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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
First, it is important to note that there is no `Defaulters List` that is maintained or circulated by CIBIL™ or any of the other credit bureaus or banks. If you have been rejected for a loan or credit card, it is probably because you have a low credit score which is caused by your poor record of repayments. Banks and other financial institutions do not want to give credit to customers who have a history of missed or late repayments.
CIBIL™ is one of the four authorized credit bureaus in India which provide a credit score, the others being Equifax, Experian and CRIF High Mark.
The only way you can ensure that you are not rejected for a loan/card is by improving your credit score to 750 or above to show that you are a responsible borrower who pays off debt obligations on time. Below are some tips on how you can improve your score and demonstrate that you are a financially responsible borrower. It can take 4-12 months to improve your score, depending on your individual credit situation, but the reward of having a good score is a lifetime of quick and easy access to credit.
Obtain your credit report immediately : When you read your report, you may find errors that are unnecessarily dragging down your score. For example, even after you have fully paid your loan with interest, it might be shown as outstanding due to a reporting or administrative error. If there are any errors in your credit report, you can file a dispute to correct it. This will result in an immediate increase in your score.
Similarly, there may be instances of fraud that are bringing down your score for no fault of yours. For instance, you might notice a loan in your name that you have not taken. It is important to report any instance of suspicious activity and get it rectified at once. This will also have an immediate effect on your score.
Pay off all your dues if possible : Having outstanding dues or a “Written off” or “Settled” status on your credit report is a warning signal to lenders that you do not fulfil your debt obligations. Most lenders will reject your application if they see this on your credit report. Talk to your existing lenders (banks, credit card companies or other financial institutions) and pay off all your outstanding dues so that your loan accounts are converted to “Closed” status.
You can negotiate with your lenders on the amount you need to pay, based on your income and affordability. It can take up to 3 months for the status to be changed on your credit report so it is important to check your report to ensure that the new status is reflected accurately.
Make sure you pay your bills on time : This is the single most important thing you can do to improve your score. If you make all your loan and credit card repayments on time and in full, it will have a significant positive impact on your score. Even a single missed or late payment affects your score adversely. Your payment record forms up to one third of your credit score, so if you make every payment on time, you will quickly improve your score. So start making your payments in time right away and see the resulting improvement in your score.
Ensure you limit your spending to 50% of your card limit : Make sure you don’t exceed more than 50% of your credit card limit at all times. For instance if your limit is Rs 1 lakh a month, limit your monthly spending to Rs. 50,000 or less. This will have a positive impact on your credit score. When you consistently spend more than 50% of your limit, it signifies a lack of spending discipline, and will have a negative impact on your score.
Do not apply for multiple loans or credit cards at the same time When you apply to multiple lenders for loans or credit cards within a short period of time, it signifies that you are ‘hungry’ for credit and need to apply to various sources simultaneously. Lenders become nervous about your ability to repay and might reject your application. Each rejection further decreases your score.
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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