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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Is your Credit Score >750?
1. What is a Credit Score?
A Credit Rating is a number computed by an approved credit rating agency and it provides a hint of the credit worthiness of an individual. An individual's Credit Score provides a credit institution with an indication of the "probability of default" of the individual, based on their credit history. What this means in simple English is that the Score tells a lender / credit institution (typically banks or NBFCs) how likely you are to pay back a loan based on your past pattern of credit usage and loan repayment behaviour.
In India, credit scores are assigned by one of the top four credit bureaus: Equifax, Experian, CIBIL™ and CRIF™. A credit score ranges between 300 and 900. If your score is near 900, you will have better chances of loan applications being approved. A score between 300 and 549 is considered to be poor and a score ranging between 550 to 700 is considered fair. Aim to get your credit score to 750 and above for the best loan and credit card offers.
2. How can I check my Credit Score?
Check your Credit Score for free with just a few clicks! Let us help you unlock your credit potential. Move forward on the path to excellent credit health. Click here and find.
3. Why is my score NH?
When you have not borrowed in the past or have never had a Credit Card or a loan, there will be no downdates about you with the credit bureau, who mark such cases as NH or 'No History'. Due to a lack of details, the credit bureau will be unable to comment on your payment behaviour. In such cases, some banks / financial institutions/NBFCs may not provide you with any unsecured credit facilities.
4. How can I improve my Credit Score?
Your credit score is an important factor in determining your eligibility for a loan, a credit card and other credit products. Credit scores are dependent on your credit history including previously taken credit and repayment patterns.
A high score indicates good creditworthiness, and a low score indicates poor creditworthiness. Low scores could indicate that you are a risky borrower and lenders could be hesitant to easily approve your loan applications.
If you aren’t sure of your credit score, you can check it for free at CreditMantri. Just enter a few key details like your PAN number, email id, pin code and mobile number to get your latest credit score for free.
5. How is Credit Score calculated?
Each credit bureau has its own formula to calculate the credit score. Common man finds it baffling to understand the calculation of that 3-digit number that determines their creditworthiness. The parameters used to calculate the score are very simple. However, you might find variances in the credit scores from different bureaus as they allocate different value to each parameter. Following are the key parameters that determine your credit score.
1.Payment history – On-time and consistent repayment provide a positive score.
2.Credit Utilization Ratio– Having low credit usage on your credit card provides a much-needed boost.
3.Credit history – The longer the credit history, the higher the credit score.
4.Credit mix- Having a mix of secured and unsecured credit is proof to the lender that you are able to handle the credit efficiently.
5. Hard enquiry – Taking out credits within a short time negatively affects your credit score as there are too many hard enquiries involved.
Have more questions? Check out our detailed FAQs for all your answers...
Credit Score Advice1. I am new to Credit; how should I build my Credit Score?
Since you are new to credit, banks can’t investigate your credit score and history to determine whether to lend you money or not. In these cases, banks often look at other factors to determine your repayment capacity (such as your income and employment stability) and decide whether you are creditworthy or not.
If you are new to credit, then you can follow these tips to build a good credit score.
2. How long does it take to build my Credit Score?
There is no fixed time for your score to improve. Your consistent and disciplined financial behaviour over a sustained period of time will ensure improvement. Since the credit score is based on consistent performance, one can assume you need to give yourself minimum six months for your score to show significant improvement, and sometimes the entire process can even take up to a year.
3. How can I improve my Credit Score?
Every customer’s account is different and hence there is no fixed pattern. We can provide personalized plan after analysing your credit accounts. However, the basic process is to check for errors, keep a watch on your credit utilization ratio, avoid fresh applications immediately after rejection, do timely repayments, don’t settle – aim to clean close the negative impacting accounts, borrow when needed and choose a good credit mix.
4. How long does it take to improve my Credit Score?
There is no fixed time for your score to improve. Your consistent and disciplined financial behaviour over a sustained period of time will ensure improvement. Since the credit score is based on consistent performance, one can assume you need to give yourself minimum six months for your score to show significant improvement, and sometimes the entire process can even take up to a year.
5. I have already settled my account, why is it reflecting under negative impact?
A financial institution reports a loan as ‘settled’, will inform the case to Credit Bureaus. Though there are no further transactions between the lender and borrower as the account is terminated, the loan settlement effect on Credit Bureau is negative as the loan account closure is not a usual one. A waiver /discount given by the financial institution is reported as settled and until the same is repaid back to the lender, settled status will reflect against the mentioned Credit Account. The term ‘settled’ is generally regarded as a borrower’s negative credit behaviour, and therefore, his or her credit score drops.
Have more questions? Check out our detailed FAQs for all your answers...
Building Credit Score1. Why should I check my Credit Score from CreditMantri?
2. Will my score be impacted If I check my Credit Score from CreditMantri?
No, CreditMantri offers free Credit Score check.
3. What’s in your Credit Health report or Business Health report?
4. What is the process to get this simplified Credit report?
The process is very simple. Click on the link and avail the report immediately after subscribing.
5. How will CreditMantri help me resolve my negative credit accounts?
We coordinate with the lender to get the best repayment plan for you to clear your outstanding dues or guide you to get the same. We then guide you regarding the residual amount that you have to pay to the lender directly. Once you have made the payment, we follow down with the credit bureau to ensure that the negative account is resolved successfully.
6. How will CreditMantri help me in making me Credit Fit?
7. How to apply for loan on your website?
CreditMantri presents a smarter way to find the best credit cards and loans. Compare offers, secure the best deals on credit products matched to your credit profile, without hurting your credit scores. Click here to get started now.
8. Does CreditMantri submit a loan application on my behalf to lenders?
Yes, but only when you apply and give consent. We periodically send you the latest and best offers you may be eligible for, and you can apply if you’re interested and eligible.
We will never apply without your consent.
9. I have subscribed to your service, need to know the status.
We request you to login and check the status. Click here to login
10. When can I reach the Customer Service team via call?
Our working hours are between 10 AM and 6 PM, Monday to Saturday (excluding all national holidays and Bank holidays)
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