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Is your Credit Score >750?
Get answers to commonly asked questions related to the credit score and credit reports
Credit cards are very convenient tool to make purchases and pay for them later. Moreover, it comes with lot of reward points, cashback offers, discounts etc. When you desperately look for a credit card to manage your finance, it could be difficult to get hold of one when you have bad credit. Nevertheless, it is not impossible to get one if you have explored the options to get one.
Besides credit score, the lenders now-a-days use different criteria to provide credit products. Some of the credit cards are approved instantly even with bad credit history. Let us look at how you can apply for such credit cards and where to find the lender who offer credit cards for bad credit.
A bad credit history or credit score is a resultant of poor management of your credit. It could be due to any of the following reasons
A bad credit puts you in the bad book of the creditors and any future loan application is turned down due to the above reasons.
There are lot of options available to get a credit card even if you are having a bad credit. You can either apply online or visit a nearby bank to get one.
Secured Credit Cards
This kind of cards can be availed when you have poor credit history. As the name implies, secured credit cards can be obtained against the fixed deposit of your bank account. You will be extended credit limit up to 80% of the fixed deposit.
Banks usually do not reject your secured credit card application as they have the security of your fixed deposit. You can make payments up to the limit allotted to your credit card. There won’t be any problem as long as you make consistent credit card bill payment. But when you default on the payment, the bank will deduct from your fixed deposit for the amount to be paid. Default could affect your credit score further.
This is an emerging phenomenon in the lending market. Various lenders now offer credit cards to individuals with no credit or bad credit. Credit score is not considered a major criterion to provide a credit card.
The eligibility is checked based on your income and social media profiles. This type of evaluation has enabled many to get a credit card even without a credit history. Hence if you have a stable income and have presence in the social media, nothing can stop you from getting a credit card matching your credit profile.
One cannot improve their bad credit overnight. Having bad credit is not the end. One can improve the credit score by following the steps given below.
1. Paying of your old debt
In case you have a “settled” account – where you have only paid partial amount of your debt or “written off” account – you did not pay your debt at all and the bank has considered it as a bad debt and conveyed the same to the credit bureau, you need to settle those accounts. If you do this, it will boost your credit score.
2. Keep your credit balances low
Make sure that you don’t exceed more than 50 % of your credit limit. This helps you to keep your credit utilization ratio (the proportion between your actual spending and your credit limit) at a lower rate and has a positive impact on your score. For example, if your credit limit is Rs. 1 lakh, make sure that you do not exceed a monthly bill of more than Rs. 50,000. A bigger credit utilisation ratio implies lack of spending discipline.
Remember to pay your dues in full rather than paying the minimum amount for your credit cards.
3. Apply for new accounts only when needed
Make sure that you don’t open too many new credit accounts. Every time you apply for credit (whether a loan or credit card) it results in an enquiry by lenders. Multiple enquiries in your credit report reflect that you are ‘hungry’ for credit and may not be able to fulfil your debt obligations.
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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