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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 naïve 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 Sapan’s 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 didn’t 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 it’ll 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 wasn’t 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 one’s 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 company’s 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 individual’s 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 isn’t 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. Let’s 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 today’s 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 “credit score” 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 individual’s 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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