Category Archives: Credit Score

How to Build a Credit History If You Don’t Have Any Existing Loans

How to Build a Credit History If You Don't Have Any Existing Loans

So you’ve never taken a loan and are wondering how to build your Credit Score? Read on and discover alternative ways to create a credit history for yourself.

Love Keeping Scores? Boost Your Credit Score

If you love keeping scores, then there’s one score that you really should concentrate on – the coveted Credit Score! Read this article to know how to boost your Credit Score.

How To Fix An Error In Your Credit Report

How To Fix An Error In Your Credit Report

An excellent Credit Score will get your loan application approved in a jiffy. But what should you do if you find errors in your credit report? We’ll tell you all about it here.

8 Surefire Ways To Explode Diwali Debt

8 Surefire Ways To Explode Diwali Debt

This festive season, read on to find out how you can slay the devil of Diwali debt before it gives you sleepless nights.

How To Get A Crackling Credit Score This Diwali

How To Get A Crackling Credit Score This Diwali

Slip into a state of absolute joy as delectable food and trippy lights wash away your worries this Diwali. But keep these tips handy to keep from overspending and keep debt at bay as this can harm your Credit Score.

A Case of the Credit Score Blues

Drama Lama is feeling blue after assuming that checking his Credit Score too many times could hurt his score… or so he thinks. Let’s find out if he’s right!

Credit Score – Frequently Asked Questions

In times when we have become increasingly dependent on credit, it’s important to have a good Credit Score as it is one of the most important deciding factors behind the approval of your Loan or Credit Card. The latest survey by TransUnion CIBIL indicates that nearly 74% of Indian consumers check their Credit Score at least twice a year in order to maintain a good credit history. We have answered a few frequently asked questions to help you acquire and maintain an excellent Credit Score. Check this: Check Your Credit Score On The Go! What is a Credit Score? The three-digit number in your credit report is your Credit Score. This number is based on your past credit transactions such as loan EMIs and Credit Card repayments. It ranges between 300 – 900 points. Generally, a score of 700 and above is considered good. The higher the score, the better your chances of getting approved. Why should I check my score regularly? Besides factors like your age, income etc., lenders check your Credit Score before granting a Loan or Credit Card. Checking your Credit Score regularly will ensure that your score doesn’t fall too low. If you start seeing a drop in your score, you can take the right steps to fix it. Also, sometimes, there may be errors like spelling mistakes and wrong data entry. When you check your report and find any such mistakes, you can report it to the bureau. Once they are fixed, your score will improve. Additional Reading: Maintain A Good Credit Score To Be Financially Independent Does checking my Credit Score hurt my credit? Checking your score too often will not put a dent on your score. When you request your own score from a credit bureau, it goes as a soft enquiry. It has no impact on your Credit Score, so you can check your score as often as you like. It’s a good practice to check your score before submitting a Loan or Credit Card application. If you have a low score, you can take some time to improve it and then submit your application. This can increase the chances of your application approval. Additional Reading: Rupeedo Stupido In ‘Credit Score Lows’ How often is my Credit Score updated? There is no fixed time. It will change any time there is a hard enquiry from a bank or if you miss a loan or card repayment. Or it may improve due to your good repayment record. How many Credit Bureaus are there? There are mainly four Credit Bureaus in India – CIBIL, Equifax, Experian and Highmark. Your Credit Score will be around the same for all credit bureaus. How much does it cost to check your Credit Score? At BankBazaar, you can check your score for free as many times as you want. We don’t charge anything. Besides, checking your Credit Score only takes a few minutes. Why don’t you check your Experian Credit Score for FREE here? What affects my Credit Score? There are various factors including your repayment history, credit utilisation ratio, age of portfolio, total accounts and hard credit enquiries that can affect your Credit Score. Repayment History: Your repayment history tells banks whether you have paid your dues on time and in full in the past or not. Clearing your Credit Card and loan repayments on or before the due dates will have a positive impact on your score. Missed or overdue payments can lower your score. Credit Utilisation Ratio: It is the outstanding balance on your Credit Card vs. the maximum limit. Generally, utilisation ratio of below 30% is considered good. Therefore, it’s important to manage your expenses better as maxing out your Credit Card can lower your score. Age of portfolio: This factor has a medium impact on your Credit Score. It is the average age of your credit accounts. The longer you hold a Credit Card or loan account, better it is for you. Total accounts: It’s the total count of your Credit Cards and Loans. This must be on the higher side. A mix of secure and unsecure credit is good for your Credit Score. Credit Cards and Personal Loans are examples of unsecured credit, and Home Loans and Car Loans are examples of secure credit. Check this: How to Get Your Dream Credit Score Of 900 Points There you go! In case you are looking for a Loan or Credit Card, we have instant-approval offers exclusively for you. Check them out! Explore Loans & Credit Cards

A good Credit Score can make or break your Loan or Credit Card application. We have answered a few frequently asked questions to help you acquire and maintain an excellent Credit Score.

Things You Should Know Before Checking Your Credit Score

Things You Should Know Before Checking Your Credit Score

You can get a full understanding of your Credit Score by studying your credit report. Here are the things you should know before checking your Credit Score.