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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
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.
Sometimes, a loan application can be rejected even with a good CIBIL™ score of 750. This can be very disappointing and distressing for the applicant who thinks he has done everything he can to ensure good credit. What are the reasons for this rejection?
Any settled or written off loans in the past:
If you have any loan account that has not been paid according to the original terms of the loan, it serves as a warning signal to future lenders. This is an indication that you have not been fully financially responsible in the past, even if your recent history shows fully paid loans. Any such mark is a red flag for potential lenders as they see you at risk of repeating such behaviour.
Guarantor on defaulted loan:
If you have been a guarantor on a loan that was not repaid, then your your credit score is affected
If you are marked as a defaulter by error:
Sometimes, unfortunately, if you have moved into a house that was previously occupied by a defaulter, you might be listed as one simply because of the address match. Banks will reject your application outright on seeing that you are a past defaulter.
Debt to Income ratio:
If you have many current loan obligations and are spending a high percentage of your monthly income on servicing your existing debt, you run the risk of rejection - even if you have a good record of making repayments. If your monthly debt obligations exceed a certain percentage of your income, lenders feel that you might not be able to take on further loan payments. For instance, if your monthly income is Rs. 60,000 and you spend Rs. 40,000 on making loan payments, you have little left to spend on personal expenses. Banks feel that you will be unable to afford further loan repayments.
More unsecured debt:
If you have a high percentage of unsecured debt, (loans taken without collateral, like a personal loan, banks are unwilling to take a risk in lending to you. You should have a higher percentage of secured loans (like a home or auto loan) over unsecured loans.
Live in particular postal code:
Strange though it seems, sometimes just living in a ‘high-risk’ locality can cause loan rejection, even if you have a good score. Through statistical data, banks have a list of neighbourhoods that have a high incidence of default. If you happen to live in that area, you might be automatically rejected despite your good credit record.
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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