• How to Improve Credit Score

    Credit Score plays an important role when you apply for a loan or credit card. It is a 3 digit number that reveals the creditworthiness of an individual to banks and other financial institutions.

    Credit Score is calculated using your credit history, which contains information such as your payments history, number of loans or credit card used by you, etc. In India, there are 4 major Credit Information Companies, namely CIBIL, Experian, Equifax and Highmark.

    A high credit score increases your chances of getting a loan or credit card and a low score completely ruins it. Banks do not like to give loans or credit cards to people with a low score because they do not trust them with their money. Despite having a low score, if you get a card or loan, then your credit limit may be low or you might have to pay a very high rate of interest. To prevent this, you must improve your credit score.

    Ways to Improve/Repair Credit Score:

    There are different ways using which you can repair your credit score. Some of them are as follows:

    1. Check your Credit Report

      One of the important things that you must do to improve your score is check your credit report. Doing this will help you in identifying errors in your report. If you find mistakes in your report, you must get it rectified immediately. As the credit score is calculated based on the information mentioned in the credit report, it is very important for you to ensure that this report is free of errors.

    2. Pay outstanding bills

      If you have any outstanding credit card bills or loan, you must pay it off immediately to repair or improve your score a bit. Payment history is one of the factors that is taken into consideration while calculating the credit score. If you have a history of delayed payments, then your score will be low and vice-versa. It is a good idea to activate payment alerts or auto debit facility to ensure that you always pay your credit bills or EMIs on time. Also, avoid paying only the minimum amount due on your credit card always as it will increase the outstanding balance of your card. Try to pay the full bill to keep the outstanding amount low.

    3. Credit Utilization

      It is another major factor that is considered while calculating the credit score. The amount of credit that is available to you versus how much of it you are using shows your dependency on credit money. It is advisable that people keep their credit utilization below 30%. So, if you have multiple credit cards, keep a check on how much money you are using on credit. Also, try to find a credit card issuer who will accept multiple payments in a month.

    4. Do not remove old accounts from report

      Some people tend to remove old accounts or deactivated accounts or accounts with negative history from their credit report to make it look good. Some even try to get their old debts removed from their reports once they pay them. This may not be a very smart thing to do. Agreed that negative things are bad for the score, but they are automatically removed from the credit report after a period of time. Getting old accounts removed may harm your score a lot as they may have a good repayment history. Also, if you have paid your debts, then you should keep them in your report as they will improve your score and also show your creditworthiness.

    5. Plan your credit

      Many people whose scores fall drastically are ones who do not plan their finances well. If you apply for too many credit cards just to increase your credit limit, but are unable to pay the bills off on time of all of them, then you will be left with a huge outstanding balance and history of delayed payments that will decrease your score by a lot. Also, applying for unplanned loans can leave you in a very bad financial state, if you are not able to repay them. Thus, it is important to plan credit and apply for a credit card/loan only if it is absolutely required and when you are sure that you will be able to repay the amount you borrow.

      Credit score cannot be repaired in a day or two. It requires time, patience and planning. Once your credit score improves, try to not make any mistakes that will harm it. If you do not have a credit score at all, then try to build it by applying for a regular or secured credit card.

    6. Top 10 things to know about your Credit Score

      Once indebted, you are under close watch by financial institutions. No transaction made by you in the credit market will go unnoticed, and the same is recorded and maintained in your Credit Score. The scores may range anywhere from 300 – 900, 300 meaning you have an appalling score and 900 meaning that you’re every lender’s dream customer.

      Although simple to comprehend, there are a lot of myths revolving around it. Here are 10 facts regarding Credit Scores.

      • Your Credit Score has nothing to do with your income, savings or investments. It is simply your debt activities and credit history, all summed up into a number that can usually articulate whether you’re a good debtor or not.
      • Checking your Credit Score does not affect the score itself. So, don’t worry about the score declining, check your Credit Score here.
      • Although defaulting your payments are reflected in your Credit Score, no data will be published on public forums. Only companies enquiring about a certain individual will receive the score.
      • Closing an active or inactive credit card will reflect in your Credit Score. It may either decline or incline but the reason for the change in the score will not be mentioned.
      • Your Credit Report can’t be edited or altered. The score will be updated as and when you perform a financial activity. From closing an account, defaulting on your payments, repayment, or any other activity, your score will be reflected accordingly. But, no alterations can be made on your report.
      • Credit scores are only the first impression of you to a lender and not the sole dictator of your loan approval. Different institutions and lenders have different screening processes to approve a particular loan.
      • As opposed to the common myth, you cannot apply for a credit score. If you’ve had a loan account, a credit card or have applied for a loan, your credit score will be available to credit companies.
      • Payments defaulted more than 3 years ago will not be taken into consideration while determining your Credit score. So you don’t have to worry about the payments you’ve defaulted on several years ago.
      • Taking too much credit can be detrimental to your credit score. Even though you may make your payments on time, an excessive credit will cause damage on your score.
      • Your credit utilization ratio too affects your credit score. The closer you come to your maximum limit on your card, the more likely you are to cause damage to your score.

