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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
Your CIBIL™ score, or any other credit score, is the first impression lenders have of your credit behaviour. If it is low, it serves as a warning signal of your credit behaviour and there is a high chance that your loan or credit card application will not be approved. It is a good idea to make sure that you create and maintain a good credit score so that you are free from the tension of being rejected when you urgently need a loan.
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.
It is advisable to have a credit score of 750 or above to avoid the possibility of loan rejection Here are some tips on how to increase your 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 : If 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.
Financial concerns are a major stress point for many people. A poor credit score only increases financial problems as it severely limits your access to loans. Worrying doesn’t help you to increase CIBIL™ score. Start taking steps to improve your score and rebuild your credit health. It is possible to undertake all these steps above and see a positive effect on your credit score. All it requires is some commitment, financial discipline and patience and you will enjoy tension-free access to credit in the future.
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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