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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 low credit score is more due to lack of awareness on how the credit score is calculated and the important factors that constitute a score. Here are a few common mistakes that can be easily avoided if you wish to maintain a good score:
This could be due to several reasons. Sometimes, if you have an unexpected spending emergency like medical expenses etc., you might skip one or two payments and make a full payment in a month or two, thinking it will not affect your score. That is a common mistake. Even a single delayed payment can cause your score to drop. Making a full payment later does not erase the negative effect of the initial delay.
Sometimes you may miss a payment due to oversight. In this case, make sure you have a monthly payment reminder on your calendar. Many banks can send email or sms reminders for loan/card payments. Or you can have a standing instruction for your loan and credit card payments to be automatically debited from your bank account. If you have an auto –debit arrangement, make sure there is enough money in the account to make the payments. If there is not enough cash to make the full payment, it will be reported and affect your credit score.
Many people do not realize that each time you make a loan or credit card application, the lender makes a “hard enquiry’ on your credit report. Every hard enquiry leads to a drop in your credit score. To avoid this, research the various offers online and only apply to the lender where you think you have the best chance of succeeding. Each loan rejection also leads to a drop in your credit score so make sure you apply where you think you have the best chance of being approved.
An unsecured loan is one which does not require collateral. Personal loans and regular credit cards are the most common kinds of unsecured credit. If you have too many unsecured loans, it signifies that you may have too many monthly repayment obligations.
If you spend more than 50% of your credit card limit, it signifies that you are hungry for credit and do not have strong spending discipline. This can affect your credit score as well. For instance, if your credit limit is Rs. 1 lakh and you consistently spend more than Rs.50,000 a month on expenses, it will have a negative effect on your credit score. Make sure that you do not exceed 50% of your credit limit to protect your credit score from a negative impact.
All these are common mistakes that people might make because of lack of knowledge of what goes into a credit score. Avoiding these missteps will help you improve your credit score.
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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