      Why to Manage Credit Score and Credit Reports

      Do you think a good Credit Score is essential only for obtaining a banking product? Not surprisingly, it is equally important for less perceptible requirements such as getting an employment offer and even renting a vehicle. Many people are aware of the concept of credit rating system. A credit score is basically a three-digit number that assesses how likely you shall be to repay a mortgage. It utilises data from credit reports to comprehend the risk of bad debts. A credit report is a detailed description of your credit history. There are few more companies in Indian which do the same task- CIBIL TransUnion, Equifax, Experian and High Mark.

      Why Credit Management?

      • A power credit history will keep you well-rated to be able to suffice the future banking requirements at a lower cost.
      • You will be picked up by premier financial institution for a better banking business.
      • It keeps you financially reputed throughout the banking business.

      Ideas to Establish Credit

      • Pay in time.
      • Apply for credit intelligently.
      • Review Credit Reports at regular intervals.
      • Maintain a long-run credit and bank account history.
      • Manage multiple mortgages wisely.

      Breakup of Factors Influencing Credit Score According to Experts

      • Average length of credit history -15%
      • New credits - 10%
      • Multiple accounts owned - 10%
      • Loan quantity- 30%
      • Payment history - 35%

      Know the Importance your Free Credit Score

      An excellent credit score enhances your chances of being pondered for a mortgage, especially for a home loan. You are more likely to get lower interest rates on mortgages and may negotiate a lower insurance rate. The current home mortgages can be refinanced to a lower interest rate. Bankers may offer a lower processing fee and a flexible repayment option.

      Factors Impacting your Credibility Positively

      • Periodic EMI payments
      • Managing financial aspects properly
      • Using credit cards fairly
      • Ensuring the correctness of Credit Reports

      Did you know?

      • Many factors influence a credit score. It is interesting to notice that the category of credit you currently have, for instance, vehicle loans, education loans or personal loans, have an impact.
      • People tend to consume the overall credit limit allowed for a credit card. But, the ideal credit utilisation ratio should not exceed 30-35%. If exceeds, it may hurt your credibility.
      • Carrying dues from month to month may ease your obligation. It is more likely to bring down the rating.
      • Do not settle a loan for less than the actual outstanding balance to keep your rating unaffected.

      Who will use my Credit Score?

      • Lenders to determine whether or not to give you a mortgage
      • Insurance agents to decide the premium to be offered to you
      • Employers to offer you a highly responsible position
      • Utility entities to decide whether or not collect deposit
      • Landlords to determine whether or not to rent a property

      Who has access to your Credit Reports?

      Although not many people can access your credit report, a few individuals and institutions who legitimately requires it may have access to it. If a company has a genuine business requirement with you, it is safe to assume that they have access to your credit report and score. Here’s a list of some of the institutions and individuals that have access to your credit report.

      Banks – Quite naturally, banks can gain access to your Credit Report to gauge your credit worthiness. You don’t necessarily have to have a credit card for banks to have access to it. Your credit worthiness may be examined if you’re applying for a loan or even opting for an overdraft facility as this is considered to be a line of credit as well.

      Creditors – Anyone willing to loan you money will have to determine your credit worthiness before they put their faith in you. Credit card issuers and mortgage lenders are amongst a few that fall in this category. Determining your credit worthiness helps the creditor gauge if you’re capable of repaying the loan and helps the creditor determine the terms and conditions of the same. Generally, the better your credit score, the more likely you are to get a loan approved and attain favourable terms when it comes to repayment and interest rates.

      Insurance Companies – Statistically, it shows that individuals with poor Credit Score are more likely to file a claim. Insurance companies often measure your credit worthiness to determine how much they need to charge you for a new policy.

      Employers – Several employers now use credit reports to judge an employer’s honesty and integrity when it comes to finance. It can also be used to assess the risk of bribery pertaining to an employee as people with a lot of debt are more susceptible to bribery. In some cases, the reports can be a decisive factor when it comes to promotions and demotions.

