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√Get Regular tips on Improvement of credit score
√Know the impact of loan repayment on your credit score
√Get the best personal loan offer available for you
What is Credit Score?
Know about your credit score with quick and easy steps.
When it comes to applying for a personal loan, there’s one crucial factor that can either make or break the deal for you. Well, it is your credit score. Yes, your three-digit numeric summary is one of the most important eligibility factors that lenders always take into consideration before approving any application. It shows your creditworthiness and makes you eligible to get an instant personal loan. Since a personal loan is a collateral-free offering, obtaining quick approval requires you to have a stellar credit score. A borrower should always have a good cibil score to enjoy a hassle-free, instant personal loan approval. Hence, before you approach a lender, you must know about the minimum required score for a personal loans. Though different lenders have different requirements for credit score but in general a credit score of above 750 is considered to be ideal to avail a personal loan.
Credit Score Range and What It Means?
A credit score ranges between 300-900. You should always take measure to bring your credit score closer to 900. A higher credit score increases your chances of getting a good deal on loans as well as credit cards. Let’s take a look at the different credit score range:
NA/NH : In order to calculate your credit score, you need to have a credit history. If you have no credit history, your credit report will mention that your credit score is NA (Not Applicable)/NH (No History).
300 -549 : AA credit score in this range is considered as a bad credit score. It suggests that you have not been a responsible borrower and have defaulted payments and have unpaid dues.
550-649 : A credit score in this range is considered as average. You will need to take measures to improve your credit score.
650-749 : A credit score in this range is considered as good and lenders will consider offering you credit in the form of a loan or a credit card. However, you might still not be in the position to negotiate a good deal.
750-900 : With a credit score in this range, lenders will be willing to offer you a loan with cheaper interest rates. A credit score in this range also gives you the additional power to negotiate for a better deal on interest rates and credit cards with better rewards and benefits.
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Factors That Affect Credit Score
Payment History: About 30% of your Credit score evaluates your past performance considering your repayment history.
Credit Type and Duration: About 25% of your score assesses the kinds of loans availed: secured/unsecured, short-term/long-term, and their duration.
Credit Exposure: About 25% of your score is dedicated to the total amount of credit taken.
Other Factors: About 20% of your score evaluates your credit utilization ratio and factors such as your recent behavior with credit.
List of Credit Information Companies in India:
TransUnion CIBIL Limited: (earlier known as – Credit Information Bureau (India) Limited)- A cibil score is a three-digit numeric summary that shows the creditworthiness of an individual. It shows the credit/repayment behaviour of a person, who has ever been on a financial journey. The cibil score comes in the range of 300 to 900. The numeric representation of your credit history is a combination of credit-related activities such as repayment status, due dates, outstanding loan amount, transaction history, etc. All these factors contribute in the making of a cibil score, which plays a major role in the personal loan approval process.
Equifax Credit Information Services Private Limited (ECIS): An Equifax credit score is a three-digit numeric number. Equifax credit score range is between 300-850 and gives potential lenders a brief about your credit health. The closer your score to 850, the better credit health you have hence considered being a reliable borrower. Your credit score is an amalgamation of credit history and behaviour and a higher score improves your chances of instant loan/credit card approval. In short, your credit score shows your borrowing capacity and ability to repay a loan/credit card. And, all this and much more is mentioned in your credit report.
CRIF High Mark: CRIF High Mark is one of the well known Credit Bureaus in India, situated in Mumbai. The main endeavour of this renowned Credit Bureau is to maintain the credit repayment history and provide credit score and rating to individuals and corporates. With members like banks, NBFCs and other financial institutions, CRIF provides complete credit-related services to one and all. And, amongst a long list of products and services, High Mark also provides Credit Information Reports, also known as Credit Reports. A CRIF High Mark Credit Report is a consolidated document that includes a detailed summary of an individual’s credit health. After gathering the information from its members, CRIF prepares a report and helps lenders in making informed lending decisions.
Why Credit Reports are Important?
- Determining creditworthiness
- Reviewing payments status missed / late
- One-Stop Solution for Checking the credit Report To analyze all credit and loan accounts
- Lending Decision – With help of a credit report lender take the decision to offer a loan, credit, or financial products
Understand the Credit Score through key terms
NA or NH: If You Never have done any borrowing activity. NA- Not Available any financial record & NH- No borrowing history from the last 3 months.
STD: Payments are made with the due dates.
SMA: Borrower has delayed the repayments.
DBT: This indicates a doubtful situation where the credit information has been inactive for over 12 months.
LSS: A credit report can be remarked as LSS if a lender reported the loan/credit card account as loss or if the account remains as a defaulter for a longer period of time.
DPD: Days past due (DPD) indicates the number of days that the account has not received a payment.
Written Off/Settled Status: In a situation where the borrower could not make the repayment but came to an agreement with the lender for either a repayment plan or a settlement will indicate a written off or settle status.
Things to know about credit report
Things to know about credit report
The PAN card is required for obtaining the individual’s score accurately. The credit score can also be obtained by using other valid Proof of Identity (PoI) instead of the PAN card. The PoI helps in identifying individuals in the database
Can credit score inquiries affect the score?
No, the inquiry will not affect your credit score. When you apply for a loan or a credit card, it can have a slight impact on your credit score but when you are checking your credit score it is not.
Why do we need a phone number for credit score?
The phone number helps in identifying individuals accurately. Your credit report will already have your phone number, when you provide your phone number, it is verified against your records to ensure you are the right recipient for your credit score.
Is there a limit to request for accessing credit score?
There are no limits to the inquiry of credit score. You can check for your credit score as many times as you need to. The inquiry for the credit score is considered as a soft check while only hard checks can impact your credit score.
How the credit scores changes?
The credit score depends on the credit report changes, as and when the changes are made to the credit report, the credit score would change depending on the positive or negative impacts. For example, when you are applying for a credit card or loan, making payments towards the credit, it will impact your credit report and the score.
What is the significance of credit score range?
The credit score range can vary depending on the assessor, however, the value will represent the same level of creditworthiness. The credit score summary will also indicate the health status, it will tell you if a particular score is excellent, good, average, or poor.
What can be considered as a good credit score?
Credit score may vary based on the credit rating company. The credit report and score will provide you with an indication of whether you have a good or bad score. A good score with a particular assessor will more likely to have a good score with another assessor.
What are the factors that are included in the calculation of credit score?
There are few factors that are considered while calculating an individual’s credit score. Primarily, the account information that includes information of credit cards and loans, the public records containing information pertaining to tax lien and bankruptcy, and the hard inquiries made by your lenders will be accountable for the calculation of credit score
Will the credit score be affected for owning multiple credit cards?
This will depend on your credit history. If you have multiple credit cards with a higher limit and you are under-utilizing or over-utilizing it, this can impact your credit score negatively.
What type of information is included in my credit report?
The following information will be included in your credit card report:
- Individual’s name
- address
- personal details
- PAN card
- contact number
- Credit history
- Credit cards/loan
Payment patterns
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- Lender’s inquiry details,
- Payment habit more