Credit Score

If you have a bad credit score and are looking to improve it, you could try to pay off all your old debts. You can also take a secured loan against gold or property and pay off your outstanding dues to better your credit score.

12-month loans are now possible if you have a good income from a reputed company or if you have good social media profiles. Linking your Facebook, LinkedIn and Google profiles can get you a loan. Most 12-month loans are collateral free but can vary based on the loan provider.

You can get personal loans with a bad credit score, but they usually entail a high interest rate. The first option for a person with a bad credit score is to apply for a secured loan against gold or property. If you do not want a secured loan, then you will only be able to avail loans with a very high interest rate.

Fixing your credit score can take over 30 days of time or longer. The RBI has issued a rule that every Credit Information Company in India must give one Full Credit Report to every individual for free once a year! You can utilize this information from the report to check for any errors.

You must know that a CIBIL™ score is actually a credit score. CIBIL™ is only one of the four credit bureaus in India, the other three being Equifax, Experian and High Mark. All these four bureaus are certified to give you a credit score that can be used to know if you are credit healthy.

The lenders usually refer to your credit score and credit report when you apply for a loan or any other credit product. However, when you do not have a credit score while applying for a loan, the lenders look at other parameters such as your income, employer, repaying ability etc.

If you have a house or a piece of property, you can use it as collateral to get a secured loan. The interest rates on secured loans are usually lower than personal loans but can be higher than normal if you have a credit score under 600.

Yes, you can get a loan with a very low credit score in India. Though it isn’t easy to get a loan with a very low credit score, it isn’t impossible. You can apply for a secured loan against gold or property.

Preference depends on your emergency and the loan amount you need. A personal loan is an unsecured loan that does not need a guarantor or collateral. The application process is simple, and you can also apply online for quick disbursal. The interest rate and tenure are informed upfront. Based on it, you can choose the loan at your convenience.

Having a poor credit score can become a setback in getting a loan from any lender. However, it is not the end of the road in availing a credit.

It should be noted that number of credit cards does not determine the credit score. It all depends on how you use your credit cards.

Both loans have their own advantages and disadvantages. Your intention is buy a car at cheapest price possible. Hence, we tend to look for low interest rates. The interest rate on a car loan generally ranges between 8.60% to 16% depending on the credit profile of the customers.

The awareness of being credit healthy is fast catching up in India. Checking your credit score is easy and simple. Ever since RBI mandated the credit score to be free, it is available for everyone to check once a year for free,

It is easy to get your free credit score in India. Credit score is generated by four credit bureaus in India based on the credit activities reported by the banks and NBFCs. You check your credit score for free from the official websites of the bureaus and at CreditMantri.

Your CIBIL™ Rating is influenced by a lot of factors. Credit cards give you revolving credit which forms an important part of your credit report.  Cancelling your credit card can impact your credit score. So, you need to be aware of all the impacts due to the cancellation.

Yes, it is absolutely safe to check your credit score online.  Credit Bureaus generate your credit score and credit information report. In India, there are four authorized credit bureaus: CIBIL™, Equifax, CRIF High Mark, and Experian. A person is entitled to one free credit report every year.

Generally, if you are a salaried employee, getting a credit card would be easier if you have pay slip for the last three months. Banks prefer customers from reputed companies because it makes KYC easier for them and they offer a lifetime free credit card along with opening a salary account and it easier for you even if you do not have a credit score or pay slip.

To build a good credit health, one must be first informed about how the credit system works and how the credit score is calculated. You may be regularly repaying your loan and still wondering why you only have an average credit score.

Repairing your damaged credit immediately may not be possible as it involves a lengthy process. To start with, you can review your credit report and identify the negative issues on it. Improve your credit history by making payments on-time consistently. Clear the past dues if you have any with the lender. This could improve your credit score considerably.

If a credit repair company provides comprehensive services and guide you through the process till you improve your credit score and become eligible for better loan and credit card offers, that could be the best credit repair company.

Bajaj Finserv EMI card allows you to make purchases for the pre-approved loan amount and make the repayment later in monthly instalments. The credit limit on the card is increased on review, and the approval is done on a quarterly basis.