      Government Agencies – Government agencies who have a legitimate requirement to pull up your credit score may do so. In the event that you’re applying for government benefits, court order, conducting business with the government, or any such instance, the government may pull out a report to understand your financial standing.

    News About Credit Score

    • Maintain Your Credit Score to Avail Loan Easily

      Credit Score is the reflection of your credit worthiness which plays a crucial role loan in getting a loan approved. While some unknowingly reduce their credit score, some due to unavoidable conditions bring down the credit score. With the drop in the credit score, getting approvals on loan gets tougher.

      At regular intervals, you should track your credit score from the credit bureaus present across the nation. The free credit report generated by the credit agencies can be handy in figuring out your current credit score. Besides, you can also check your credit score by paying monthly subscription. Paying off all the dues on-time is of foremost importance as it increases credit score drastically. Defaults on loan payments drops the credit score immensely which later may impact your loan process. Pay all the credit card bills completely rather than partial payments as it may even affect your credit score.

      If you are too cautious and are not exposed to credit at all, credit score may also drop. In such scenario, opt for a credit product like gold or fixed deposit that can enhance your credit score. Pay the amounts on-time to increase your credit score. 

      29th December 2017

    • Avail a Credit Card without the Corporate Job

      Credit cards galore. However, availing one is not easy as it sounds. While owning a credit card is easy for salaried individuals, for self-employed individuals availing one can be tedious. Banks, therefore, impose higher interest rates and follow strict guidelines before allotting a credit card to them.

      To reap a credit card, an unemployed individual can abide by any of these facts. These are: applying for a secured credit card against the fixed deposit, using third party portals present online, enrolling for supplementary credit cards, showcasing assets, submitting credit score if there is any, and approaching the saving account bank with good credit history. Individuals can also refer a person or family member, who holds a credit card with good credit score to get a credit card without much hassles.

      There is huge demand of credit card in the market as it offers slew of benefits such as emergency cash, EMI options, loans against cash, international spending options and many more, and so everyone desire to have one. Moreover, for a shopping spree, credit cards can turn rewarding too as it offers reward points. Using the reward points, the credit card holder can book an air ticket or a hotel room, at minimal charges. The users who pays all the credit card bills on time, building a goodCredit Score becomes easy for them.

      28 November 2017

    • RBI’s Initiative to Track Credit Quality

      Mounting bad loans have turned to be the worry for many of the Indian lenders today. When the economy faced three year’s economic slowdown, bad loans prohibited many of the banks to aid in credit growth.  In light, to that the reserve bank of India (RBI) has constituted a ten-member task force to build a public database of credit information. The team will also include expertise from European central bank, World Bank and many other monetary bodies. The enthusiast team will analyze the recent availability of credit information across the nation. The team will then try to fill the void with public credit registry. Not only that, the task force will also scrutinize international practices on public credit registries. This will help them to decide the scope and finalize the structure of information system. Based on all the gathered report, the team will develop a real-time PCR that is transparent and comprehensive. To figure out, the huge credit exposures of lender, the task force has already created a central repository of information, which has brief statistical return database with detailed information on the efficiency of the credit. The first report from the panel will be submitted on 4 April 2018. So all together, a credit registrary will enhance the ease of doing business, heighten the efficiency of credit market, improve financial inclusion and control delinquencies.

