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Credit Advice

We give you advice on improving your credit score, enhancing debt burden carrying capacity, smart repayments, and about best buying deals for debt settlement.

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Hacks for fixing credit score fast

28-Nov-2016 written by : FSI-Team

If you own a credit card or if you ever took a loan, you must be aware that a credit score is an important instrument used by the lenders to evaluate your creditworthiness. Your past financial history is a strong reflection of how you are likely to meet your future debt obligations. If you have a sound track record of on time payments of EMIs you will have a healthy score and you can easily secure loans in future too.

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Do I really need a CIBIL score of over 800?

22-Nov-2016 written by : FSI-Team

A CIBIL score in today’s times is virtually your ticket to good financial and credit health, hence it becomes very important to ensure that you always have a good score, one that will see you through when you want to avail of a fresh line of credit.

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Safeguard Your Identity to Save Your Credit Health

18-Nov-2016 written by : FSI-Team

In today's times everyone faces the risk of a break-in. It is nearly impossible to shield one’s private information from identity bandits. Cases of identity theft are rising unrestrained and are affecting more and more number of people every year. Does that mean we must just accept their presence and reel under a cover of fear waiting for an incident to happen to us? No. Identity theft is a serious offence and there are some simple ways by which you can protect yourself.

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CIC Act- How it empowers borrowers

15-Nov-2016 written by : FSI-Team

In the year 2005, the Credit Information Companies (CIC) Act was formulated to provide the basic structure for the functioning of credit information companies and to streamline records of credit distribution that had thus far been the domain of banks alone. The primary objective of this Act was to help financial institutions make a correct assessment of the creditworthiness of prospective borrowers. The Act came at a time when lending institutions were looking alternative credit assessment methods and was thus considered a timely move.

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Obtaining a good CIBIL score – 4 deciding factors

07-Nov-2016 written by : FSI-Team

The CIBIL score is that all-important deciding factor when it comes to your financial health, and making sure it is 'good' – and remains so – is something you always want to ensure. It can be the differentiator between a low rate of interest and the most competitive one, when you decide to avail of finance by way of a loan or credit card. Do keep in mind that to increase CIBIL score you need to be diligent when it comes to your finances.

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How Is A High Credit Score Related To Happiness?

03-Nov-2016 written by : FSI-Team

Just like having a healthy body, mind and soul are germane to one's growth and happiness, having a healthy credit profile is analogous to one's financial freedom, sense of security and growth. In the absence of stress, a person is calm and happy. Money cannot buy happiness. But what money can buy makes us happy. With more money comes more power. And everyone wants more power. Either you earn more money or save more, either ways your disposable income increases. A higher credit score lets you save more money and therefore brings greater happiness. Let us elaborate.

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Hack Your Credit Utilization Ratio to Improve Your Credit Score

15-Oct-2016 written by : FSI-Team

Credit Score is important for individuals today for reasons that go beyond taking a loan. Credit Rating is an indicator of individual’s creditworthiness, it gives a comprehensive picture of one's financial health and in a lot of instances can form the basis for an applicant getting a job or not.

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5 Money Management tips for youngsters

12-Oct-2016 written by : FSI-Team

It is never too early to learn the financial skills that will have a profound influence on your whole life. We bring to your table 5 money management tips to demonstrate how to handle money responsibly and achieve long term financial success.

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No credit score? Do not panic!

10-Oct-2016 written by : FSI-Team

Some of us have been in a situation where we have applied for a credit card as a fresh jobber, but found out much to our surprise that the application has been rejected. Sounds familiar? If the reason for decline is the lack of credit history, do not be too surprised. And instead of hitting the panic button let us see what you can do to remedy the situation.

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Did you miss out on planning your CIBIL score?

05-Oct-2016 written by : FSI-Team

Getting a line of credit, be it a loan or credit card may be a tad easier than it ever used to be, owing to a larger number of willing lenders as compared to earlier, but it also comes with a caveat. While banks and financial institutions do look forward to lending, they also look at lending to the right customer profile. One of the first things that a lender would want to ascertain is the creditworthiness of a borrower, that is the likelihood of the loan going ‘bad’ or the customer defaulting on loan repayment on disbursal.

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Tips for every girl to manage their money

27-Sep-2016 written by : FSI-Team

It is important for a woman at every life stage to give a thought to her financial health. Whether investing in one’s business or looking to bolster personal finances, it is imperative to explore various investment options, make a savings plan and more importantly, stick to it. More than a third of women while contributing extensively to the family coffers invariably lag behind in critical aspects such as wealth creation, and having a long-term investment plan.

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Why does India Need Free CIBIL Scores?

