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A credit score is a measure of an individual’s ability to pay back the borrowed amount. It is the numerical representation of their creditworthiness. A credit score is a 3-digit number that falls in the range of 300-900, 900 being the highest.
Credit scores are calculated by the credit bureaus in the country after taking into consideration several factors like the length of your credit history, repayment records, credit inquiries, among others.
When you apply for a credit card or a loan from a bank of NBFCs, having a higher credit score may entitle you to receive further benefits such as a higher loan amount, lower interest rate and your choice of tenure to repay the loan.
A credit score in India ranges between 300-900. You should always take measure to bring your credit score closer to 900. A higher credit score increases your chances of getting a good deal on personal loans as well as credit cards.
|CIBIL Score Range||Meaning|
|NA/NH||This means it is either “not applicable” or no history”. If you have not used a credit card or have never taken a loan, you will have no credit history.|
|350 – 549||A CIBIL score in this range is considered as a bad CIBIL score. It means you have been late in paying credit card bills or EMIs for loans. With a CIBIL score in this range, it will be difficult for you to get a loan or a credit card as you are at a high-risk of turning into a defaulter.|
|550 – 649||A CIBIL score in this range is considered as fair. It suggests you have been struggling to pay the dues on time. The interest rates on the loan could also be higher.|
|650 – 749||If your CIBIL score is in this range, you are on the right path. You should continue displaying good credit behaviour and increase your score further. Lenders will consider your credit application and offer you a loan. However, you may still not have the negotiation power to get the best deal on the rate of interest for loan.|
|750 – 900||This is an excellent CIBIL score. It suggests you have been regular with credit payments and have an impressive payment history. Banks will offer you loans and credit cards as well considering you are at the lowest risk of turning into a defaulter.|
The CIBIL score (a 3-digit number) gives a summary of the credit history from several details on the Credit Report such as ‘Enquiries’ and ‘Accounts’. The CIBIL score ranges between 300 and 900. The higher the CIBIL score, the easier it is to get a loan or a credit card approved. Making late payments and multiple enquiries will lead to the CIBIL score reducing. Any score of 750 and above is considered as ideal and you will qualify for various credit cards and loans. In case your credit score is less than 750, you will find it difficult to avail a loan from NBFC and banks.
In case the loan is approved, the interest rates will be high if the CIBIL score is close to 750. Banks and NBFCs will reject the application if the credit score is low. The four important sections of the credit report are Credit Enquiries, Public Records, Account History, and Credit Summary. The various factors that are considered by CIBIL when they compute the credit score are the credit mix, new credits, tenure, credit utilisation, credit balance, and repayment history.
The Experian score ranges between 300 and 850. A credit score in India of 800 and above is considered excellent. A good credit score is anything above 700. The higher the credit score, the more confident banks and NBFCs are that you will be able to repay the loan. Most credit scores range between 600 and 750. Various lenders such as NBFCs and banks provide loans and credit cards based on the credit score. Approval of car loans also depends on your credit score. The better the credit score, the down payment and the interest rates will be low.
Credit scores ranging from 300 to 579, 580 to 669, 670 to 739, 740 to 799, and 800 to 850 are considered to be very poor, fair, good, very good, and excellent. The credit score depends on several factors such as derogatory information, recent credit applications, credit history, credit history length, credit utilisation, and payment history. Some of the factors that do not influence the credit score are details not available in the credit report, child support payments, where you stay, your income, your employment, and your age. Paying all your bills on time and not making several enquiries will ensure that your credit score does not drop.
Your Credit Score is computed by
When you make a transaction—the one that is relevant to determine your score—banks send details about it to all four credit bureaus. To send details to all credit agencies is a mandate by the RBI. Essentially, banks keep Credit Information Companies up-to-date about your monetary habits. If a bank needs to check online credit score, they can approach any one of the bureaus. It doesn’t matter which one because all will have the same score for you– all four are equally authoritative and on par with each other.
After receiving information from the bank, credit bureaus get down to the task of collecting more information about your financial habits from other banks and financial institutions. The credit bureaus then processes this information to formulate what is called a Credit Report.