      23 November 2017

    CIC Reviews

  • Page 1 of 50 1 2 3 4 5
    • Bank Bazaar Credit Card
      "Excellent service"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 5 years, the services provided by bankbazaar is good when compared to all other banking websites. My experience was good so far with bankbazaar. Customer service was good and their response was prompt. The website of bankbazaar is easy to navigate and is user friendly. I also check my credit score in this website.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 22, 2018
    • Bank Bazaar Credit Card
      "Good service"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      It is very helpful to check the credit score and the offers are very good with the bank bazaar portal. I have started using the bank bazaar service around a year ago. The customer support and the response is excellent with the bank bazaar team.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 22, 2018
    • Bank Bazaar Credit Card
      "Better service"
      CITIBANK
      0.5 4.5/5 "Excellent!"
      I am the first time user of bank bazaar website,they had called me on time to explain about the card features, the options like credit score and EMI calculator is good on the mobile App is easy to understand and navigate.I get offers alerts and follow up calls were made.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Best service"
      CITIBANK
      0.5 4.0/5 "Great!"
      I have been using bank bazaar website for last one year,the executives gave prompt response to the customer options like credit score is good,its should be little more accurate and informative.I use both mobile App as well as online webpage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Very good services"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has been good overall in the customer services. They contacted me on time and informed me the details. It is a very good portal as I was able to get the Credit score in an instant and I could also compare the banks and choose the best offer.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Good"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      This is the second time, I took my credit card from bankbazaar.com through online. The procedures are very simple. The website is good and easy to access. The customer service and response was good. I had checked my credit score without any hassle.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Excellent"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is good and easy to apply the credit card. They provide a option to check the credit score at free of cost. The customer service was good and I got a immediate response. This is the first time, I had applied my credit card through bank bazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Good App"
      SBI CARDS
      0.5 4.0/5 "Great!"
      The Bankbazaar are pretty good with their customer services. I have been using their services for the past 8 months and consequently have got Two Credit Card through them. Their App are pretty easy to use and apart from that I was able to check my Credit Score pretty easily through them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I am the first time user of bank bazaar,the online webpage is good,they had approaches me on time,executives responded on time.I checked my credit score and EMI calculator is good.I am happy using the bank bazaar website.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Fast services"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      Bankbazaar employees are good and they are responsive and they are very fast as well. The website is also good, I can track and see the application and also get my and credit score in one touch. I had no hassles or inconvenience in this process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • Bank Bazaar All Products
      "Very good service in bank bazar"
      ALL BANKS
      0.5 5.0/5 "Blown Away!"
      BANK BAZAAR is a good platform for all the financial products . The customer service and responses was satisfactory . The website was really amazing with good features and I have tried using the tools like EMI calculator , credit score option which is amazing.My overall experience was excellent.
      Was this review helpful? 0
      ,
      Reviewed on Feb 19, 2018
    • SBI Cards Credit Card
      "Features are good. High charges"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I hold a Elite credit card with State Bank of India. The process was good and I got the card within 20days. I initially applied for a simply save card, but the bank contacted me and said that my credit score is very good and offered me a elite card. But the charges are high for the card, it is of 5K and the main reason I took the card is because I was told the the annual fee would be reimbursed through coupons. The credit limit is good. The rewards can be redeemed to pay my credit card bill. There are two movie tickets free every month. It takes 25mins to connect with the customer care. The response is good. From the second year I might change to another card because of the high charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 19, 2018
    • Bank Bazaar Home Loan
      "Good service"
      PNB HOUSING FINANCE LIMITED
      0.5 4.5/5 "Excellent!"
      Service is good and for the first time loans are so much rewarding along with free credit score. but need to focus on call timing as they call customers any time. they can ask customer preference of call time at the time of filling the application itself.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      TATA CAPITAL LIMITED
      0.5 4.0/5 "Great!"
      BANK BAZAAR is a good platform for all the financial products . The customer service and responses was satisfactory . The website was really amazing with good features and I have tried using the tools like EMI calculator , credit score option which is amazing.My overall experience was excellent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • Bank Bazaar Credit Card
      "Good Experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have been using the Bankbazaar website for the past 3 months. I recently got my Credit card using their services. I was able to check my Credit Score from their site. They have an affiliation with Experian. The overall experience with them has been pretty good.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 17, 2018
    • Bank Bazaar Credit Card
      "More than satisfactory"
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      When ever I want any financial details, I always visit Bankbazaar.com, be it for a credit card or for a loan or to even check the credit score. Till date it has been good for me. The customer services are also good and there are no hassles. There were follow up calls too. In all a good experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 17, 2018
    • review Two Wheeler Loan
      "Disappointed Experience"
      BAJAJ FINSERV
      0.5 3.0/5 "Satisfactory"
      I was having out standing loan amount, hence Bajaj Finserv have not approved loan based on the credit score. Finally I took from my parents name. The loan process was difficult they stick to the credit score to take Rs. 50,000 to 60,000 of minimum amount. Service was not friendly and charges are more.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • Bank Bazaar Credit Card
      "Easy to Accesss"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      I got immediate response and good service from Bank Bazaar. I am using this portal around three month its a good site to check all the banking products and I can see credit score in one place. I am using Mobile app and website the accuracy is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • Bank Bazaar Credit Card
      "Very good service"
      SBI CARDS
      0.5 4.0/5 "Great!"
      The bank bazaar service is good and I know bank bazaar for more than 2 years. The customer support service is good with the bank bazaar team. I use the bank bazaar mobile application which is easy to use and user friendly. The credit score option need to customer centric,
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 16, 2018
    • Bank Bazaar Credit Card
      "Good service"
      HSBC BANK
      0.5 4.0/5 "Great!"
      I am the first time user of bank bazaar website,the website is so simple and easy to navigate,the executives are good,respond on time,i am happy overall using the website.I use the online webpage.I checked my credit score and it was accurate and informative.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 16, 2018
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