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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
You can improve your CIBIL ™ score by making certain modifications in your financial planning as below:
Pay Outstanding Credit Card Bills
You should always pay your credit card dues on time as it helps in simultaneously avoiding late payment fees and improving your credit score. Though most people have the habit of paying only the minimum amount due on their credit card, they should be aware that it entails interest and tax is added to their next billing cycle, leading to a sizeable chunk of debt. Paying the credit card dues on time saves one such debt and gives a good credit score.
Reduce Credit Utilization
Using 30% or more of your credit card limit is considered a high utilization factor that can adversely impact your credit score. Else, one could opt for an increase in their credit limit to improve their scores.
Not using your credit card also leads to a lower credit score. The prudent way to improve one’s credit score would be to limit their credit utilization to less than 30% of their credit card limit.
Avoid Multiple Credit Cards/Loans
Having multiple credit cards may help when applying for loans or making any purchases. However, it is not considered prudent to have too many credit cards at one go. One should always verify their credit eligibility before applying to multiple banks. Spending excessively on your various credit cards can also hamper your credit score. Applying for multiple credit cards/loans leads lenders to believe that you are always short on credit which can negatively impact your credit score. So, one should limit applying for multiple loans/credit cards at one time and maintain a time gap between different applications to increase your credit score.
Tracking your Credit Report
Keeping a regular track of your credit report ensures that any inconsistencies or errors in the report can be immediately reported to the concerned authority and get rectified. Otherwise, this could adversely impact your credit report.
Maintain various forms of Credit
One should be very prudent while taking credit. It is, therefore, advisable to include various forms of credit in your credit portfolio which is a fine mix of secured/ unsecured loans and short-term/long-term debt so as to time your repayments in a disciplined manner. This would also help you to improve your credit history leading to a good CIBIL ™ score.
You cannot improve your CIBIL ™ score overnight, but with careful planning and financial discipline, you can improve your CIBIL ™ score.
Additional Reading: Is it possible to improve my Credit Score?
CIBIL™ is one of the four main credit bureaus in India, authorized to provide a credit report that forms the basis of your credit score. Credit scores are an important criterion considered by lenders when granting loans and other financial products. Lenders judge your creditworthiness based on your past credit history. Having a good credit score entails you have better lending risk-based pricing options like lower interest rate and monthly instalments.
Your CIBIL™ score serves as the basis of your past creditworthiness which is a very important criterion considered by lenders before granting/approving any loans. If your credit score is low, it implies that you do not maintain financial discipline, especially with regard to the repayment of loans. This could lead to the loan not getting approved. So, having a credit score on the higher side ensures the lenders about your creditworthiness guaranteeing the timely repayment of their loans.
Important reasons which could lead to a low credit score are:
Additional Reading: Reasons for a low credit score
CIBIL ™ score ranges between 300 to 900. A score of 700 and above is considered as an excellent score that provides various benefits to the borrower - like faster loan approval, the lower rate of interest on the loan, the grant of the larger loan amount, longer loan tenure etc.
A credit ranging between 550 – 700 is considered as an average score while a score between 300 - 549 is considered as a poor score.
Additional Reading: What is the best CIBIL™ Score
To calculate CIBIL™ scores, credit bureaus consider various factors related to your loan repayment namely, payment history, length of your loan payments, loan amount, etc. They give weightage according to the fulfilment of the various factors. Calculating credit score is an ongoing process that credit bureaus conduct on a regular basis.
Additional Reading: How is the CIBIL™ Score calculated?
1. How to improve your CIBIL™ score?
2. What are the reasons for a low CIBIL™ score due to your credit card?
3. How do more unsecured loans affect your CIBIL™ score?
More unsecured loans affect your CIBIL™ score as they have a higher rate of interest compared to secured loans.
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.
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 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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