It is very important that you keep a close eye on your Credit Score. It is the best way to gauge your chances to get a line of credit. Another reason why you should track your score is to know if it dips, or if an error has been made by credit agencies while calculating your score. This will help you make timely amends.
BankBazaar feels that you should always be in complete command of your personal finances. In order to help you with this goal, we have made provisions for you to check credit score free. Knowing your Credit Score before applying for a loan can help greatly.
If you have a good score, you can be rest assured that your loan or Credit Card application will be processed without any hassle. You can even leverage a good score to ask your lender bank for better rates of interest and additional benefits. On the other hand, seeking credit with a poor score will further lower your score. Let’s not even imagine getting approval for a credit line. Hence, check your Credit Score online before you apply for a financial product. Work up the score if it’s not in the acceptable range.
TIP: Credit agencies review and renew your score every few months. If you have a poor Credit Score, start managing your money wisely and pay your dues on time for a few months. Credit agencies will reward you by boosting your score.
It depends on the kind of enquiry being made. There are two types of enquiries – hard and soft enquiry. Hard enquiries send your Credit Score down by a few points, while soft enquiries do not impact your Credit Score.
An enquiry made by an individual is called a soft enquiry. BankBazaar will make a soft enquiry on your behalf when getting your Credit Score from Experian. Hence, this will not impact your Credit Score in any manner. Moreover, you can get your free credit score.
A hard enquiry is when a financial institution checks your Credit Score to take a decision on your credit application. Every time you apply for a loan or a Credit Card, the lending institution checks your score. Each time a bank checks your score, your score will dip by a few points.
TIP: If you are applying for a loan or a Credit Card, do not apply to many banks at the same time. Too many enquiries will hurt your Credit Score.
It is understood that having high balances on your credit card can significantly reduce your credit score. Apart from that, there are several other factors that can hurt your credit score:
Credit bureaus in the country compute credit scores after taking into consideration several factors such as your credit history, repayment behaviour, and credit type, among others. There are four credit bureaus in the country - TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. They are licensed by the Reserve Bank of India (RBI). The financial institutions in the country send your credit details on a monthly basis to these bureaus. Each credit bureau has its own algorithm and method of calculating scores.
Let’s take a look at the four main factors and their impact on your credit score:
|Payment History (High Impact)||If you are not able to pay credit card bills and EMIs on time, it will have the highest impact on your score.|
|Credit Exposure (High Impact)||It is advised to avoid delayed payments as well as missed payments, as they get reported and affect your score in a negative way.|
|Age of the Credit (Medium Impact)||A long credit history works well for your credit score as it gives the lender an insight of your repayment patterns over time.|
|Total Types of Account (Low Impact)||It is better to have a good balance of secured as well as unsecured loans in your credit history.|
If you have a good Credit Score, you can avail loans and Credit Cards faster and with ease. Check yours now!
Get The Best Credit Card - A good Credit Score may get you the best Credit Cards. Get a feature-loaded card and reap the benefits.
Quick Loan Approval - A good Credit Score works like an expressway for your loan application. Banks may approve your application quickly and readily.
Better Interest Rate - With the backing of a good Credit Score, you can bargain for a lower rate of interest on loans and Credit Cards.
Loans Made More Affordable - Loans come saddled with processing fees and many other charges. You can bargain your way out of some of these charges with a good Credit Score.
Check your Credit Score right away and see if you are eligible for all these benefits. You can check your score on BankBazaar at zero cost.
Many people worry that if they make frequent credit report inquiries or check their credit report, it will negatively affect their credit score. The inquiries are actually made by financial institutions and banks when you apply for a new credit. This is known as ‘hard inquiries’. Requesting them to make numerous hard inquiries within a short span of time, might negatively impact your credit score. Banks and financial institutions frequently checking and enquiring about your CIBIL report may suggest an increase in your debt or might even show you as a credit-hungry person.
