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Get answers to commonly asked questions related to the credit score and credit reports
You must go through a lot of procedures while applying for a loan in India. Moreover, getting it approved is an uphill task as you may have to fulfil all the eligibility criteria prescribed by the bank. The lenders usually do a credit check while you apply for a loan. if you have a bad credit score, it becomes all the more difficult to secure a loan with bad credit.
When a sudden financial emergency strikes, you might be in need of a quick loan with no credit check. Finding a lender who offers a quick loan for bad credit individuals is a difficult task, but, however it is not impossible. Before going into where to apply for a quick loan with bad credit or get a quick loan with bad credit, let us first understand what bad credit is and how you can improver your credit rating.
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.
You can get a quick loan that are instantly approved by pledging your assets even with a bad credit score. As you mortgage your property, the lenders may be flexible in terms of eligibility criteria and sanction the loan that you need. The interest rates may be slightly higher as you have a bad credit score. However, this is one of the easiest ways through which you can get quick funds for your immediate needs.
Secured credit cards allow you to access quick loans even with bad credit. If you have a fixed deposit, you can get a secured credit card. The credit limit is allotted against 70 to 80% value of the fixed deposit.
Though you can get a secured credit card to manage your finance, this does not improve your credit score unless you have cleared your past dues or negative account which are the causes for your bad credit score. This credit card may give you the access to emergency funds, but it will stick with you for a long-term.
There are few financial services companies that offer half the amount of your monthly salary in advance to meet your short-term cash needs. These organisations do not consider credit score as the main criterion to give out the loans. The process is quick, and the loans are disbursed directly into your bank account after the approval.
This is one of the fastest ways of getting instant cash in a click of a button. Peer to peer lending platforms collect the personal information of the borrowers and process the application. It is quicker, and you can get hold of the cash immediately after the approval. The rules are more flexible, and chances are higher in accessing the credit. The interest rates tend to be little more than the title banking system due to its convenience and ease of application.
When you have a poor credit score, you can seek the help of a co-applicant to get a loan. It could be your friends or family members. The co-applicant can be the primary applicant whose income and credit history will be considered for the loan. In case of a home loan, the rules might vary for a co-applicant as the banks lay down certain conditions.
You can directly go and talk to your current lender with whom you have maintained your account for a long time. You can negotiate with the lender for a better price and better deal. This could considerably reduce your search and processing time. This way you can get a quick loan even with a poor credit.
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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