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Credit Adult and get Responsible

Top 6 Ways Bad Credit Can Mess Up Your Life

18-Oct-2017 written by : FSI-Team

It's no secret that having a bad credit can create a lot of problems. You hear about it from your friends, relatives, and even acquaintances. However, it's possible that you don't know exactly how does it impact your life. If that's the case, this post is for you.

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Credit Adult and get Responsible

5 Ways to Become a Credit Adult and get Responsible

04-Oct-2017 written by : FSI-Team

It is always good to have your financial life sorted. If you pay attention and manage your finances responsibly from the beginning you will have nothing to worry later in your life. The day you get your first credit card or your first loan, you will find a place in the credit bureau records. They keep track of all your payment details and the way you manage your debts. That will form the basis of your credit score. Your credit score is weighed against a standard benchmark by most lending institutions before approving a loan.

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Inquiries Dropped

Inquiries Dropped My Score 104 Points, How?

13-Sep-2017 written by : FSI-Team

As discussion around credit scores and their importance increases a lot of awareness is being generated among borrowers or potential borrowers about their importance and use. However still a lot of misconceptions and half-baked information does confuse and often mislead people. Thus it is important that correct information about what impacts the score calculation and what does not impact it be available to all users of credit.

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Credit Score Insights

What Happens to Your Credit Score When You Die?

06-Sep-2017 written by : FSI-Team

Have you ever wondered what would happen to your credit score when you die? Life is all about uncertainty and no one knows when the end is. So how to prepare yourself and your family in such situations? We have an answer for the same.

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Credit Score Insights

Which Is the Best Credit Bureau?

30-Aug-2017 written by : FSI-Team

It's a good thing that people are becoming increasingly informed and more responsible towards their credit behavior. It's in fact quite important in today's era where banks have tightened the rules for loan sanctions.

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Credit Score Insights

Credit Score Insights and Tips to Apply Them

23-Aug-2017 written by : FSI-Team

If you have recently applied for a credit card or a personal loan, etc. then you probably know about the importance of CIBIL rating. Having a good credit score is extremely important to get an affordable loan deal, let along getting one in the first place. If your score is not up to the mark then you can make it better by understanding how the scoring works. In other words- by learning about the credit score insights you can take appropriate changes to make yours better.

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Your Credit Report

What To Do if You Find a Collection Account on Your Credit Report?

04-Aug-2017 written by : FSI-Team

A credit report gives a true picture of how an individual has managed his credit responsibilities. If you make timely payments and keep you debt utilization low, this positive information will reflect in your report and help you climb up the CIBIL score ladder. However if you make late payments or skip them altogether you may find yourself in the loan defaulter's list.

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Your Credit Report

What does "Charge Off" in Your Credit Report mean?

02-Aug-2017 written by : FSI-Team

"Charge Off" is quite a confusing terminology. Notionally while it may seem to mean that there is no outstanding against the particular account where it is shows, factually it is a negative status. Let us understand in detail what it means and how does it impact you and your credit life?

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Improve Score

How credit score can help you save lakhs of rupees

26-Jul-2017 written by : FSI-Team

One is always looking out to save money on every deal. After all, the saying that "money saved is money earned" is true in all respect. While negotiating for a better deal on smallest of articles, one misses out on one of the critical aspects of financial life that eventually will result into the saving of lakhs of rupees.

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Credit Score Myths

Can one let someone else use their Credit Score?

22-Jul-2017 written by : FSI-Team

Are you one of the fortunate few who has an excellent CIBIL score? Do you wish to use your score to help your friends and relatives who are saddled with bad credit? Has it ever come to your mind to make some quick profit by letting someone else enjoy the benefits of your good CIBIL score? Before such thoughts tempt you to sell your score, let's find out whether it is really possible to do so. Is it legitimate to let someone else use your score?

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Credit Score Myths

You Social Media Activities Can Affect your Loan Eligibility

07-Jul-2017 written by : FSI-Team

Social media has become an integral part of our lives- there are no two ways about it. While the degree to which someone is active on various media platforms may vary from one person to another, almost everyone has at least one account on a platform such as Facebook.

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Credit Score Myths

Credit Score Myths You Should be Aware of

28-Jun-2017 written by : FSI-Team

Your credit score is no longer just an indicator of your financial health. Today, it's also become an important factor in recruitment processes, personal happiness, and even more. Fortunately, more and more people are realizing the importance it. However, there are still several myths floating around and misguiding the people. Some of the most common are as follows:

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Does the Age of Credit History Matter?