17-Sep-2016 written by : FSI-Team

Remember the revered year 2002? It was then that incoming calls to mobile phones were made free revolutionising the Indian telecom industry. Making incoming calls free was like a drop in the water as its ripple effects brought a boom in the segment. Soon, every person, no matter what economic strata, was carrying a cell phone. The time has come to make scores available for free and revolutionize the credit world.

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Does marriage affect your CIBIL rating?

24-Aug-2016 written by : FSI-Team

Life doesn’t remain the same after marriage. It brings about significant changes in the lives of both the partners. The decision to take vows not only brings lifestyle changes but it affects one’s financial life as well. You start thinking about savings, investments, and insurances more seriously than ever. You think about taking joint financial decisions. But does marriage affect your credit history records as well? Does it affect your CIBIL rating? What are the implications if one partner has a good CIBIL rating and the other does not? Let’s explore.

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non-traditional-score-models-are-impacting-our-buying-capacity

18-Aug-2016 written by : FSI-Team

The world around us is accelerating at an overwhelming velocity and sometimes it becomes difficult to keep up with it. We constantly endeavour to bring the latest updates for our readers. Though some people would argue that CIBIL score itself is an alien concept, surely it would be surprising to all that the market is gradually transitioning towards newer score models. That’s true. Lending institutions are considering "non-traditional" scoring models alongwith the conventional credit scores, as they believe it gives them a deeper insight into a person’s characteristics as a borrower.

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Best site for free credit scores in India

10-Aug-2016 written by : FSI-Team

If you are an individual who is financially conscientious, you probably know or have been told about the importance of building and thereby improving your CIBIL score, so that it remains above the level of 750 and above (out of 900). As an individual who likes to keep financial matters sorted, it is quite possible that you put in your best possible effort to maintain good credit behavior so that you can increase your credit score.

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Charges you should know before using credit cards

14-June-2016 written by : FSI-Team

You've often heard the saying, "There is no such thing as a free lunch". Absurd? Not really. Life has a way to even out the "freebies". You will end up hosting your hosts for lunch one day, or find a way of repaying their kindness. Hence, no free lunch. The proverb is all the more true when you step into the world of hard-core finances. If an offer of a free credit card, without the need for any documentation, seems tempting, re-think your instinct to own one. Or, at least be better informed about this "free" bargain before you decide to line your wallet with a shiny new card.

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What Accounts Reflect in Your CIBIL Report?

15-July-2016 written by : FSI-Team

Mr. Arun Gupta, like any dotting parent had made several plans for his daughter’s marriage. His dreams were shattered the day his loan application was rejected. It broke his heart when on the same day he found that his younger brother and another colleague had got a loan from the same bank. What was it that was hurting his credit aspirations? Something on his report may be.

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Do Cheque Bounces Affect My CIBIL rating?

04-July-2016 written by : FSI-Team

The person who seeks to draw credit in future for building up a home or buying a car, CIBIL score is a very prized possession. They ought to take steps that help build credit rating. However at times, unforeseen events such as an EMI cheque bounce or outstanding credit bill, or default by a co-applicant, misreporting in CIR as “settled account” and many such events come as real shockers of life. You have no choice but to access the damage and begin the mending work. Here in this post, we will take up how cheque bounce ruins your CIBIL rating.

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Summer Holidays! Manage Your Finances Wisely

17-June-2016 written by : FSI-Team

Summer holidays are sheer bliss. Everyone looks forward to taking a break during summer and why not! Since childhood, the summer break means no more sticking nose in books and scratching brains for homework. It practically spells into lazy mornings, catching up on old friends & new, going for movies, learn something new, travelling and holidaying with family. It is also the perfect time to overdo your budget. Yes! We may not realise it in the excitement but often after the holidays are over when we sit down to go over the expenses, the bitter truth sets in.

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Factors impacting your credit score

How to remove my name from CIBIL blacklist/defaulter's List?

03-June-2016 written by : FSI-Team

When one approaches a bank or any other lender for a loan the first thing that the prospective lender will do is get the Credit Information Report (CIR) of the person. Based on the CIR the bank will decide whether accept the loan application or not. The CIR has the CIBIL score which is a three digit number and it also has detailed information about all loans, personal details of the borrower, employment details etc. Generally a score above 750 is considered good enough to get a loan sanctioned but again it is on the discretion of the lender. CIBIL issues no directives for sanctioning or not sanctioning a loan to a particular person; it only collects the information about all borrowings of a person and presents it in a concise manner in the form of a Credit Report.

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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

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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Factors impacting your credit score

CIBIL Data Not Updated? What to do?

06-May-2016 written by : FSI-Team

You have recently found out that the personal loan you were banking on has been declined. Perhaps, your crooked CIBIL report played a role in it. While a rejected loan application is disquieting in itself, the idea of reforming your CIBIL report may bedevil you even more. Loosen yourself up because here’s the good news. This self-help guide will walk you through on how you can have your report fixed and set it straight.

