Factors impacting your credit score

Does Divorce Impact Your CIBIL Score?

24-May-2016 written by : FSI-Team

When Ms. Renu Kumar, went through the proceedings of divorce to exit her troubled marriage, there was a lot going through her mind. At that time her credit score was the least of her worries. Should she be worried at this time about her score? Should she cling on to a failing relationship because of the impact it may have on her score? Read on to find out.

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Factors impacting your credit score

Credit Mistakes Which Can Create Problems after Retirement

20-May-2016 written by : FSI-Team

Retirement is one important inevitable stage of life. It is time to give up on your official obligations and hang up those boots. A lot of people like to take up this segment of life with a bang. Some would sell their possessions to take a tour around the world which they couldn’t go for in their prime, some would splurge on some very expensive gifts while others have no clue what they will do with all their retirement fund. What they forget is that for as long as you live, you need money to survive. Perhaps, even more because of the increased expenditure on health related issues. While you need to plan for your retirement very early in life, let’s say right from your first job, yet it is never too late.

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Factors impacting your credit score

Starting a Family? 6 Financial Tips You Should Know

17-May-2016 written by : FSI-Team

When a bond is formed between a man and wife, you choose to stay together for better or worse. When life is going good, it is difficult to imagine that it can get worse. All too often we are swept into this new phase of our lives with rose-tinted glasses, quite unaware that living involves a price at each step that only compounds with advancing years. Lack of calculation turns into miscalculation and snowballs into mismanaged finances, leaving us either financially stretched or debt-ridden and stressed. It can be avoided with some smart financial planning.

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Factors impacting your credit score

Credit Cards Guidelines for Newly Weds

16-May-2016 written by : FSI-Team

The first thing we noticed about Mrs. Neetu Verma and her husband, Mr. Ashish Verma, was that they were a merry lot. If that wasn’t enough to awe us, their near stellar scores of 875 and 850, respectively, made us applaud. We urged them to share their secret. This article is based on what they brought to the table.

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First time home buyer? The additional deduction will be a boon to your finances!

12-May-2016 written by : FSI-Team

There is indeed reason to cheer for first time home buyers, as an outcome of the Union Budget 2016. From the beginning of the current financial year, i.e. April 01, 2016 buyers can look forward to some additional tax relief upon purchasing their new home. The idea behind this scheme stems from the Government’s proposal to promote its ‘Housing for All by 2022’ scheme that is to make affordable housing a reality. At the same time, this move is welcomed as a breath of fresh air and is expected to give a boost to the real estate sector, which is has been rather slow and on a downturn in recent times.

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free cibil report online

Gold loan on CIBIL report can act as a mine

03-May-2016 written by : FSI-Team

With the awareness about credit information companies or bureaus and the work they do growing, it comes as no surprise then that the importance of having a good CIBIL report has never been more prominent than it is today. Over 80 percent of loans that are approved, are of those individuals who have a score of 750 and above (of a possible 900), which clearly indicates that higher your score, better are your chances of approval for a fresh line of credit.

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Credit worthiness since gets gaged through the three digit numerical expression reflecting on one’s credit report; Freescoreindia, has taken upon the
task of spreading the awareness on the importance of credit worthiness by extending free credit score.

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Q- What is the difference between Credit Score and CIBIL Score?

By the virtue of being the first credit bureau in India, the credit scores colloquially are called CIBIL Score. The score given by any credit bureau is called credit score. There are four bureaus in India viz. Credit Information Bureau India Ltd (CIBIL), Equifax, Experian and Crif Highmark and all of them give out credit scores.

Q- What is a good Credit/CIBIL rating?

The bureaus in India rate an individual on a scale of 300 to 900. A credit score of 750 and above is deemed to be good and individuals in this score band will have faster access to funding. But a person with low credit score still may be able to get loans since the underwriting is based on various factors.

Q- Why is it important to know Credit/CIBIL Score?

Your credit score shall not only impact the approval of loan that you apply, but also has the potential to influence the rate of interest beign charged. A lower rate of interest will result into huge savings. Therefore, it is highly important to be aware of the credit score.

Q- What should one look into his Credit/ CIBIL Report?

Your credit report has primarily three sections. Personal information, details on all the loans and credit facilities that you would have taken and enquiries from lenders. Each of this broad information is critical to your access to credit and hence need to be looked at with care.

Q- What factors are considered for Credit/CIBIL Score calculation?

The credit bureaus assign credit score to an individual based on complex algorithms. Broadly, there are five factors that impact your credit score. They are:

Q- Why should one initiate credit/CIBIL score check?

One of the major reasons why one should check the credit reports regularly is a high error rate. As per a unique survey, one of four reports has errors. These errors can lead to severely impacting the credit score and diminishing the chances of access to loans at the time of need. To know more about the reasons why one should check score regularly read more from our blogs.

Q- Why we provide free credit score?

Unlike developed economies, where one has access to free credit score once in a year, people have to pay for the same in India. We at freescoreindia have resolved to extend free credit score for two reasons, first to bridge the disparity on availablity of free credit score and second to educate and spread awareness on this important aspect of every one’s financial life.

Q- Will an enquiry impact my Credit/ CIBIL Score?

You can withdraw your credit report from any of the credit bureaus as many times as possible. This will not have any bearing on your credit score. However, the enquiries made by lenders can impact the credit score.