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Is your Credit Score >750?
Get answers to commonly asked questions related to Credit score
India has more than 900 banks and non-banking financial institutions which can provide you with different kinds of loans in the time of need. So, how do these institutions check your creditworthiness? The answer is simple, by using your credit score.
Every lender checks your credit score as soon as you apply for a loan or any other form of credit. Therefore, a good credit score is important to get your loan request approved easily. Here, we will discuss everything you need to know about what affects your credit score.
A credit score is a 3-digit number that can range between 300 and 900. It is a summary of your credit history and a reflection of your creditworthiness.
A credit score above 750 is preferred by lenders since it is considered to be a good credit score. The higher your score, i.e., closer to 900, the better your chances of getting a loan or other form of credit easily.
Your credit score is calculated using a range of factors. Here, we will explain what impacts your credit score and the key factors that are considered.
Here are the top factors that may negatively affect your credit score:
Whenever you apply for fresh credit, like a loan, your lender checks your score from credit bureaus. If your credit score is low, the chances of easily getting a loan will diminish severely.
One of the primary benefits of a good credit score is good deals on credit cards and better interest rates on loans. A high credit score is a reflection of good credit behaviour and lenders will view this as better chances of loan/credit recovery.
If you have a poor credit score (below 700), you can use the following tips to improve the same:
A good credit score will go a long way in ensuring easy availability of credit to support your financial needs. Consider all the factors that affect your credit score, positively and negatively. It will help you in getting a complete picture of your credit behaviour and pattern.
1. What are two factors used to determine a credit score?
The two main factors that help in determining a credit score are:
2. What gives you a bad credit score?
Here are some of the reasons why you may have a bad credit score:
3. How do you get a negative credit score?
There are chances of getting a negative credit score if:
4. What factors have the biggest effect on your credit score?
Your credit score can be highly impacted by the following:
5. What things can lower your credit score?
If you have no credit history, delayed repayments, pending dues, and multiple credit applications, your credit score can end up being lower.
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