Credit Score

There is no such thing as best credit card, but you can make the credit card work best for you if you choose the right card that matches your credit needs. As you are new to getting a credit card, it is recommended to analyse your major interests and spending habits associated with it.

Living in the age of technology, getting an instant personal loan is not a difficult thing. There are various lending-based apps that provide personal loans within minutes. Apps such as EarlySalary, CASHe and Paysense are few of them that provide app-based loans.

As per the RBI’s direction, all banks are instructed to provide home loans at the 90% value of the property for loans up to INR 30 Lakhs. For more than that limit, the banks may demand 20% of the margin. The above said limit is however subject to within certain geographical limits.

There are four credit bureaus in India who generate your credit score and credit report. CIBIL™ is one of them and the credit score provided by them is known as CIBIL™ score. To improve your credit score, you may have to cultivate some of the important financial habits.

Any credit score above 750 is considered as good score by the lenders. If you have recently taken a credit from a bank or NBFC, you may have less than 750. A credit score is calculated based on various components like credit history, credit mix and credit utilisation ratio. To get a credit score, you may have to keep in mind the pointers given below

Doctors have no different eligibility criteria for a loan rejection. In fact, there are special loans given by banks exclusively for individuals who are into medical profession.

Though you pay off the entire credit card bill, maxing out your credit limit every month will have a negative impact on your credit score. Credit utilisation ratio has a considerable weightage in calculation of your credit score and exceeding above 50% of the credit limit could have a negative impact on your score despite your on-time payment.

Before knowing how to improve your credit score, you must know about how a credit score is calculated. The credit score is computed based on parameters such as payment history, credit utilisation ratio, credit mix, exposure to credit etc. A certain weightage is given to each parameter.

Credit score is a three-digit number that represents your creditworthiness. It is generated by credit bureaus namely CIBIL™, Equifax, Experian and HighMark. CIBIL™ is one of the credit bureaus that generates credit score. As the credit score is derived from CIBIL™, it is called CIBIL™ score.

No, a person cannot improve his/her credit score by buying it for money. There is no such thing as good credit score for sale. All you can do is get your own credit report and find the issues that are deterrent to good credit health. Once you have identified the negative issues, take action to clear them.

It is tough to estimate how much and how long your credit score will get affected as a lot of factors go into computing the credit score. However, a credit card settlement will influence your credit score negatively and will remain in your credit report for up to 8 years unless you clear your outstanding dues.

Though 697 is not a very good score, it is not a bad score as well. Having a credit score 750 and above will get you credits at favourable terms. With your score, you can definitely get a loan or credit card, but you may not have the negotiating power to get the better terms.

Now there are financial institutions such as Shriram City Union Finance that offers personal loans to individuals who do not have a credit score. However, you may have to check other eligible criteria such as income, employment etc.

The reasons for a personal loan rejection generally remain the same across all banks except for one thing that every bank has its own internal policies in giving out loans to the worthy borrowers.

A lot of factors constitute a good credit score. Increasing your credit score takes a considerable time, good mix of credit and above all consistent repayment of your loan and credit card bills. You can follow some of the steps mentioned below to increase your credit score considerably.

There are so many reliable online lenders and NBFCs who provide small loans to individuals with bad credit. Instead of using credit score to evaluate creditworthiness, many lenders use alternative methods like social media, income and employment.

Bad credit is the result of your poor finance management. It could be due to past dues, negative accounts, or errors in your credit report. it is difficult to get a credit card with a bad credit and it won’t improve your bad credit any way.

Getting a new credit card will not fix your bad credit score in anyway and with a bad credit score, it is difficult to get a credit card from the lenders. However, if you still want to get hold of a credit card, you can get a secured credit card against your fixed deposit.

Credit score of 575 is considered a not the best score when it comes to get loans from the banks. However, as home loans are secured loans, you are likely to get it approved with unfavourable terms and conditions. The interest rate may be higher with a low credit score.

It is hard to determine how much time it will take to improve your credit score without knowing your current credit standing.

Having any score above 750 is a good one that can open window of loan and credit score offers. With the excellent credit score of 815, you can get loans at better terms. This score is a sign of good credit behaviour and lenders prefer customers like you.