If you make a soft inquiry (checking your own credit report), will not affect your credit score. When you check your own credit report, it shows that you are responsible and are keeping track of any errors in your report, and trying to correct them. Make sure to check your credit score often to keep track of any mistakes that could arise. You can always get a free credit score from the CIBIL website.
CIBIL Score is a 3-digit numeric value. This figure reflects your credit worthiness. The score is determined by using the information in your ‘Accounts’ and ‘Enquiries’ sections. These will be found on your CIBIL report. The CIBIL score ranges from 300 to 900.
A score closer to 900 is a very good score. Lenders will look into your credit score to see how credit worthy you are. The closer your credit score is to 900, the higher are the chances that the lender will approve your loan application. A high credit score reflects a high credit history and shows the lender that you are capable of repaying the loan.
Credit Score is one of the most misunderstood topics in the financial book. Here are four secrets to help you understand your Credit Score better.Credit Score and Credit Report
Your Credit Score is calculated based on information present in your credit report. Your credit report presents details about your credit accounts, credit application and debt repayment, among others.Checking Your Score Will Not Hurt It
When you or a company enquires about your Credit Score, it’s called a soft enquiry and it does not hurt your credit score.Credit Score Math
There are five prime factors that go towards deciding your Credit Score. They are - debt repayment, credit utilisation ratio, average credit age, type of credit account (secured / unsecured) and Credit Score enquiries made.Keep an Eye On Fraud
You did nothing wrong and yet your Credit Score is low? Please go through your Credit Report thoroughly and immediately report any unauthorised activities to your bank to correct your score.
Before you plan to get an application approved keep a track of your credit score on regular basis either by taking free CIBIL score or subscription based CIBIL score. Scores normally range from 300-850.
Most CICs offer credit reports through online and offline mediums. The individual will require producing of required details and make a payment to get his/her credit report.
The following documents and details are required for obtaining a credit report online:
The following documents and details are required for obtaining a credit report offline:
|Credit Report||Credit Score|
|Your credit report has information on the current and past credit agreements that you hold. These include mortgages, credit card accounts, student loans, and inquiries on your credit history.||A credit score is similar to a grade that is provided to your credit report. It is a 3-digit number that usually ranges from 300 to 900.|
|The credit report is a reflection of your credit management, and you have control over the listings there.||The credit reporting bureau assigns you the credit score based on your credit history.|
|The credit report gives an outline on how much you owe your creditors over an extended period of time, whether you have been making payments consistently, and for how long each account was open. The report also lists associated public records against you, such as court judgements, bankruptcy filings, etc.||A high credit score indicates that you are a low risk borrower, making you more likely to qualify for a loan.|
|In order to access your credit report, you can get in touch with credit reporting agencies or use a credit monitoring service that offers you this information.||Your credit score is a part of the exhaustive credit report that you receive from the credit bureau.|
Similar to individual credit reports, the CICs prepare credit reports and assign credit ratings to businesses and all other types of firms. The credit report for businesses is closely reviewed by suppliers and government agencies while providing utility and business contracts.
The credit reports for businesses provide information related to the establishment, owners/directors, employees, profit and loss, liability, assets, pending court cases (if any), and various other details. These type of credit reports can be expensive based on the amount and type of information it offers.
NA or NH: If you never owned a credit card or took a loan, there are chances that you will see an NA or NH on your credit score. NA or NH indicates that are there no, little, or insufficient credit activity to create a report or to generate a online credit score.
STD: Applicable to an individual's credit report where the payments are made with the due dates.
SMA: Applicable on a credit report when the borrower has delayed the repayments.
DBT: This indicates a doubtful situation where the credit information has been inactive for over 12 months.
LSS: A credit report can be remarked as LSS if a lender reported the loan/credit card account as loss or if the account remains as a defaulter for a longer period of time.
DPD: Days past due (DPD) indicates the number of days that the account has not received a payment. Written Off/Settled Status: In a situation where the borrower could not make the repayment but came to an agreement with the lender for either a repayment plan or a settlement will indicate a written off or settle status.