21-Jun-2017 written by : FSI-Team

Building a good credit score takes time and patience. You have to pay your credit card bills on time, control expenses, and minimize debt accumulation and a lot more. However, all this is important to ensure that when you need a home loan or a personal loan you are ready and able to get attractive interest rates.

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Want to fulfill your Dream of Owning a House? Check out Joint Loans

Will your child be able to handle supplementary credit card?

02-Jun-2017 written by : FSI-Team

Parenting is like a tight rope walk where the parents continuously need to strike a balance between various exposures/experiences and guidance provided to the child. While under exposure may not help the child to gain required experience, over exposure may also lead to complications, since kids are impressionable.

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Want to fulfill your Dream of Owning a House? Check out Joint Loans

Start Educating Your Child How to Manage Money at Home

31-May-2017 written by : FSI-Team

No one teaches the importance of CIBIL score check, or how to use loan EMI calculator at schools. However, these things become important in everyone's adult life, and whether you are good or bad at managing credit depends on how you spent your money in your childhood.

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Want to fulfill your Dream of Owning a House? Check out Joint Loans

Want to fulfill your Dream of Owning a House? Check out Joint Loans

17-May-2017 written by : FSI-Team

Owning your own house is one of the best feelings in the world. It gives a deep sense of satisfaction and pride, and more than that- you save a lot of money in the long run, which you would otherwise have to pay in the form of rent. If you want to buy your own house but don't have the money for that, then getting a home loan is an excellent option. However, if you have a poor CIBIL score then getting one can be really though, and your options will be limited. In the best-case scenario, you will have to do with one that has a high interest rate, which isn't a good idea either. So, is there another way?

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What is the perfect Credit score for loans?

What is the perfect Credit score for loans?

10-May-2017 written by : FSI-Team

When there are scores involved in a screening process then there are good scores and bad scores. If you apply for an entrance exam then there will be a cut off score below which you are not likely to get admission to that college or institute. However it is important to mention here that each institute might have different rules regarding at which score they offer admissions and also it may vary as per the score. The same rule applies to credit score; the level at which you get a loan may vary from lender to lender and also as per the loan. So there is no single perfect score for getting a loan; the perfect score depends on a lot of external factors; some of which we discuss here.

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Your CIBIL Report Has to Say Something About You

Your CIBIL Report Has to Say Something About You

05-May-2017 written by : FSI-Team

Believe it or not, your CIBIL report can tell a lot about you. From your personal details to your credit history, it has a variety of information.

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Factors impacting your credit score

How to deal with errors on your CIBIL report

30-Mar-2017 written by : FSI-Team

Have you ever wondered how banks evaluate the loan applications and determine the eligibility of a candidate? Well, they use the credit report and credit score of the prospective borrowers to judge whether they are worthy of giving credit. The credit bureaus maintain a database of the borrowers with past repayment behaviour, based on the payment details received from various lending institutes. They use this information to calculate a credit score that ranges between 300 and 900.

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Factors impacting your credit score

Finally home loans based on Credit Scores arrive in India

15-Mar-2017 written by : FSI-Team

Have you ever wondered how banks evaluate the loan applications and determine the eligibility of a candidate? Well, they use the credit report and credit score of the prospective borrowers to judge whether they are worthy of giving credit. The credit bureaus maintain a database of the borrowers with past repayment behaviour, based on the payment details received from various lending institutes. They use this information to calculate a credit score that ranges between 300 and 900.

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Factors impacting your credit score

All you should know about business credit report

02-Mar-2017 written by : FSI-Team

Credit report and credit scores come to mind only it comes to an individual interested in accessing a fresh line of credit. If you are financially conscientious, you already know that is of prime importance for any individual to maintain a high CIBIL score to apply for a fresh loan or a credit card. Like individuals, businesses are also treated as corporate entities by credit bureaus.

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Factors impacting your credit score

No, Your Saving Account Does Not Affect Your Credit Score

18-Feb-2017 written by : FSI-Team

By now we all understand the importance of having a good CIBIL score. A CIBIL score encapsulates a borrower's credit past and all credit related activities like which loans or credit cards had the borrower taken in the past, were the payments made on time, how many accounts are currently in use, how many new accounts have been applied for etc.

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Factors impacting your credit score

Good credit management = good credit score

27-Jan-2017 written by : FSI-Team

A good credit score is an essential aspect of your financial life. Once you get a credit card or a loan you need to take care of how you manage your debt obligations. If you handle your financial responsibility well it will get reflected on your CIBIL report and help you build your CIBIL score. Good credit management is therefore very important. Here are some important tips that will help you in managing credit in the most effective way.

