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Credit Score

Credit score is a number that ranges between 300 and 900, which gives you a analysis of your credit history. This 3-digit number defines how timely you payback borrowed money from banks and lenders. A good credit score lies between 750 to 900. The closer your credit score is to 900, the better chances you have of getting quicker approvals on credit cards and loans.At creditKaro you can check free credit score in india.

BENEFITS OF HAVING A GOOD CREDIT SCORE

Better chances of getting approval for loan or credit cards –

If you have a low credit score, you will always be skeptical about applying for a loan or a new credit card. Lenders consider your credit score as a deciding factor while going through your loan or credit card request application.

Get approval on loan and credit cards for higher limits –

When you have a good credit score, it increases your credibility on papers, therefore, banks and financial institutions would be comfortable with lending you higher amounts. You have showed a clean history in your credit report which means you have the capability and intentions of paying back your loan on time.

Lower interest rates –

If you have a good credit score, you will always be offered the best interest rates in the market on your credit card and loan payments. Other financial charges will also be low which will eventually help you to pay off your loan faster.

More negotiating power-

When you have a good credit score, you get the leverage of negotiating with banks and lending institutions on interest rates while applying for a loan or a new credit card. Banks can agree to your bargain on interest rates because they are assured that you are a suitable customer for them.

Get pre- approvals on Loans –

You can get loans with pre- approvals from lending institutions as a good credit score projects that you are good with repayments and will return the amount on time.

Higher credit card limit –

Banks are more than willing to offer you a higher credit limit when you have a good credit score, so while you build a good credit history you are also working towards increasing your credit limit on your existing credit cards or any new ones.

Discounts on processing fee and miscellaneous charges-

You can get good discounts on miscellaneous charges and processing fees on loans.

Extended tenure –

If you have a good credit score, banks and lending institutions are willing to offer a longer tenure on loan repayments.

FACTORS THAT AFFECT YOUR CREDIT SCORE

Payment history-

Your payment history is a prime factor that affects your credit score. Your payment history decides how diligent you are with payments.

Length credit history –

Having a lengthy credit history is good because it assures the lender that you have taken loan in the past and paid back in time.

Credit Utilization –

This refers to the percentage of available credit that you may use on a regular basis. This is also one of the major factors that can differentiate a good report from a bad one.

Credit Mix –

Opting for a wide variety of debt products shows that you have capability of handling different types of credit. If you have a mix of revolving credit, then you are less of a risk to lending institutions.

Factors That Won’t Affect Your Credit Score

  1. Income
  2. Debit card
  3. Savings account
  4. Credit score check
  1. Bounced cheque
  2. Overdraft
  3. Fixed Deposit

How to check free credit score Online

  1. Log on to CreditKaro.com
  2. Locate the “Check your credit score” tab
  3. Click on the tab and fill necessary details and click on “check”.

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FAQ

Credit score is calculated by different credit bureaus on the history of your credit profile that is shared by your current lender or bank and even by your previous creditor.

Credit score can be checked with the major credit bureaus Like Equifax however the best alternative is to check it online on one of the BFSI websites. Visit our home page @CreditKaro to check free credit score online.

Usually calculation of credit score doesn’t take place within any fixed interval however it is calculated when there is any pressing enquiry on a profile or when instances of late payment and settlements occur.

A credit report constitutes of detailed information about the overall history of your credit activities and this report includes the credit score as well. The credit score is a statistical number that is evaluated based on the life cycle of a loan that is reported by a financial lender.

Once the past dues are closed it will immediately stop dropping your score but the timeline of score improvement is a little longer and that’s a gradual phenomenon. Other ongoing or open credit loans should be active and diligent repayment trends against those loans will contribute to that improvement. Keep an eye on your credit score by attempting frequent online credit score checks.

Any default once made is sent to the credit bureaus. The credit report shared by these bureaus will have the default details updated and they will remain on that report for a period of 8 years.

Frequent Credit score checks don’t bring down your credit score it no matter how many times you check it in a given month week or day.

Ideally a score of 750 or above is considered to be a good credit score which qualifies a person to apply for any kind of loan or credit card. The best part about attaining such a score is that a person gets entitled to the benefit of lower interest rate.

Chances of getting a loan approval with a low score are very less because it clearly tells that your credit history had a negative impact on your score. A person might get approved for secured loans in such a situation but only under higher interest rate.

The reason behind these bureaus giving different scores is because they have their individual methodologies behind the evaluation of credit score. Various bureaus give importance to different factors. Although the distinction between scores is not that significant.

  • a) Access to different category of credit products with simpler steps.
  • b) A person is entitled to get lower interest rate.
  • c) An applicant is at a better position to negotiate with certain terms.

There isn’t any fixed timeline. Credit score is based on diligence towards the repayment over a period of your credit history. The minimum timeframe is for 6 months before you can expect any considerable improvement on your score and the maximum timeframe could be 1 year.

In such a situation the probabilities are low because the credit score depicts a negative credit history. One can get a secured loan application approved but the interest rate is higher in similar cases.

The score between 700 to 750 can be considered as decent or good completely depending on the Bank or Credit Service provider who will offer the loan. One can get a successful loan approval with this score however will notice a marginally higher interest rate. The most feasible interest rate of 8.35% to 8.45% can only be availed if the score is beyond 760.

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