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Credit score management can be a tricky subject for many. This is because there are many factors that can affect your credit rating. These include loan repayments, credit utilization ratio, credit variety, discrepancies in credit report, etc. However, it’s credit cards that often play the biggest role in score calculation. This is because there are millions of credit card users in India but there is a lack of awareness about their usage. For instance, did you know that failed credit card payments can have an adverse effect on your credit score?
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To determine how long it will take to get your credit score up to 750 all depends on what the score is to begin with.
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If you have ever applied for a home loan, then you know how hard it can be at times to get one. However, there are many different things that you can do to facilitate the process and get the approval faster. One of these is getting a co-applicant to apply with you.
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If you know anything about CIBIL score, then you know that it plays a huge role in your life. Whether you are a student or a working professional, if you have ever taken a loan in the past or used credit cards, then it's really important that you check your credit report on a regular basis. The following are the top 10 reasons that support this idea:
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To say that the startup industry has become competitive today would be an understatement. This is because the SME industry is booming and has become one of the major driving forces behind India’s economy. However, there are many things that you can do to survive this competition and emerge as a winner. These are:
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Unlike our bank statements credit score is not something we check regularly. We check it only when we need to apply for a loan or worse still we come to know about it being low when our loan application is rejected. The loan application rejection may come as a surprise but at that juncture you may be left with little choice but to look for an alternative lender or wait for your score to increase so that you can get the loan sanctioned. However in case you have not waited till the crucial moment to check your credit score and you realize that it is falling, then what can you do to deal with the situation.
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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.