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Factors impacting your credit score

Why credit score and credit report are two different things?

20-Jan-2017 written by : FSI-Team

The two most important financial indicators that are used today in the loan approval process are the credit score and the credit report. While both these metrics are used to gauge a personís credit worthiness, there is a big difference between the two.

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Factors impacting your credit score

Debunking credit score myths

12-Jan-2017 written by : FSI-Team

In the modern world that we live in, credit is used universally. You are rarely likely to come across people who do not using a credit card or two or servicing a loan. But much as acceptance of credit increased over the years, the need to maintain a high credit score is something that we Indians are yet to understand and implement. Even though there is a large amount of information available in the public domain about credit and credit scores, there are some myths that even the financially conscientious have about the CIBIL score and CIBIL report. Here are some common myths that we try to debunk today.

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Factors impacting your credit score

Why do different credit bureaus have different credit scores?

05-Jan-2017 written by : FSI-Team

In the modern world that we live in it is nearly impossible to find someone who is not servicing at least one or two lines of credit. It will be no exaggeration to state that we live in a credit dominated world. It is therefore important for one and all to know about his credit score. Although there is no dearth of information available in the web space about credit score and the need to maintain a high score, there is a misconception about people that there is only one credit score.

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Factors impacting your credit score

Is a good CIBIL score required by a student applying for an education loan?

27-Dec-2016 written by : FSI-Team

A higher education loan is often considered as one's ticket to success and a bright future. For a middle-class household that pins its hopes on the career prospects of the son or daughter, an education loan may seem like manna from heaven, where the parents do not have the financial muscle to fund the higher education of children on their own. In the modern age, when credit is omnipresent and youngsters are getting savvier with credit usage, the question that most students are asking before making an application for an education loan is whether it is important for a student to have a good CIBIL score when applying for an education loan. Letís delve deeper into the subject and find some answers.

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Factors impacting your credit score

Why Indians Lose More Money To Online Frauds Than Other Asians?

26-Nov-2016 written by : FSI-Team

*Ping* New Email Received from Coca Cola Company. It read: CONGRATULATIONS: YOU HAVE WON LOTTERY PRIZE FUND (£5,500,000.00). The naÔve and honest young Abha Kumar thought it was nothing short of an answer to his prayers. Little did he know it was only a rip-off. He lost more than two lakhs in the hope of making much more in return.

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Factors impacting your credit score

How an enquiry impacts your CIBIL Score?

11-Nov-2016 written by : FSI-Team

Sapan Sharma is a 26-year-old individual who works in the sales team of a Mumbai based textile firm and lives in Mulund in the eastern suburb of Mumbai. Over the last three months, Sapan has been worried because he has a credit card outstanding of ? 40,000. Though he has been paying off the minimum amount due, he knows that doing so is not enough to ward off the high interest debt that he is liable to. Consequently, a CIBIL score check revealed Sapanís CIBIL score has dipped to 630 (out of 900) that is well below the satisfactory credit score of 750.

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Factors impacting your credit score

How an enquiry impacts your CIBIL Score?

29-Oct-2016 written by : FSI-Team

Shobha wanted a personal loan to pay for her upcoming marriage ceremony. As a responsible credit user she decided to first contact multiple banks to compare home loan options. After going through their terms and conditions she applied for the loan in three of these banks, which she felt were giving better deals than others. However, little did she know that her actions were far from wise. What she did was triggering multiple enquiries on her CIBIL report, as a result of her multiple loan applications. Thus, her loan application was rejected by all the banks, as they noticed the enquiries and considered it a "credit hungry behaviour".

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Factors impacting your credit score

Reasons for Loan Rejection Despite a High CIBIL Score

22-Oct-2016 written by : FSI-Team

Mr. Kumar is a smart individual, and so when he needed a Personal loan he didnít start sending off loan applications impulsively like most people. He knew his credit score was good but it could have been better. So, he worked on improving it, and waited for a few months until he was satisfied with the score. Finally, he applied for the loan and waited, confident that itíll be approved. However, 2 days after the submission his bank called and informed that his application was rejected!

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Factors impacting your credit score

Must know on How to Read Credit Report Scores

30-Sep-2016 written by : FSI-Team

As per a few surveys done in India the overall awareness about credit scores is pretty low. It is likely that the few who know about credit rating and its importance may still not be aware of what the scores mean or how to interpret them. It is important to mention here that credit scores are generally a number ranging from 300 to 900 but not always; so let us take a look at different scoring ranges and what they mean.