A credit report is a detailed account of a person’s credit history. The credit report will include details of your credit accounts, like, credit cards, auto loans, home loans and any other form of credit availed from a registered lender. The credit report will also include details like payment history, credit limit and account balance, opening date of credit, status of loans (close or open, paid in full, not paid in full). The report will also include new credit inquiries, collection records and public records, for cases in which an individual has filed for bankruptcy or a tax lien. A credit report can seem like quite an intimidating document to read, but listed below is a section-wise breakdown of how a person should read his/her credit report:
Personal Information: This section of the credit report will contain information pertaining to the individual’s identity, such as, the person’s name, address, current and previous accounts, date of birth, etc. An individual should check the details provided under this section, if there is an incorrect address in the report or the person’s name has been misspelled, he/she should report this to the Credit Rating Agency (CRA) as this could be a sign of wrong data being reflected in the report or credit fraud.
Account Information: This section of the credit report will carry information pertaining to the person’s present and past credit account. The individual should check the details of this section carefully as this is quite a detailed section. The following details should be checked:
Public Records: This section of the Credit Report will list and bankruptcies filed by the individual, tax liens availed by the individual or collection accounts. The dates provided in this section should be checked as they will directly affect how long they will appear on an individual’s credit report and affect the person’s credit score.
Inquiries: This section carries data pertaining to any inquiries made by companies regarding an individual’s credit score. If an individual applies for multiple lines of credit, this could affect his/her score negatively. In most cases inquiries do not affect a person’s credit score, as they are soft inquiries by lenders for promotional purposes. A soft inquiry is generated when the request for the credit report is not related to the individual’s request for credit.
A great Credit Score is anything above 800. If a bad Credit Score is the bane of your life, you can use the following tips to send it soaring. Want to know your score?Be Frugal
Keep your credit utilisation ratio at 30% for a good Credit Score. If you are struggling to stay within this limit, then get a card with a higher top limit.Seek Variety
A combination of secured and unsecured debt will send your Credit Score upwards. A Credit Card is an unsecured debt whereas a Car Loan is a secured debt.Advantage of Old Credit Card Accounts
Think twice before you close an old Credit Card account as long running accounts add more value to your Credit Score. And if you are not using your card, keep it safe to prevent misuse or fraud.
Listed below are some of the most common myths about credit that you should know:
When you approach a lender for a loan, four elements of your credit report are analysed:
If there is no established credit history for you, you just have to get someone to co-sign or authorise your loan. In case you do not have any one who can co-sign for you, you can explore the option of getting a secured credit card. This type of card requires you to put up cash as collateral. Once you start using the credit card, you will be able to establish a credit history. It is important that you make payments on time and use credit conservatively. Be patient, as it will certainly take time to build a credit history. Once your credit history is periodically evaluated, if you have a good standing, your credit score will increase.
If an individual accesses his/her own credit report, it will not have a negative impact on the score. In fact, it is a healthy practice to check your credit report at least on an annual basis. Reviewing a report results in a “soft inquiry” that will only be reflected in a personal credit report. When a lender reviews the credit report, a “hard enquiry” will be added. These hard enquiries are shown to other lenders who review the report in the future, as these may represent new debts that are not yet visible on the credit report. Too many hard enquiries can have a negative effect on your credit score.
A bad credit report can be rebuilt over time. The report shows all credit issued under the consumer’s name. It also shows all items that are closed or inactive. If you have missed payments or have made late payments, it can remain on your credit report for up to 7 years. In this time, you can rebuild your credit report by paying your dues on time, looking for better credit choices, and being judicious while spending. You have to remember that an old negative information in the report is less important than a recent positive one.
Credit bureaus are not owned by the government. However, the government has laid down many laws on how these should operate.
Using cash for all payments is certainly not better than using credit responsibly. This is because a consumer has to develop a credit history (displaying responsible credit usage) in order to establish a good credit score. If a consumer does not hold various types of credit accounts, his/her credit score will not be as good as another individual with a history of responsible credit usage.
The PAN card is required for obtaining the individual’s score accurately. The credit score can also be obtained by using other valid Proof of Identity (PoI) instead of the PAN card. The PoI helps in identifying individuals in the database.
