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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.
The most important factor in your credit score is your repayment history. Your payment record forms approximately 30% of your credit score. Making your all your credit repayments ( on loans and credit cards) on time and in full plays a substantial role in building a good credit score. Below are some of the important factors that impact your credit score.
The higher the percentage of on-time repayments you make, the better your score will be. Your repayment record is one of the more heavily weighted factors used when calculating your score since a consistent pattern of timely payments denote a reliable borrower. Banks are reassured that there is a high probability that you will make payments on time. By the same token, even one or two late payments can have a negative impact on your credit score as it implies that you cannot be relied on to make on-time payments. Paying all your EMIs, credit card bills and all other debts is a very important factor in gaining a good score.
A negative mark could denote one of many things – foreclosure, accounts in collections due to defaults in payments, ‘Written Off’ or ‘Settled’ status on a past loan etc. This again is a heavily weighted factor and a relatively large number of negative marks could severely restrict your eligibility for a loan. A negative mark indicates that you have not been able to adequately manage your credit and serves as a warning to potential lenders. It can take years for a negative mark to be erased from your credit history.
When you have a long credit history, banks are reassured that they have detailed and substantial information on your credit behavior. For instance, if you have a credit card for ten years, potential lenders can see your repayment activity on that card for a significant period of time. On the other hand, even if you have good credit history on a two year-old credit card, banks are wary as they do not have sufficient information on your repayment patterns over a long period. It is therefore not a good idea to give up older credit cards as they are the ones who provide a fuller credit picture to your potential lenders.
A hard enquiry is when a potential lender or credit card issuer accesses your CIR to determine whether you qualify for a loan. A single hard enquiry might only marginally reduce your credit score but multiple hard enquiries without corresponding loan approvals denote that you need credit and are applying to several lenders in order to maximise your chances of securing it. The number of hard enquiries is another factor used to determine your score and a large number of enquiries/loan applications in a limited time frame can significantly decrease 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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