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Factors impacting your credit score

Indian bankruptcy laws and their impact on credit score

09-Sep-2016 written by : FSI-Team

Indians have a history of shying away from declaring bankruptcy or insolvency simply because of the social stigma attached to it. There have been cases where individuals have preferred to commit suicide rather than declaring that they have gone bankrupt because of huge loss in business, a personal tragedy or an accident that has left them handicapped. For such individuals there may be help in the horizon with the new Insolvency and Bankruptcy Code that was unveiled by the Government in May 2016.

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Factors impacting your credit score

Six Things You Should Know About Your Credit

02-Sep-2016 written by : FSI-Team

Credit is an important aspect of any financial plan, be it for an individual or for a commercial organization. Every individual needs to know a few basics about credit not just in the context of borrowing but about the overall relevance and use of credit in our lives. Below we talk about such six aspects.

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Factors impacting your credit score

Six useful things to look out for in your CIBIL report

27-Aug-2016 written by : FSI-Team

If you are conscientious financially, you already know by now that it is very important to keep a close watch on your CIBIL score as lenders will compulsorily look at it while assessing your credit worthiness. But even if you do request for your CIBIL report, you may stumble upon things that you may not understand. Just to help you better assess your credit health, here are six useful things that you should look out for in your CIBIL report. In India one does not have access to a free CIBIL report yet, so do ensure you do not miss out on these important details when you access your report at least twice annually.

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Factors impacting your credit score

Does Everything on Your Credit Report Affect Your Score?

05-Aug-2016 written by : FSI-Team

"Subbu" Iyer was sure it was time to take his passion for Carnatic music to the next level. Westernization was encroaching from all directions and he knew this branch of traditional music was fading fast. He had to save the dying art by establishing a "Music School for Classical Learnings". It was his true calling. On advice of his banker friend, he decided to take a look into his credit report before he applied for a loan. But he did not understand the nuances of finance that well. He wasnít sure on what impacts his score and what does not. Iyer was lucky his banker friend was there to guide him.

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Factors impacting your credit score

All you must know about requirements for Educational Loan

26-July-2016 written by : FSI-Team

Education loan offers assistance to those looking to get higher education but might find it difficult to do so due to financial constraints. It is the endeavor of the government and lenders too, to make these loans accessible and the process as easy as possible for those who require it. All lenders have laid down procedures for sanctioning any kind of loan and the same applies to education loans too; so below we discuss what are the for getting an education loan

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Factors impacting your credit score

Top 10 Small Business Loan Mistakes You Can Make

30-June-2016 written by : FSI-Team

Starting a business and running it requires a lot of conviction, risk appetite and of course a lot of preparation. Some part of the preparation is devoted to getting the finances in place too. While some contribution from oneís own kitty is a must, there are lots of institutional lenders that are willing to lend for small businesses provided the prospective entrepreneur or in case of an already existing business the owner complies with the requirements set by the lender. However the borrower must be careful and avoid the following mistakes when planning to take a small business loan:

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Factors impacting your credit score

Understand Business Credit Scores

25-June-2016 written by : FSI-Team

With the recent economic downturn behind us, several businesses are once again coming out of their shells and looking to expand. Given the intensely competitive corporate environment, businesses have to face a lot of challenges like technical, geographical, sometimes political and often financial. These are the reasons that handicap the growth of a business. With the help of finance one can jump over these hurdles with ease. To get finance, one needs a favourable CIBIL report. Yes, a lesser known fact is that CIBIL does record and maintain all data regarding a companyís credit history.

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Factors impacting your credit score

Is your CIBIL score pulling you down?

31-May-2016 written by : FSI-Team

With credit scores being integral to an individualís financial life, it is no wonder that understanding the score and what it is about takes on such an important role. A numeric representation of your credit health, scores range from 300 to 900, and help a lender judge the creditworthiness of a person. A person with a higher score is viewed as likely to be more solvent and hence would get an advantage when it comes to availing of a fresh line of credit, in terms of better and more competitive interest rates and other conditions. Further, it also gives you access to a loan when you really require one.

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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

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

Is it a good idea to own high limit credit cards?

