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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
A CIBIL™ score is a 3 digit number between 300 and 900 that is a snapshot of your credit-worthiness. There are 3 established credit rating agencies in India that issue credit scores and credit reports - CIBIL™, Equifax and Experian. The credit scores of all three bureaus are equally valid, though the CIBIL™ score is perhaps the best-known.
Your score is calculated based on all your credit-related activity within the financial system. Member banks and other financial institutions of the credit bureaus submit credit information on their customers on a periodic (usually monthly) basis. This includes details of all payments including any late or missed payments, loans and credit card applications approved, credit limit and credit utilisation, and status of credit accounts (including Settled or Written Off accounts) among other information. All this data is then subject to complex statistical analysis and your 3 digit credit score is calculated on the basis of your credit records.
Each credit bureau uses its own mathematical formulae with different weightages given to the various component factors. In general however, about one third of your credit score is made up of your repayment history. Your track record on repaying your loan obligations is the most important factor in your credit score.
Other factors that play a role in your credit score include your credit utilisation ratio (how much you spend on a monthly basis as a proportion to your total credit limit), the age and type of your credit accounts (the older the account, the better for your score as lenders have a longer period from which to judge your repayment behaviour), and number of enquiries from lenders (which reflects the applications you have made for loans and credit cards). There are a variety of factors that go into calculating your credit score and it is important to focus on these areas when trying to improve your score.
A credit score of 750 and above is a good score to have as it indicates that you have a good track record of fulfilling your loan obligations. A low credit score signifies that you do not have a good history of making repayments and have a higher probability of default.
Potential lenders first look at a customer’s credit score to evaluate whether to process the application further. Data shows that an overwhelming majority of all loans that are sanctioned are made to customers with a credit score of 750 or above. Other advantages of a high credit score include:
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 CIBIL™ Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
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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