Credit Score

There are online lenders who provide quick loans exclusively for individuals who have bad credit history. All you need to do is to just fill out an application form and submit it online. The lender may have listed out the required documents and minimum credit score required to become eligible for the loan with bad credit. 

Generally, for a score between 300 – 900, any score above 700 is considered as a good credit score. And if you have a score of 800, then it is definitely a good credit score. Having a score of 800 shows that you are consistent and doing it the right way with managing credit. Having said this, there is still room to improve and reach a perfect score of 850.     

Your credit score is calculated and generated by credit bureaus who receive your credit information from the lenders. The computation of credit score varies from bureau to bureau due to the difference in the weightage given to the parameters. However, the variations may not be hugely different. Following is the range of weightage given to each parameter in credit score calculation.

A secured credit card can be easily availed against your fixed deposit, and it’s one of the best tools to increase your credit score if used smartly. Following are some of the good credit card habits that can help you get magnificent credit score.

A secured credit card can be easily availed against your fixed deposit, and it’s one of the best tools to increase your credit score if used smartly. Following are some of the good credit card habits that can help you get magnificent credit score.

Equifax is a global information solutions company. It uses special data, new analytics, technology and industry experience to power organizations and individuals all over the world by aiding them to make informed business and personal decisions. They have a wide range of special products and services that include credit reports, data management, analytics, alerts and much more.

If you make your EMI payments for your personal loan on time and in full, your credit score will improve as you will be considered a responsible and creditworthy customer. This is very useful as a good credit score can get you better credit offers in the future.

As credit score is an important factor in determining your loan eligibility, you need to maintain a good score. There are three types of individuals: (i) those who have a good credit score (ii) poor credit score and (iii) no credit score.

Your credit score is calculated based on different elements. They include your payment history, credit utilization, length of your credit history, credit inquires and your credit mix.

All unsecured loans such as personal loans are hard to apply for with a low credit score. An unsecured loan means that you do not need to provide any collateral in the form of gold, property or other assets as security for the loan amount. This increases the risk factor for the bank or the Non-Banking Financial Company (NBFC).

Your credit score is the representation of how well you have dealt with your past credit activities. It is a three-digit number that ranges between 300 and 900.

It is possible to get a personal loan without having any credit history, it can be hard. Here are a few tips to keep in mind when applying for a personal without any credit history.

A hard inquiry can lower or negatively impact a person’s credit score by zero to five points based on one’s credit profile and credit history. The more frequent a hard inquiry, the more points the individual loses. Hard inquiries can stay for almost 24 months (2 years) on a credit report.

It is important to know that not all credit score checks lower an individual’s credit score. There are two types of credit score checks, namely, a soft check (also known as a soft inquiry) and a hard check (also known as a hard inquiry).

An Equifax credit score of above 750 is considered to be a good credit score for a personal loan. Most lenders check an individual’s credit score in order to judge their creditworthiness. So, if you have a credit score of above 750, it reduces your risk factor to the lender as you will be considered a creditworthy customer.

Equifax is a global information solutions company. It utilizes unique data, innovative analytics, technology and industry expertise to power organizations and individuals across the globe by helping them make informed business and personal decisions. They have a diverse range of specialised products and services that include credit reports, data management, analytics, alerts and more.

For many people, especially in India, who have never borrowed from a bank, credit score may be an unknown term. It is a three-digit numerical that generally ranges between 300 to 900. Anyone who has never borrowed will not have a credit score. It may be a mystery to you as to why you get a credit score and what are the benefits of a credit score. Let’s clear these doubts.

The credit score ranges between 300 to 900. Any credit score of 750 and above is considered a good credit score. However, you may check with the lender with whom you apply for a loan or credit card for the minimum required credit score. Some lenders do provide all credit products even if you have a credit score of 600 and above. However, a good credit score of 750 and above gives you the power of negotiation for interest rates. It could still be a mystery to you how to get a good credit score. Following are the ways following which you can get a good credit score.

If you have a current loan (personal loan, car loan, business loan or any other loan), your lender would have fixed a certain amount that needs to be paid on a monthly basis in order to repay your loan in full. This certain amount paid per month is known as your EMI (Equated Monthly Instalment). This EMI amount should be paid before a certain date every month (generally before the 10th of each month).

The interest rate for a two-wheeler loan is dependent on certain factors. In general, the interest rates for two-wheeler loans begin at just 9% and can go upwards based on the below factors.

If you do not have a credit history or have very little credit history, it can be very hard to get a personal loan. Most banks or Non-Banking Financial Companies (NBFCs) look at a person’s credit history and credit score to issue a personal loan. This is because a personal loan is an unsecured loan, which means you do not need to provide any money, property or shares as collateral.