No, the inquiry will not affect your credit score. When you apply for a loan or a credit card, it can have a slight impact on your credit score but when you are checking your credit score it is not.
The phone number helps in identifying individuals accurately. Your credit report will already have your phone number, when you provide your phone number, it is verified against your records to ensure you are the right recipient for your credit score.
There are no limits to the inquiry of credit score. You can check for your credit score as many times as you need to. The inquiry for the credit score is considered as a soft check while only hard checks can impact your credit score.
The credit score depends on the credit report changes, as and when the changes are made to the credit report, the credit score would change depending on the positive or negative impacts. For example, when you are applying for a credit card or loan, making payments towards the credit, it will impact your credit report and the score.
The credit score range can vary depending on the assessor, however, the value will represent the same level of creditworthiness. The credit score summary will also indicate the health status, it will tell you if a particular score is excellent, good, average, or poor.
Credit score may vary based on the credit rating company. The credit report and score will provide you with an indication of whether you have a good or bad score. A good score with a particular assessor will more likely to have a good score with another assessor.
There are few factors that are considered while calculating an individual’s credit score. Primarily, the account information that includes information of credit cards and loans, the public records containing information pertaining to tax lien and bankruptcy, and the hard inquiries made by your lenders will be accountable for the calculation of credit score.
This will depend on your credit history. If you have multiple credit cards with a higher limit and you are under-utilizing or over-utilizing it, this can impact your credit score negatively.
The following information will be included in your credit card report:
A credit report won’t contain any information related to your checking or savings accounts. Also, the information pertaining to criminal records, medical history, lifestyle, and other details are not included in the credit report.
This will depend on various factors such as the inclusion of hard inquires, payment details, credit card, and loan applications. As soon any changes are detected, your credit report would change. The information is obtained on a monthly basis for the changes to be implemented. If you find any error on your credit report, you are recommended to get it corrected from the assessor.
Unless it is incorrect, no details can be deleted from your credit report. The credit report provides an insight of your credit history and lending worthiness. Most lenders vastly depend on the credit reports to assess the lending risks.
If you notice any error or wrong entries in your credit report, you can get in touch with the credit report provided to get it rectified. The process is simple, you can get in touch with your credit report provider through phone, email, and other mediums.
No, the Credit Information Report contains details of credit history and inquires, CIBIL, like various other credit rating companies have their own method of calculating the score based on the information on the credit report. The Credit Information Report has all the details of an individual’s credit date while the CIBIL score indicates the credit worthiness. The CIBIL score is derived from the information available in the Credit Information Report.
Your credit report can be accessed by you, lenders, and government recognized regulating bodies.
The lenders refer to the credit score to determine the credit worthiness of individuals. It helps the lenders or the banks to understand the risk factors involved in lending out money to an individual.
No, the CIC collects information from various financial institutions but doesn’t change any data. The CIC compiles information related to credit transactions and payment histories of an individual.
A score of 700 and upwards has a higher chance of approval for credit card application. The banks might hesitate to give you a credit card if the score falls under 700.
There are many ways by which you can improve your credit score. Some of these ways are maintaining payment of loan EMIs and credit card bills. Along with this, limited borrowing and maintaining a credit utilisation ratio of less than 30% can also help your score.
Experian’s credit score ranges from 300 – 900. 900 being the highest score.
Yes, credit reports contain your overall banking history and are used to assess your credibility, which is your credit score. A free copy of your credit report can be obtained once a year from each of the credit rating agencies that include CIBIL, Mark High, Experian, and Equifax. You can also request for obtaining all the credit reports at once.
A sound credit history is useful to apply for a loan. It shows how effectively you have managed to repay the earlier obligations. If you have never used a credit card or never borrowed a mortgage, your credit history stands nil. Lenders may not issue a credit card or prolong a loan. Consider the following ways to build credit with no credit:
Yes, you can. Over 8 million adults are affected by identity theft every year. Review your credit reports once a month. Be safeguarded by obtaining an updated credit report to review for any doubtful fresh accounts. Observe the below cited general identity theft signals on your reports.
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.
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