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A credit score is a numerical expression based on analysis of a person's credit report, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report information typically sourced from credit bureaus.
The credit score ranges from 300 to 900. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence, the better the chances of your application getting approved. Anything above 750 is considered a good credit score. All banks /NBFCs usually look at the credit score as one of the many checks they do before advancing a loan.
A good credit score ranges from 750-900. If you have a score of 750 and above, banks and other NBFC’s consider you to be credit healthy. But if you have a score less than 750, banks feel it as a risk to provide you a loan or credit card. Banks and other NBFC’s are comfortable with approving loans to customers who have a score of 750 and above.
There are 3 credit bureaus in India which are authorized by RBI. The 3 credit bureaus are CIBIL™, Equifax and Experian. You can choose to get your credit score online from the websites of any of the bureaus. There are also a few reputed credit management companies which provide help, through which you can understand your credit health and provide online analysis.
With a good credit score, banks provide you with a lot of benefits, such as low interest rate, higher loan amount, quicker loan approval process and higher repayment period. To enjoy all these benefits, the eligibility criteria is having a credit score of 750 and above. With a good credit score you can enjoy all the benefits.
In case you have a low credit score, all you have to do is following these few steps to improve your credit score
MAKE PAYMENTS ON TIME: Your payment record is the most important factor in calculating your credit score and can form up to one-third of your score. It is very important to make sure that you make all payments on time and in full. Even a single missed or delayed payment can affect your score.
DO NOT EXCEED 50% OF YOUR CREDIT LIMIT: For example, if your credit limit is Rs. 1 lakh, limit your monthly spending to less than Rs. 50,000. If you consistently exceed that limit, it reflects lack of spending discipline and will negatively affect your score. Keeping within this limit will help increase your score.
CHECK YOUR CREDIT SCORE ON A REGULAR BASIS: You might think that you have a good credit score, but there might be other factors, like administrative errors or fraud, that might be dragging down your score. For instance, you might have paid your loan in full but it might still be shown as outstanding due to a reporting mistake. Check your report and immediately notify the bureau of any mistakes or suspicious activity so that it is rectified right away. Eliminating these errors will help improve your score.
MAINTAIN AN OPTIMAL MIX OF LOANS: Maintain a balance between secured (home/auto/gold) loans and unsecured (personal) loans. Having a higher proportion of secured loans has a positive effect on your credit score.
AVOID APPLYING FOR MULTIPLE LOANS IN A SHORT TIME PERIOD: f your loan has been rejected once, be patient - don’t apply immediately to multiple other banks. Each time your loan or credit card application is rejected, it affects your score negatively, so the more times your loan is rejected, the worse your score becomes. When lenders receive an application, they access your credit report through an ‘enquiry’. Too many enquiries without corresponding loan approvals leads to a drop in your score. It is advisable to first improve your score and your credit-worthiness before applying again for a loan.
These are a few easy steps which help you to improve you credit score. This will help you to improve your credit history. The better your credit history, the better your credit score will be.
Credit score is calculated on a number of factors, especially on your payment history. Your repayment track record contributes to over 35% of weightage while computing our credit score. In addition, your credit score is also calculated based on:
A credit scoring algorithm is then used by the bureaus to calculate your credit score. Your credit score not only helps lenders assess your loan eligibility, it also helps them understand if you are worthy of credit. The higher your credit score, the higher are your chances to get your loan approved. So, it’s always advisable to check your credit score before you apply for a loan
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