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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan-eligibility. There are three established credit rating agencies, or credit bureaus, that issue credit scores and reports in India – CIBIL™, Equifax and Experian. The scores and reports of all three bureaus are equally valid, though CIBIL™ is perhaps the most well-known.
How is your credit score calculated? Each month, member banks and financial institutions report all details of your credit-related activity to the bureaus. This includes data on every loan or credit card repayment you have made in this period (including any late or skipped payments); any new loan applications; your interest rate; your credit limit on your card; the status on all your loan accounts including any that are ‘Written-Off’ or ‘Settled’ or ‘Closed’.
All this data is then subject to complex statistical analysis to calculate your credit score. If you have a good history of making all your payments on time, you can expect to have a good score. Naturally, the higher your score, the better your chance of being approved for a loan or credit card.
What is a good credit score to have? In general, lenders look for a score of 750 or above to approve a loan. A good score signifies that the borrower has been responsible in making his or her repayments on time and is, therefore, a relatively low-risk customer for the bank. It is possible to secure a loan with a credit score of less than 750, but the process will take much longer and you might have to pay a higher interest rate that will make the loan very expensive.
When you apply for a loan or credit card, the first thing the bank/financial institution does is to check your credit score to evaluate if you are a high or low risk customer. Your credit score gives them an instant idea of your track record of repayment on your loans. Many times, potential lenders look at your credit score to decide whether to further evaluate your application. If you have a poor score, they may reject your application at the very first stage. So your score is very important as it is the first (and sometimes last) impression lenders have of your loan-eligibility.
A good credit score of 750 or above will enable you to avail of:
You can get your credit score by applying directly on the official CIBIL™ website. Alternatively, CreditMantri can obtain your Equifax credit score for free, if you register for the free Credit Health Check on our website. In addition, you will also get a quick scan on the issues in your credit report – again, at no cost to you.
If you have a low credit score, you can avail of a range of our expert services to improve your score in the most efficient way possible. If you already have a good credit score, CreditMantri can help you compare the various offers on the market and find the products best suited to your needs and affordability. You can also learn how you can lower your EMI costs.
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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