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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
A CIBIL™ credit score is a three digit number that gives a snapshot of a person’s credit health to potential lenders such as banks/NBFCs or credit card companies. In India, the RBI authorises three credit rating agencies, or credit bureaus, to issue credit reports and credit scores. These bureaus are CIBIL™ [Credit Information Bureau (India) Limited] , Equifax and Experian. While all three credit scores are valid, the CIBIL™ Transunion score is the most widely used. Transunion is an American company that has partnered with CIBIL™ in India.
CIBIL™ collects and maintains records all your credit-related activity with banks, credit card companies and other formal lenders. The bureaus get reports on a periodic (usually monthly) basis from these lenders on all your credit transactions. This includes information on your EMI and credit card payments (including any late or missed payments), balance outstanding, any change to your total credit limit, and all other details that are relevant to building your credit profile, your current and past loans and details of all loan and credit card application you have made, and whether they were approved or rejected.
Based on all this data, a complex mathematical formula is used to calculate your credit score. The score is a reflection of your past and current credit behaviour and gives potential lenders a snapshot of how responsible you are in fulfilling your debt obligations. If you have a good track record of making all your payments in time and in full, your score will tend to be high. If you have a history of defaulting on payments or using excessive credit, it will have a negative impact on your credit score .
There is no magic minimum number at which you are guaranteed a loan. Every bank/NBFC has a different set of lending criteria to judge whether to approve a loan or not. In general, lenders look for a credit score of 750 when deciding whether to go ahead with processing a loan application. However, some lenders might look at other factors as well, so it might be possible, though not easy, to get a loan with a credit score of less than 750.
A CIBIL™ credit score denotes an individual’s credit-worthiness to potential lenders. If an individual has a low credit score, lenders see it as a warning signal. A low score signifies that the customer has not demonstrated responsible financial behaviour in the past. It is difficult to get a loan with a low score, and even if a lender approves you for a loan, it might come with stricter terms and conditions like a higher interest rate or smaller loan amount.
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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