BankBazaar - Personal Finance Blog

Ask Yourself These Questions On Your Insurance Policy Closure

Are you looking to surrender your policy? Is your insurance policy nearing completion? Here are some important questions you need to ask.

What To Check After Buying Your Insurance Policy

It is good to check your insurance policy immediately after you receive it. This will help you avoid surprises in the future!

Questions To Ask Yourself During Your Insurance Policy Term

While insurance policies can certainly bring peace of mind, it is important to stay alert and aware during your insurance policy term. Why? Read on to find out!

Things To Consider Before Buying An Insurance Policy

While purchasing an insurance policy should be on of your top priorities, there are a few things you need to consider before buying one. Read on to know more!

How To Glide Through To Your Personal Finance Goals

Want to know how to give your personal financial plan that kick-start? Read on and get your plan in action right away.

5 RBI Directives Every Government Pensioner Must Know

Are you a government pensioner? Keep these 5 RBI directives in mind if you want to avoid any pension-related problems.

How Sharing Can Help You Save!

Looking to save a few bucks? Sharing can be a great way to achieve that. Here’s how you can save more by sharing!

The BankBazaar Paperless Finance Conclave 2018

What happened at BankBazaar’s Paperless Finance Conclave 2018? Watch it here.

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.

4 Ways Senior Citizens Can Avoid Being Mis-Sold An Insurance Policy

While retirement brings with it the opportunity to finally enjoy the fruits of your labour, it can also make you more vulnerable to financial blunders. Let’s see how.