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Factors impacting your credit score

How to Remove Late Payments from your CIBIL Report?

28-April-2016 written by : FSI-Team

Late payments or missed payments are the biggest cause of poor credit health; repayment history has a 35% weightage in the credit score calculation. Sometimes the issue can be due to an actual delay by the credit report holder or sometimes due to an error by the reporting bank. Whether the default is due to the borrower having forgotten to pay on time or it is due to a willful default the lending agency will report it to the credit bureau (irrespective of the reason) which will update it as a default in your Credit Information Report (CIR).

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Factors impacting your credit score

You are just 5 steps away from a good CIBIL score

18-April-2016 written by : FSI-Team

Having a good credit score can be the key to your financial future, as you are more likely to be offered home or auto loans at the most competitive rates. In the long run therefore being credit healthy can have a lasting, positive impact on your investments and savings as well. While loans for bad credit score are not impossible, they are not the ideal scenario that you would want to settle for.

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Factors impacting your credit score

Multiple credit cards: How to increase purchasing power

26-Mar-2016 written by : FSI-Team

Credit cards have fast become a preferred choice of payment for users the world over, with over 72 percent of consumers holding credit cards. Closer home, India boasts of over 3 crores of credit cards users, and the numbers only continue to rise. Where consumers initially held only one card, today the average number of cards per person is close to 4. This means that cards have become more competitive as the usage has increased, leading to its own share of pros and cons.

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Factors impacting your credit score

Important things to keep in mind before applying for a personal loan

17-Mar-2016 written by : FSI-Team

A personal loan is one of the easier forms of personal finance to avail of, and can be used for myriad reasons, right from renovating your house to going on a long overdue vacation or to even make a purchase, be it white goods or anything else. They are also a good way to consolidate debt, if you want to avail of one loan to clear away several smaller dues that you may have, be it on credit cards or any other loan(s).

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Factors impacting your credit score

Characteristics of individuals with high CIBIL scores

14-Mar-2016 written by : FSI-Team

When it comes to credit scores, it has become increasingly important not only to build a good score but also maintain it and enhance it over time. This is because not just globally but closer home, even in India credit scores are fast gaining significance in one’s financial life.

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Factors impacting your credit score

Are You A Guarantor Of A Loan? Your CIBIL Score Can Be At Risk

07-Mar-2016 written by : FSI-Team

“I am a guarantor to my brother’s loan. He has now defaulted on his last three EMIs. Due to this the bank has asked me to pay his dues. I have very humble means of living. How can I pay his debt of lakhs?” “..Can the bank attach my ancestral home to clear dues on a loan to which I am merely a guarantor and not an applicant?” “.. Why is my CIBIL affected? I have not defaulted on my payments. I have not applied for the loan. I only guaranteed a personal loan of my colleague. Where am I at fault?”

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Factors impacting your credit score

How to prevent a 30-day late payment from hurting your CIBIL score

29-Feb-2016 written by : FSI-Team

“With great power comes great responsibility” said Ben Parker, a fictional character and the famed Uncle Ben of none other than a favourite superhero Spiderman. Uncle Ben could have well been talking about credit usage, that is relevant to all us today. If you have been bestowed with the “power” of credit, it is your responsibility to service your credit well and on time. That is the one recipe for success when it comes to increase your CIBIL score. Your CIBIL score is a three digit numeric between 300-900 that will decide your fate when you make an application for any fresh credit.

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Factors impacting your credit score

Understanding the Dark Side of Credit

15-Feb-2016 written by : FSI-Team

Like the two sides of a coin, there are pros & cons to everything in life, including Credit. While credit can help you not only in acquiring a product and pay over a period of time, apart from facilitating in achievement of your financial goals, if not managed, credit can lead to severely impacting one’s CIBIL score and CIBIL rating. Read on to know more about the darker side of credit:

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Factors impacting your credit score

Why India needs free CIBIL score?

04-Feb-2016 written by : FSI-Team

With lenders jostling with each other to get more and more customers onto their books, almost every individual around us is a credit user. People all around you may have taken home loans, vehicle loans or are seen brandishing two or credit cards in the very least. But ask these people about how many of them access their CIBIL scores in a year, and most of them are likely to draw a blank! Even if they do know about CIBIL, they are likely to tell you that they are not ready to “pay to access their own CIBIL score”? Is this logic justifiable? Or is this just another sign of irrational consumer behavior? Let’s take a closer look.

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Factors impacting your credit score

Why should I finance my wedding with a personal loan?

