Credit Score

You can check your credit report as many times as you want. A self-check doesn’t affect your credit score so there is no problem. However, you will get only one free credit report in a year and subsequent credit checks will cost you money. TransUnion CIBIL, Equifax, Experian and CRIF Highmark – these are the 4 credit bureaus in India. 

A credit score of 700 and above is considered good for a business loan, which can get you lower interest rates. 

On average, one can see a rise of 8-12 points in credit score by paying off outstanding credit card dues. However, the rise and rate of rising in credit score depends on how long the dues have been outstanding and one’s overall repayment track record. The lower the dues and timelines, the better the chances of an immediate rise in credit score. For longer and larger dues, it may take a long to bring up the credit score points.

Depending on how long your lender takes to report repayment of outstanding debt, the timeline for your credit score improvement on the credit report could be long or short. 

You must have a credit score of 640 or higher to qualify for a personal loan of Rs. 20,000. If you have a poor credit history, you may not qualify for low-interest rate personal loans. However, to rebuild your credit, you will have to pay higher interest rates and make timely repayments. 

When checking eligibility for any loan application, Syndicate Bank checks the applicant’s complete credit report. With a credit report, the bank gets an insight into all past loans and the borrower’s repayment track record on loans and credit cards.

To buy a house, most individuals require home loans. For home loans, lenders first check an applicant’s credit score. Ideal credit scores for home loans must be 750 or above.

A credit score of 637 may not be preferred by lenders while buying a car through a loan. While it may be possible to get a car loan with a 600+ credit score, the interest rates and other loan terms may not be favourable for you. A score above 700 is generally good and a score above 750 is favourable. 

Paying on time alone is not enough; you need to pay attention to your credit utilization ratio. 

Missing credit card payments affect your credit score. By how much your credit score will be impacted depends on how long the bill is overdue.

It will take anywhere between 4 to 6 months to improve your credit score to 700, depending on where your current score is. 

Cashbean loans do not take your credit history into account and hence your CIBIL™ Score will not be affected when you apply for a loan with them. 

Fixing your credit is a long term process. This doesn’t happen overnight. A good credit score necessitates disciplined credit management. Although you won't be able to raise your credit score overnight, taking these steps would have a huge effect.

If your credit score is less than 650, it could be difficult to get a good home loan with the best interest rates. It is time to start taking some serious measures to fix your credit so that you can avail the best home loans in the market. 

Your credit score is made of many variables. Debt repayment can lower your credit score if it alters your credit mix, credit usage, or average account age.

650 is not a ‘Great' credit score, but it is a ‘Fair' score. It can get you a business loan if you are able to submit substantial documentary proof to support your repayment capacity. 

There are different credit score levels as categorised by various credit rating agencies. These indicate a borrower’s credit behaviour and pattern. Here are the different levels that are used for credit scores

You can check your credit report for free on the official CIBIL™ website or any other credit bureaus. These credit agencies offer free reports that can be viewed in detail once per year. For additional access, you may need to pay some fees to the credit agency

A credit score is very important in getting a loan or credit at favourable terms. If you have a poor credit score at present and wish to improve it by at least 100 points within a short duration, here are some tips that you can use

No, hackers cannot improve your credit score. If you use a hacker service to improve your credit score, it can have significant negative impacts including identity theft and possible legal action in some cases.

A good credit score is important to avail of loans and credit at favourable terms. Improving your credit score can take time and there is no easy way to improve your credit score overnight. Some credit users are successful in improving their credit score by 100 points within a month.