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Your credit score is a numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of that person. It is primarily based on a credit report information typically sourced from credit bureaus.
Your credit score is one of the first things that a lender bank or NBFC will check while evaluating your loan or credit card application. In case your credit score is low, then try to improve it at the earliest or else the lender might reject the application without even considering it further.
If your credit score is high, the lender will look into other details to determine, such as your creditworthiness and repayment capacity. Thus, a good credit score increases the chances of your loan application's approved and helps in availing funds at ease..
However, your credit score is not the only factor considered for a person’s ability to get a new credit. Lenders also consider your income, repayment capacity, debt-to-income ratio, employment history, profession, etc. before approving or rejecting your loan or credit card application.
A good CIBIL score would not only help you access credit, but it may also help reduce your interest outgo for a loan. Many banks/NBFCs offer preferential low-interest rates to applicants with a good credit score and repayment history.
Today, most lenders consider a credit score of 750 and above from CIBIL as a good credit score. Getting the loan or credit card application approved becomes relatively easier if you have and maintain a CIBIL score of 750 or above and as close to 900. However, it is possible to have a CIBIL score of 750 or above and have a credit score from another bureau below 700 at the same time. Hence, you must keep a tab on credit scores from multiple bureaus. It is
Credit scores are calculated using various factors including payment history, amounts owed, length of credit history, new credit, and types of credit used. Each bureau may have slightly different formulas but generally follow these principles.
A high credit score can help you get better interest rates, higher credit limits, and faster approvals on loans and credit cards. It also reflects positively on your financial responsibility and can open doors to premium financial products.
Improving your credit score involves timely payments, reducing outstanding debt, avoiding multiple credit inquiries, and maintaining a healthy credit mix.
A credit report is a detailed record of your credit history, including loans, credit cards, payment history, and any defaults or bankruptcies.
There are many myths about credit scores such as checking your own score lowers it, or closing old accounts improves your score. Understanding facts helps maintain a good score.
Frequently asked questions about credit scores, their impact, and how to manage them effectively.