offer a wide range of credit-oriented services like free credit score, credit health report and credit information services. We are continually working to address the challenges you may face with your credit report, by helping you in fixing it and improving it. Our friendly customer service team is always quick to answer any and all customer inquiries.

i have already paid all my dues and outstanding . still my credit score is not resumed . why ? and how much time wl it take to get 700 plus credit score

First the bad news - there is no minimum credit score at which you are guaranteed a loan. But the good news is that you can get a personal loan with a low credit score as well, though at unattractive terms, like a high interest rate. That is why it is always recommended that you have a good credit score. It is advisable to have a credit score of 750 and above to stand a good chance of obtaining a loan of any kind on good terms and cond

At CreditMantri, it is our primary intention to help you understand the state of your credit health. We hope that once you understand your credit score, you may be willing to utilize our services to help you improve your credit health, if required. If not, we hope you may be willing to procure loans through us - we are able to put you in touch with lenders that are most likely to lend to your specific credit profile. We earn most of our revenues from lenders. There is no catch - what is listed on our website is clear and there are no hidden charges. Please let us know if we can assist you in any way.

Delays in making payment (whether issued to the primary holder or to the add-on) are likely to have a negative impact on the credit score of both parties - primary and add-on. Please make the payment immediately to avoid any further impact on your credit score.

Hello, Kindly mail all your queries to care@creditmantri.com. Our Team will be more than happy to help you.

How to check my credit scores ??

You can either apply for a credit report on www.cibil™.com or www.equifax.com or you can obtain your Equifax score for free on www.creditmantri.com

This is called a credit enquiry. If for any reason your loan application is rejected, the credit enquiry is likely to impact your credit score, as too many credit enquiries tend to have a negative impact on your credit score.

A credit score demonstrates the credit bureau's evaluation of an individuals probability of default, based upon historical information available with them from numerous data points that they evaluate. Besides the credit rating obtained from the credit bureau, individual lenders might use criteria like negative PIN codes, negative occupations, positive employers lists, positive educational institutions as additional crediteria when making a lending decision. These are all based upon their individual credit experience and will vary from one lender to another.

Whether the payment is partial or full, it impacts your credit score only when you default. A settlement (meaning a final repayment that is less than the full contractual repayment) will be visible in your credit report and is likely to impact your ability to raise new credit in the future. However, making a full payment, after defaulting for a few months, will help you in regaining some points that you might have lost during the period of default. Merely prepaying a loan on which prompt historical payment have been made does not impacts your credit score.

A person with a good credit score will take a different approach as compared to a person with poor credit or no credit history. There are a few things that everyone follow in order to avoid degrading their score. They are as follows: 1. Absolutely mo late payments - Pay all your dues and bills in time. Your credit history counts for a major section (approx. 35%) of your credit score. Being a day or two late on a payment won't harm your credit score (making the payment 30 days late is likely to impact your score), but that can inflict late-fee and may increase your interest rate. 2. Manage your credit utilization - Aim to pay all your bills completely every month, but make sure to keep the outstanding amounts low. Credit utilization holds another major part of your credit score evaluation. It has approx. 30% share of your credit score, the amount of credit you carry compared, as a percentage, to the size of the credit line. You must keep your usage below 30% of the credit line, to protect your score. Of course, it's best to pay in full each month, to save on interest costs. 3. Keep older accounts open - The duration of positive payment history counts for about 15% of your score. The longer the time you maintain the accounts in good standing, the better your score will be. It shows that you have the ability to commit to a creditor for a long term and are responsible about clearing your dues in time. 4. Keep a mix of accounts - The variety of credit accounts sums for about 10% of your credit score. Maintaining different types of credits, such as credit cards, consumer loans, and secured debt (auto or home loan), inflicts a positive impact on your credit score. Having too much of one type of credit can have a negative impact. 5. Do not open a number of accounts all at once - The number of new credit accounts you have applied for recently adds upto about 10% of your credit score. Trying to obtain a large number of new credits in a very brief period of time shows that you could be a potential credit risk, as you are desperately trying for a huge new credit and could potentially run into problems. 6. Use your credit intelligently - Shopping around is the most intelligent way to get the best possible deal for a home, auto, or loan. Each time you enquire about these loans when applying for new credit, it is reported to the credit bureaus and will appear on your report. Too many such enquiries could have a negative impact on your credit score. 7. Review your credit report regularly - Avoid having your credit harmed by inaccurate information; review your credit report on a recurring basis.

How the credit score is calculated is a very difficult question to answer as this is computed using a propreitory algorithm and technology, and no one is sure about how it is precisely calculated. But a lot of things go into evaluation of the credit score such as: 35% - Payment History 30% - Amounts Owed on Credit Cards 15% - Length of Credit History 10% - New Credit 10% - Variety of Credit The percentages provided above are purely indicative, and are based upon experience of reviewing numerous credit reports. Payment History - basically means whether or not you have made the payments on time in past. One 30-day late payment will drop a borrower’s credit score 20-30 points, and it typically takes 6-9 months of on-time payments after that late payment to make up for what was lost. Amounts Owed on Credit Cards refers to the current balance reporting on a credit card. If that balance is over 50% of the cards limit, the borrowers score will be lower. The reason for this is that the credit bureaus have determined a greater likelihood of default occurring when balances are over that threshold. For what duration a borrower has used debt is calculated with Length of Credit History. The longer the duration for which the accounts are open, with on-time payments, and low balances (for credit cards), the better. New Credit initially lowers the credit score. However, that score decrease should be negated after making the first payment on time. The Credit Bureaus also like to see a good Variety of Credit on a credit report. A report with only installment loans will show the Bureaus that a borrower can maintain a positive payment history when the payments each month don’t change, but they don’t know how they would be with a credit card, that may change it’s payment from one month to the next.

Therefore it is very important to know the factors that impact it. Credit scores are affected by the factors listed below: 1) Repayment history - All bills and loan repayment should have been repaid within the contractual dates stipulated. Even a single default can have a negative impact on the score. 2) Credit utilization - The credit utilization ratio is basically calculated on the balance outstanding on all your credit cards as a percentage of all your credit card’s limits. 3) Length of your credit history - Longer the time you have been servicing credit, the more it has a positive impact on your credit score. 4)New Credit - Every time you apply for a new credit, the banks run an enquiry on your credit report. If there are too many enquires it may have a negative impact on your credit score. 5)Mix of credit - There should be a healthy mix of credit – unsecured & secured loans, personal, mortgage loans etc.

The most commonly used credit score is that of CIBIL™, but there are others as well such as Equifax and Experian. Also, in addition to this the individual issuers and lenders also calculate an internal credit application score that takes into account the credit bureau score.Most credit scores consider a few main factors:payment history (how many late payments, etc.), amounts outstanding (your credit card balances, size of mortgage, etc.),length of credit history (how long your various credit lines have been open),recent credit inquiries / activity, and kinds of credit used (credit card, student loan, auto loan, mortgage, etc.).Generally credit scores below 650 are considered ""sub-prime"", and scores above 750 are considered good.

A 720 in Experian's ScoreX Plus is not the same as a 720 in Trans's CIBIL™ Score which is different than Equifax's Score. There is a mandate by the RBI to gain convergence in the reporting by the main credit bureaus. Also, every lender also uses their own scoring system that includes many other variables that are not part of your credit report - such as your income, your employer, your place of residence, etc.. So, when comparing different scores compare the range you fall in and don't stress that the numbers don't line up exactly.