BankBazaar - Personal Finance Blog

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.

Protecting Against Floods & Natural Calamities

The destruction that can be caused by floods is often underestimated. However, if you are protected, the losses will be minimal. Here’s how insurance policies can help.

How To File A Complaint Online With The RBI Ombudsman

We’re launching a brand new series to make you financially savvy in under 60 seconds! Today we’ll tell you how you can file a complaint with the RBI ombudsman.

Q&A With Puneet Nanda, Deputy MD, ICICI Prudential Life Insurance

Q&A with Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance

We caught up with the honcho of ICICI Prudential Life Insurance at the BankBazaar Paperless Finance Conclave 2018. Here’s what he had to say.

Internet Banking – The Pros And Cons

There’s no denying that internet banking is here to stay. However, as with everything in life, it has its pros and cons. Read on to know more about both sides of the internet banking coin.

Cheque – The Fallen Hero of the Banking World

Once a popular payment mode, the cheque may soon see its departure from the banking world, at least as per recent trends. Read on to know why!

Why Women Shouldn’t Shy Away From Negotiating Their Salary

The gender-wage gap is an issue that has been plaguing the female workforce for ages and has only recently surfaced in India. In this article, we tell you why women shouldn’t shy away from negotiating their salary.

A Guide To Uploading Your Car Documents On DigiLocker

If you’ve signed up for DigiLocker, here’s a step-by-step guide on how to upload your car documents on this particular platform.