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Is your Credit Score >750?
If you have an old credit card that is lying unused in your wallet, then you may be tempted to close it. Before you go ahead and cancel it, you need to be aware of the various benefits of having an unused credit card open.
The credit score of an individual is determined by several factors. Of these multiple factors, two have are connected with an unused credit card:
Length of credit history is an indication of how long you’ve been using credit cards. When you close an old card, it erases the associated credit history, thereby lowering the average length of your credit history. This negatively impacts your credit score.
The other factor to consider is the credit utilisation ratio. It’s a numerical value of the credit you’re using to the total available credit for you. The lower the credit utilisation ratio, the better. Let’s explain this with an example. Say, you have two credit cards with credit limits of Rs. 50,000 and Rs. 30,000 respectively. When you close the first card, it brings down the total credit limit available to you, thereby increasing your credit utilisation ratio. When you leave an unused credit card open, it brings down the credit utilisation ratio, thereby dropping your score.
However, closing an unused credit card may be the right way forward if you’re paying a steep annual fee on it. So, make sure to consider your situation carefully, and decide if you want to keep unused credit cards or cancel them.
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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