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    Check Your Free Experian Credit Score

  • What is Considered as a Bad Credit Score?

    Your credit score plays an important role in the financial aspect of your life. It acts as a deciding factor when you are planning to either apply for a loan or get a credit card. Lenders like banks and non-banking finance companies (NBFCs) consider your credit report and credit score, before sanctioning your loan or credit card application. Your credit score helps lenders determine your creditworthiness and measure your ability to repay the borrowed sum.

    What is a Bad Credit Score?

    A credit score is a measure of your creditworthiness which is presented in a numerical format. It ranges between 300-900, 300 being the lowest and 900 being the highest. You should always work towards maintaining a credit score closer to 900. Majority of banks and NBFCs consider a credit score of 750 and above as ideal. Let’s take a look at different credit score range:

    Bad 300-500
    Average 550-650
    Good 650-750
    Excellent 750-900

    A credit score in the range of 300-550 is considered as bad. If you have a credit score that falls in this range, you will need to take serious measures to improve it. Having a bad credit score will not make you eligible to avail a loan or get a credit card.

    What are the Factors that Affect your Credit Score?

    There are several factors that can hamper your credit score and decrease your chances of getting a loan or credit card. Let’s take a look at some of the main factors that can bring your credit score down:

    • Not checking your credit score
    • You should check your credit score from time-to-time, as it can go down drastically owing to some errors in your credit report.

    • Delaying payment of bills
    • Not paying your bills or EMIs on time is the biggest factor that can have a negative effect on your credit score in a massive way. You should avoid delays while paying your EMIs as well as credit card bills every month. You should maintain discipline and pay all the bills on priority as it will have a huge impact on your credit score. At the same time, you should try and pay all your bills in full amount and avoid paying minimum balance due. If you don’t pay your bills in full, you end up paying a lot of money in interest.

    • Maintaining high credit utilisation ratio
    • You should try and maintain a low credit utilisation ratio. This ideally means you should use only 15-30% of your credit card limit. Using your credit card limit to the maximum suggests that you are credit hungry and are not able to handle your finances. Exceeding your credit card limit and having a high credit utilisation ratio can negatively affect your credit score.

    • Closing old credit cards
    • Having a long credit history works wonders for your credit score. If you close your old credit cards, you lose out on years of good credit history and repayment behaviour. Hence, it is advisable to keep your credit cards active for as long as it is possible provided you are not losing money paying the annual fee.

    • Applying for multiple credit cards
    • Applying for multiple credit cards at a time can make you look as credit hungry. Therefore, it is advised to space out your credit card and loan application throughout the year instead of applying at the same time. A number of credit applications can trigger hard inquiries that can have a negative effect on your credit score.

    • Not reviewing your credit report
    • A credit report is a summary of all your personal information, credit transactions, current as well as past credit accounts, and repayments. Errors in your credit report can bring your credit score down. Therefore, it is better to check your credit report periodically. Since 2017, the Reserve Bank of India (RBI) has made it mandatory for all the credit bureaus in the country to offer one free credit report to consumers in one financial year. At the same time, you can also visit BankBazaar.com and check your free credit score.

    • Having multiple unsecured loans
    • It is important to maintain a good balance of both secured and unsecured loans. Having multiple credit cards and no loans will not help to improve your credit score intact. Therefore, it is better to have a good mix of different types of credit.

    What are the Disadvantages of Having a Bad Credit Score?

    As mentioned earlier, your credit score is an important factor that is taken into consideration while availing loans or credit cards. Having a bad credit score does not make you eligible to get a loan or a credit card. Majority of the lenders will not be keen on sanctioning you any type of credit, as a bad credit score suggests you don’t have the ability to repay the borrowed amount.

    Measures to Improve your Credit Score

    There are several measures that will help you improve your credit score:

    • Get your credit report from Bankbazaar.com.
    • Review and analyse your credit report. Make necessary changes and improvements.
    • Fix your late payments by paying your dues on a timely basis moving forward.
    • Pay off debts (if any) instead of transferring it to other accounts.
    • A good way to build a credit history is to get a secured credit card.
    • Increase the credit limit on your existing credit card.
    • Have a good mix of secured and unsecured loans.
    • Maintain a low credit utilisation ratio.

    FAQs

    1. What is considered as a good credit score?
    2. Majority of lenders like banks and non-banking finance companies consider a credit score of 750 and above as ideal.

    3. How can I improve my credit score immediately?
    4. Here are some of the ways in which you can improve credit score immediately:

      • Increase the credit limit on your existing credit card
      • Maintain a low credit utilisation ratio
      • Pay off all the pending debts
      • Fix errors (if any) in your Credit Report
      • Limit credit card applications
      • Don’t remove old credit accounts
    5. What is the benefit of having a high credit score?
    6. A number of lenders offer preferential pricing to consumers who have a high credit score. With a high credit score you not only become eligible to receive a loan but also get discounts on interest rates, processing fees, and so on.

