You tend to make a lot of payments every month like power bill, phone bill, Loan EMIs, credit card payments, etc. Have you even given it a thought that, are any of these transactions getting registered towards my credit report?
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Was your loan application rejected recently because of low credit score? If your answer is "yes", then you are not the only one. In fact, poor credit score is one of the most common reasons behind loan rejections and harsh repayment terms (in case an application gets approved).
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A friend in need is a friend indeed! This is such an old saying. And true too. It's good to help people. But, when it comes to financial helping, specially when it is signing something officially, there are a few precautions that are better to be taken! Let's talk about a loan guarantor. There are a few cases where the loan is not directly approved because of the following option.
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If you are a lady in your 30's, chances are life is a mixed bag. On the one hand, you are progressing in your career but are grappling with growing financial responsibilities on the home front. As a result, more often than not, your finances remain in doldrums. The good news is you still have the time to get your finances in order with some easy moves. Here five financial tips you can put to good use to feel in better control of your finances.
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Your credit score may look like an innocuous three digit number, but it packs quite a punch! This score is based on the assessment of your credit behaviour or how diligent you are in handling your loans and credit cards. As a result, it is mandatory for all lenders to refer to this score as a part of your credit assessment process when you apply for a fresh loan or credit score. If your score is poor because of your past credit behaviour, it can stand in the way of you getting access to cheap and timely credit.
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Every average middle class individual wants a life where he can live in a house of his own with a family, educate his children well, lead a comfortable lifestyle and finally retire with enough money to get him through his golden years. But alas, while the dreams seem ordinary, achieving them proves to be a tall task for most of us.
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When you go through different articles online, the generic statement is should be checking the credit score regularly to update yourself on where you financially stand. It makes life easy, when you are hunting for a loan or a financial product. Knowing your credit score beforehand can help you in many ways which also includes negotiating on the interest rates and processing charges.
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If you apply for a personal loan and you have a low score or if you are planning to take a home loan but your credit rating is low then your loan application is likely to get rejected. If you plan to approach some lender who is willing to offer loans even at a low score then you are likely to a pay high interest rate for these loans.
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The 3 digit number on a person's credit report called the credit score can have a 6 digit impact on their financial lives.
Freescoreindia provides people with the tools required to understand their credit profiles and unlock the power of their credit 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.
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.
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.
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.
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:
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.
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.
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.
