800-900: Excellent
Individuals in this range are considered to be financially disciplined borrowers. These people have an easier time securing loans than borrowers with low credit scores.
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What is Credit Score?
Credit Score is an auto-generated score that is generated by credit bureaus authorized by RBIs based on your credit information. This credit score can range from 300 to 900. The higher the score, the higher the chances of you getting credit cards and loans.
A credit score indicates your ability in repaying your loans or credit card dues. When you borrow money from banks or financial institution will send the details to credit bureaus and get reflected on your credit report automatically. A credit score indicates your ability in repaying your loans or credit card dues. When you borrow money from banks or financial institution will send the details to credit bureaus and get reflected on your credit report automatically.
Why Is It Important to Have a Good Credit Score in India?
A good credit score reflects your financial discipline and responsible borrowing. Here's why maintaining a strong credit score is important in India:
- A credit score reflects how reliably a borrower manages and repays their debts, serving as a key indicator of financial responsibility.
- A strong credit score boosts your chances of loan or credit card approval by showing you're financially trustworthy.
- Banks, NBFCs, or Financial Institutions use your credit score as the base criteria while approving or rejecting your loan or credit card applications.
- A good credit score will put you in a position to arbitrate for better loan terms and conditions in banks and financial institutions.
- A good credit score will help you to earn loans at lower interest rates. When you have a high credit score you get credit at low interest rate and lesser paperwork.
- Banks and Financial Institutions will offer premium credit cards to borrowers with good credit scores.
What Is a Good Credit Score & How to Achieve It?
A credit score of 750 or above is considered a good credit score by most lenders. It reflects strong creditworthiness and significantly increases the chances of quick loan and credit card approvals with favorable terms.
Now, let’s break them down.
Always Pay Your Dues on Time
Paying your dues on time is one of the most critical factors that will influence your payment history. This factor can significantly accelerate your credit score. Delayed payments can hurt your credit score and affect future loan approvals.Always Pay Your Dues on Time
Paying your dues on time is one of the most critical factors that will influence your payment history. This factor can significantly accelerate your credit score. Delayed payments can hurt your credit score and affect future loan approvals.
Maintain Low Credit Usage for Better Scores
Another reason is to keep credit utilization as low as possible. Higher credit utilization means you are spending thrift, though you can clear your account at a later point in time.Maintain Low Credit Usage for Better Scores
Another reason is to keep credit utilization as low as possible. Higher credit utilization means you are spending thrift, though you can clear your account at a later point in time.
Maintain Old Accounts
Keeping your old credit accounts active strengthens your credit profile. A long-standing credit history demonstrates consistent and responsible credit behavior, which helps build trust with lenders over time.Maintain Old Accounts
Keeping your old credit accounts active strengthens your credit profile. A long-standing credit history demonstrates consistent and responsible credit behavior, which helps build trust with lenders over time.
Too Many Hard Checks Can Hurt Your Score
Applying too many loans and credit scores within a short period might result in a hard inquiry. Though it might have a minimal effect, try to avoid it.Too Many Hard Checks Can Hurt Your Score
Applying too many loans and credit scores within a short period might result in a hard inquiry. Though it might have a minimal effect, try to avoid it.
Maintain a Mix of Loans and Credit Cards
Having a healthy mixture of credit cards and loans will help you to gain good credit scores.Maintain a Mix of Loans and Credit Cards
Having a healthy mixture of credit cards and loans will help you to gain good credit scores.
Regular Credit Report Checks
Achieving a good credit score is very much possible by following a list of financial habits.Regular Credit Report Checks
Achieving a good credit score is very much possible by following a list of financial habits.
Credit Score Range and What It Means
Here’s how credit score ranges are viewed by lenders and credit bureaus during the approval process.
751-799: Very Good
A credit score in this range signals strong creditworthiness, making individuals highly favorable to lenders. These individuals have proven themselves as responsible borrowers by paying their dues on time. They also have an easier way of getting additional credit.
701-750: Good
Any borrower with a credit score above 600 is considered an acceptable or low-risk borrower.
601-700: Fair
Individuals in this category are considered high-risk borrowers. They may not have had a clean repayment history in the past, which might lead lenders to doubt their repayment capacity. They might also struggle to obtain new credit.
300-600: Poor
Individuals in this range often struggle to obtain new credit approval. Individuals with a poor credit score category may have difficulty securing loans from registered lenders.
NA/NH: “Not Applicable” or “No History”
No credit information is available for these customers, indicating they have never availed a loan or credit card in the past to establish a credit history.
How to Check Credit Score for Free Online?
CreditMantri offers free credit score checks with detailed analysis to help improve your score and find the best loans and credit cards.
1
Visit the official CreditMantri website
2
Click on the ‘Free Credit Score’ from the top menu bar to easily check your credit score.
3
Enter your mobile number and hit ‘Check for FREE’ button.