    Credit Report Reviews

    • Experian Credit Report
      "Credit Score Tracking"
      0.5 4.5/5 "Excellent!"
      I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
      Was this review helpful? 14
      ,
      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 12
      ,
      Reviewed on Mar 02, 2019
    • Experian Credit Report
      "Good service"
      0.5 3.5/5 "Pretty good"
      I am using the services of bankbazaar from last 1 year. I checked my credit score using the mobile app which was user friendly and easy to use. Customer service was good and their response was on time. I found all the information at one place on the mobile app.
      Was this review helpful? 28
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have been using the services of bankbazaar from last 5 months. Customer service is fine with bankbazaar and their response was prompt. The website of bankbazaar was easy to use and was user friendly. It was easy to fill the details and check the credit score.
      Was this review helpful? 30
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I had received a mail communication from bankbazaar advising me to check the credit score. Though this was my first experience it was simply superb. As far as the level of service is concerned it was good also the response was on time.
      Was this review helpful? 25
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I was checking on google for personal loans and then i came to know about bankbazaar. The services provided by bankbazaar was good and their response was prompt. The website of bankbazaar is easy to use and also user friendly.
      Was this review helpful? 27
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.5/5 "Excellent!"
      I was looking out for a personal loan and I ended up reaching this site for checking my credit score. The report was very much accurate and informative too. It hardly took 5 minutes for me to fetch the report. Coming to the website even that was very much user friendly.
      Was this review helpful? 26
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.0/5 "Great!"
      Nothing new nor there was no specific reason for checking the credit score infact this is my first experience. It hardly took few minutes for me to fetch the credit report. The report was very much accurate and informative too. Even the response was equally good.
      Was this review helpful? 22
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.0/5 "Great!"
      I did not encounter any issues at the time of fetching the credit report. I have checked my credit score previously too and I would certainly say it was a good experience. It hardly took 2 to 3 minutes for me to fetch the score. According to me the report was accurate,informative and perfect.
      Was this review helpful? 24
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.5/5 "Excellent!"
      To start off, it was a good experience at the time of fetching the credit score. This is the first time i have checked the credit score because i wanted to get the credit card. Report was accurate and was informative. It was easy to fill the details and get the report. In all it was a smooth process.
      Was this review helpful? 22
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I being a Customer of Bankbazaar for the past 1.5 years, thought of checking my credit score on this website. Their customer care executives were kind enough to explain to me about the features and benefits of credit score in detail. I would end up saying that it was a hassle free experience of fetching the credit score.
      Was this review helpful? 29
      ,
      Reviewed on Feb 24, 2019
    • Experian Credit Report
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Basically, it was through advertisement I got to know about this website. This is my experience and it is the best too. The Customer service has always been a top notch here. Talking about the website it is very much user friendly and it is very easy to use as well.
      Was this review helpful? 28
      ,
      Reviewed on Feb 24, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I came to know about bankbazaar through mails and this was my first time experience. Customer service was good and their response was on time. I am using the mobile application of bankbazaar, it is user friendly and easy to use.
      Was this review helpful? 20
      ,
      Reviewed on Feb 24, 2019
    • Experian Credit Report
      "Nice experience"
      0.5 4.0/5 "Great!"
      This review is all about my experience of fetching the credit score, though I dont have any reason for checking the credit score but it was useful for me. I was able to fetch the report successfully moreover I did not find any discrepancies with the report since it was accurate and perfect.
      Was this review helpful? 24
      ,
      Reviewed on Feb 24, 2019
    • Experian Credit Report
      "Best experience"
      0.5 5.0/5 "Blown Away!"
      Hi all, I am a loan seeker and I wanted to check my credit score and that is why I checked my credit score here. I basically like the outlook and the website design. On top of all that, the report fetched was 100% accurate and it was flawless too..
      Was this review helpful? 27
      ,
      Reviewed on Feb 24, 2019
    • Experian Credit Report
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      The key factor which made to check my credit score was few months ago my credit score was down so i just wanted to check my credit score and I ended up checking my credit score here. Even the website was user friendly. The report was accurate and it was informative too.My experience was completely hassle free.
      Was this review helpful? 29
      ,
      Reviewed on Feb 24, 2019
    • Experian Credit Report
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Well, I appreciate the efforts taken by Bank Bazaar in providing the credit score feature, in fact it is an excellent idea too. Basically, I got to know about Bank Bazaar through their promotional mails. Therefore I advise all my friends and colleagues to explore all the features and to reap the benefits offered by Bank Bazaar.
      Was this review helpful? 26
      ,
      Reviewed on Feb 22, 2019
    • Experian Credit Report
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I tried fetching my credit score one month back and that is how I started my interaction with Bank Bazaar. It all went well where I had applied for the credit check through internet followed by which, I had received a call from their executives who gave the next steps and finally my credit report was fetched effortlessly.
      Was this review helpful? 26
      ,
      Reviewed on Feb 22, 2019
    • Experian Credit Report
      "Good service"
      0.5 5.0/5 "Blown Away!"
      This is my first experience with Bank Bazaar of fetching my credit score through them although it was the first time it was simple and easy. I had downloaded their mobile application as well and it was a very simple task. Apart from the credit score feature I tried availing loans through Bank Bazaar and their executives were very helpful in providing appropriate guidance.
      Was this review helpful? 28
      ,
      Reviewed on Feb 22, 2019
    • Experian Credit Report
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was through my Husband I got to know about the service rendered by Bank Bazaar and their credit score feature. This happened approximately last week when I tried to fetch my credit score. Their executives came to my aid my doing the necessary followups and finally my credit report was fetched successfully.
      Was this review helpful? 25
      ,
      Reviewed on Feb 22, 2019
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