26-April-2016 written by : FSI-Team

The very mention of a credit card makes most of us feel good, as there is something about possessing that little rectangular piece of plastic that can be the key to your aspirations. Of course, while it is exciting to make purchases on a card it is equally important to stay credit healthy by ensuring that you use your card judiciously and do not borrow more than you can repay. This is because ultimately a credit card is nothing but a type of unsecured loan and needs to be paid off once the bill comes in, much as you would pay a loan EMI.

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Importance of CIBIL Credit score in Indian Loans

29-Mar-2016 written by : FSI-Team

Though credit rating for individuals in India is less than two decades old, it has become almost a cornerstone for accepting or rejecting loan applications now. Since CIBIL was the first agency that started credit rating for individuals, CIBIL score is the generic term commonly used for credit scoring in India. CIBIL score is important for both banks and individuals as it provides useful information to both.

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Having two PAN cards can lead to disaster

25-Feb-2016 written by : FSI-Team

In some cases, more isnít always merrier, and when it comes to Permanent Account Number (PAN) cards that certainly holds true. This can not only lead to being construed as financial fraud but also has potential to getting all your credit access blocked despite having good CIBIL score.

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Understand your CIBIL report

08-Feb-2016 written by : FSI-Team

Called for a copy of your CIBIL report and do not know how to decode it? If the information in your report looks like Greek and Latin to you, fear not. Letís understand in depth what the CIBIL report is all about.

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What happens to outstanding loans if one dies?

21-Jan-2016 written by : FSI-Team

In the unfortunate even of death of a family member, the palpable question that arises in is that what happens to the assets and liabilities of the deceased? How will the assets get passed on and how what implication would an outstanding loan would have on the legal heir. Especially in todayís time, when non-repayment of loans adversely impact the CIBIL rating of individuals. A low CIBIL score can lead to inaccessibility to credit facilities.

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Do Free CIBIL scores actually exist?

14-Jan-2016 written by : FSI-Team

A credit score plays a large role in the approval of a loan or credit card application, and is the go-to piece of information for a lender. It becomes important as a result to maintain a healthy credit score if you are to remain credit healthy.

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Relationship between CIBIL score and banking

14-Dec-2015 written by : FSI-Team

For banks (other financial institutions too) lending is a major source of revenue and for customers (borrowers) it is a convenient way to fulfill their dreams and aspirations. Borrowing can be in the form of loans or credit card borrowing. In this mutually beneficial and mutually dependent relationship CIBIL score plays a crucial role. Credit score impacts the borrowing capacity of a person and the treatment of the past loans along with kind of debt a person has affects the credit score.

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FAQS ABOUT CIBIL SCORE

07-Dec-2015 written by : FSI-Team

Planning to take a loan? Or wondering why you were not given a credit card, you applied for? Perhaps, in your ďcredit scoreĒ lies your answer. Here is a list of some FAQs on CIBIL Score.

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Certain factors that have an effect on your credit rating

01-June-2015 written by : FSI-Team

A Credit Rating is one of those things that everyone will acquire whether they want one or not. It's almost impossible to experience life without any form of credit. In fact, I would go so far as to say it is impossible. Your credit rating first appears, the first time you apply for credit.

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How to manage your credit?

31-May-2015 written by : FSI-Team

You are the best person who can help your own credit score from getting hampered. It is necessary to keep a constant check as well as maintain the credit level so that it does not hamper your finances in the future. It is necessary to manage the credit balance on a regular basis.

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Protect your account by getting it secured and boosted

29-May-2015 written by : FSI-Team

Credit score of the clients is very important as that will generate a certificate for them which will make it easier for them to get the best loan facility from the market. If you improve your credit score then you will surely get better deals from different financial institutions and thus you will not have to run after them to search for the best interest rates.

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How to build a credit score from scratch?

08-April-2015 written by : FSI-Team

A credit score is a numerical score that summarizes each individualís credit history, that is, how much money he or she obtained as a loan and whether the credit has been repaid or not etc. If you are applying for a loan, be it education loan, home loan, business loan or any kinds of loan, the credit lender will check your credit score and credit report, so that they can understand how able you are to borrow and repay the money. If they are satisfied with the credit reports, then only will they grant you the loan.

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How to read a credit report?

08-April-2015 written by : FSI-Team

Your credit report contains a variety of information and itemized data about where you work, live and how you pay your bills (in time or not). It also may show whether you have legal cases pending, if you have ever been incarcerated or have recently filed for bankruptcies within the last 10 years. Credit reporting agencies or better known as CRAs or otherwise called credit bureaus analyze, compile and offer the complete credit report to a variety of lenders, corporate and consumers all around the world.

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