18-Jan-2016 written by : FSI-Team

With the average wedding costing upwards of Rs. 20 lakhs (or more!) these days – and that’s not including the honeymoon! – it is no wonder that personal loans are increasingly popular to fund the wedding of your dreams. While a wedding should be a joyful occasion, it can be stressful for the couple and their families to put the whole thing together, often stretching finances beyond what had been budgeted. To avoid this strain, an increasing number of people are choosing to opt for personal loans, simplifying things and at the same time going all out to celebrate.

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Factors impacting your credit score

Whose loan is on my CIBIL report: Not mine!

08-Jan-2016 written by : FSI-Team

Most of us when reading the above statement will be intrigued (I was as I thought that does not happen but a little research shows it does) while some who may have witnessed a similar situation may nod in agreement. So coming back to the situation at hand, it is possible that due to some error or oversight you may have a loan in your statement that is not yours or you feel is not yours. This not only has the potential to impact your CIBIL Score, but has the potential to adversely impact the underwriting decision when you apply for a credit facility.

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Factors impacting your credit score

Is it necessary to check CIBIL score while applying for a loan?

21-Dec-2015 written by : FSI-Team

Planning to go on vacation? Buy a new house? Have business expansion plans? If the answer is yes, and you are looking for finance to meet these needs, there are various loan options available in the market today. When you apply for a loan, be prepared for various checks that the financer will conduct, primary among which is a CIBIL score check. Credit information companies or credit bureaus provide a credit report (of which the score is an integral part) that lenders call for when you apply for a fresh line of credit, be it a loan or even a credit card.

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Factors impacting your credit score

Errors and disputes on your CIBIL report can be damaging

10-Dec-2015 written by : FSI-Team

In the world that we live in today, it is very important to have a good credit score, as it is a measure of your financial health. Not just lenders, but even potential employers have now begun to refer to your CIBIL score to assess whether or not you will turn out to be a trustworthy and responsible employee. You should therefore always be in a pursuit to increase your CIBIL score, and keep it at a level of 750 and above (out of 900).

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Factors impacting your credit score

Need for Credit Counselling

23-Nov-2015 written by : FSI-Team

Credit counselling is an effective way to understand and manage your finances better. Additionally, it also educates individuals on how to control and manage debt.

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Factors impacting your credit score

FSI reviews Credit Sudhaar

09-Nov-2015 written by : FSI-Team

Credit Sudhaar is India’s premier credit health management company. Founded in 2010, it has grown significantly since then, contributing to making the country credit healthy. The company has its presence across various locations and offers a range of services for individuals. It is registered as an NBFC with the Reserve Bank of India.

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Credit Restoration Requires Patience

02-Nov-2015 written by : FSI-Team

We all have heard the common adage "a stitch in time saves nine" but nevertheless tend to forget it when we overlook small things erroneously or deliberately. Building a credit score takes time, both small oversights and big blunders tend to impact your credit score negatively. Once you credit score has been spoiled for whatever reason it pays to remember that it can be restored but the keywords are "patience" and "time"; after all nine stitches will take time!!!

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Factors impacting your credit score

Getting your credit report in an efficient way

26-Sep-2015 written by : FSI-Team

How to find out your credit score? This is the most common question for any person intending to take a house loan, car loan or personal loan. It is a priority because the terms of loan approval largely depend on what’s in your Credit report and score.

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Know Your Financial and Credit Health – Register to Get your Credit Report Today!

Know Your Financial and Credit Health – Register to Get your Credit Report Today!

28-Aug-2015 written by : FSI-Team

Planning to buy your “Dream Home” or a “Vehicle” that you have been passionate to own or Get a “Credit Card” to help you purchase on credit or expand your “Business Venture”? Wishing for Your Dreams to Come True? Now that you have decided to Live Your Dreams, have you done a check on your personal / Company’s Credit Worthiness?

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Know well how to keep a track of the Credit alerts?

30-May-2015 written by : FSI-Team

It is really very important to keep a track of your credit and then use it responsibly. The best way to keep safe from identity thefts and frauds, is to keep a regular check on the credit report and that of the credit score. This can be done if you activate credit alerts for your benefit.

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How well do you know your credit score?

08-April-2015 written by : FSI-Team

As great potentials of Indian money markets are tapped, we have a lot of foreign investments, taking place in Indian economy. Besides with an overall increase in standard of living, the demand for money is increasing as well. At such times, people are resorting to borrow money under the "Credit" term to fulfil their needs. Although presently Indian markets are flooded with number of creditors, it's often been seen that when need arises, people are not able to get through credit process on time.

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Importance of credit monitoring

08-April-2015 written by : FSI-Team

Credit Monitoring services alert individuals about changes to their credit report instantly- either via email, the instant message on mobile phones or by phone calls. Many people use credit monitoring services to help them watch their credit histories and to increase their ability to recognize a fraudulent activity.

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