Check Free Credit Score

At times your C redit Score is lower than you expect and that may impact your loan application plans. In spite of putting in all your effort, unknowingly you keep repeating the same set of mistakes that influence your credit score negatively. Credit score is basically a statistical three digit number that ranges from 300-850. Higher the credit score more favorable are the chances of getting approval on loan application, while lower credit score rejects your loan application. Customers, should therefore, be careful with their credit score. These credit reports are then used by banks, insurance companies and non-banking financial organizations to approve your loan application. Credit Score is a financial report that basically shows your credit worthiness that is used by the lenders to check whether you will repay the borrowed amount or will do any defaults. Given below are the 5 vital steps that can edge up your credit score and reflect a good credit history on the credit report....

The Credit Information Bureau (India) Ltd, popularly known as CIBIL is a credit agency that offers CIBIL score and CIBIL report. Incorporated in 2000, CIBIL is authorised by the Reserve Bank of India (RBI). What is a CIBIL score? A CIBIL score is generated by the credit bureau after considering an individual’s detailed credit information. It is a three-digit number between 300-900, 900 being the highest, that represents an individual’s creditworthiness. A higher CIBIL score suggests good credit history and responsible repayment behaviour. Quick loan approvals, low interest rate credit cards, home loans and car loans, approval for higher credit limits are some of the advantages of a healthy credit score. How is a CIBIL score calculated? Credit bureaus calculate credit scores by using their own algorithms. Each bureau calculates credit score in a different way. CIBIL scores are calculated on the basis of an individual’s historical financial data of at least 6 months...

A Credit Score represents an individual's credit worthiness. The score which is ranged between 300-900, helps banks and financial institutions determine your repayment capacity. A higher the credit score suggests lesser probability of a default.  Here are some of the important facts you should know about Credit score: Credit Score and Credit Report are different : A credit score is 3-digit number that summarizes credit report of an individual. It determines his/her ability to make repayments. Meanwhile, a credit report is a summary of an individual’s credit history such as credit accounts, debt information and so on. Checking your own score is harmless : When an individual checks his/her own score it is termed as a soft enquiry. A soft enquiry does not have any impact on your credit score. Meanwhile, a hard enquiry which is done by banks and lenders does affect your credit score. Ideal Credit Score : A credit score of 750 and above is consid...

Are you planning to apply for a loan? Then, monitoring your credit score is the best thing that you can do to have approvals on the loan application. Today, many credit bureaus and financial organizations offer Free Credit Score as well as subscription-based credit score. An individual should check their credit score quarterly, if not monthly, to keep the credit score in control. Although, individuals can anytime check their credit score by logging into any credit bureau site and paying a certain amount of fees. There are certain credit reporting agencies like Experian, Equifax and TransUnion CIBIL that offer free credit score, once in a year. Credit score ranges from 300-850. Having the credit score more than 750 ensures you to have approval on the loan application with minimal interest amount. While credit score more than 550 reflects default and gets you loan on higher interest rate, credit score lower than 500 definitely rejects your loan application. So, having higher scor...

  Splurging money on extravagant shopping is quite common among younger generation today. A plethora of shopping options makes it all the more difficult to desist from the buying spree. Over time, this results in a lower Credit Score and affects an individual’s eligibility to apply for a loan. A lender looks for a good credit score before approving the loan. Credit score is basically a 3-digit number that represents one’s creditworthiness. The credit score is calculated based on various aspects like credit history, repayments and credit utilization. Credit score generally ranges from 300-900. A higher credit score is crucial to securing a favorable loan. Factors That Affect Credit Score Delay in Payments: A payment history directly reflects how trustworthy an individual is. And, in case a person is carrying a high debt obligation, a lender may consider him not to be financially trustworthy. To avail loan and increase credit score, individuals must clear their credit...