4
Verify mobile number by entering the OTP sent to your mobile.
5
Enter your Email ID, Date of Birth, PIN code, PAN, and Name.
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Your ‘Credit Score’ will be displayed on the page.
Credit Score Calculation - Key Factors
Credit bureaus evaluate several factors to determine your score, each carrying a specific weight. Some of the factors that contributes to your score are:
Timely Payments
Your history of making repayments on time plays the biggest role in determining your credit score. Whether it's your credit card bill or loan EMI, even one missed or delayed payment can negatively affect your score. Regular, on-time payments show that you’re reliable with credit.
Credit Usage
This factor checks how much of your available credit you’re actually using. For example, if your credit limit is ₹1,00,000 and you’re using ₹90,000 regularly, it shows high credit dependency. Ideally, keeping your usage below 30% of your limit will help maintain a healthy score.
Credit History Duration
The duration of your credit usage helps shape your creditworthiness. The older your credit accounts (like loans or credit cards), the better it reflects on your profile. A longer credit history gives lenders more confidence in your financial habits.
Credit Types
The variety of credit you hold also contributes to your overall credit score. This includes having both secured credit like home or vehicle loans and unsecured credit such as credit cards or personal loans. A well-balanced credit portfolio shows lenders that you’re capable of managing different kinds of financial responsibilities effectively. While it’s a smaller factor, a healthy mix can strengthen your credit profile over time.
Credit Inquiries
Every time you apply for a new loan or credit card, a hard inquiry is made on your report. Too many inquiries in a short period can bring down your score, as it may indicate you're financially stressed or credit hungry.
List of Credit Information Bureaus in India
A credit bureau collects credit information of individuals or businesses, including past loans, utility bill payments, tax filings, and other financial activities to generate credit scores and reports.
You can find four credit bureaus to give an account on your credit history. This includes TransUnion CIBIL™,Experian, Equifax, and CRIF High Mark.
TransUnion CIBIL
One of the Leading Credit Burau in India. It has Complete information about credit information and credit score. It Offers CIBIL rank that establishes creditworthiness and offers market analysis of credit.
Experian
Another Prominent Credit Bureau in India. Experian offers a detailed Overview of Individual Credit History. They offer fraud detection services and identity verification solutions. They make use of analytics to help Business Manage Credit Risks
Equifax
They are the global credit Information company operating in India. They offer Credit Information Solutions to lenders. They Offers risk management solutions and fraud-prevention services
CRIF High Mark
One of the Leading Credit Bureau of India. They provide a detailed insights into an individual’s credit history. They also offer portfolio monitoring, fraud prevention, and credit risk management tools.
Factors that Affect Your Credit Score
The following are some factors that affect your credit score. They are:
Repayment History
Your track record of clearing dues—whether it's EMIs, credit card bills, or loans—plays a major role in shaping your credit score. Timely payments indicate financial responsibility, while even one missed or delayed payment can negatively affect your score.
Amount Owed
The total debt you owe, along with how much of your available credit you're currently using, directly affects your credit score. Keeping your credit card balances low and reducing outstanding dues can positively impact your score, especially once the credit bureaus receive updated information.
Length of Credit History
Having a long credit history can help prospective lenders look into your financial stability and credit management. However, ensure that your credit history does not include any late payments or other negative terms.
Mixed Credit
The number of credits you have against your name also impacts your credit score. This includes credit cards, loans, mortgages, and other similar financial products.
Make a Proper Credit Plan
Many people miss their credit payments simply because they don’t plan ahead. Having a well-thought-out financial strategy helps you manage your income, expenses, and credit responsibly. Without proper planning, you may end up borrowing more than you can handle or forget to pay your dues on time, both of which can hurt your credit score.
Benefits of a Good Credit Score
Banks tend to have a lower degree of risk when awarding loans to individuals with a high credit score. This is because such individuals have a better repayment capacity. Some of the advantages of a good credit score are:
Easy Loan Approvals
A high credit score helps you to get your loans approved. Lenders believe that these individuals have demonstrated responsible credit behavior in the past and, therefore, have a lower risk of default.
Lower Rate of Interest
A high credit score will earn you credits, such as loans and credit cards, at a lower interest rate.
Premium Cards and Higher Amounts
An individual with a high credit score has access to premium credit cards. These credit cards have higher reward points, a cash-back policy, and various privileged services. A high credit score helps you to earn a higher credit limit on credit cards and loans.
Pre-approved Offers
A higher credit score allows you to access various pre-approved loans that require minimal documentation and have a shorter approval time.
Long Tenure Loans
People with good credit scores have demonstrated their creditworthiness to lenders. Lenders view them as low-risk customers and are likely to offer a longer-term loan. Although these loans might put the lender at risk, they give the borrower the benefit of having reduced EMIs, which helps manage monthly expenses better.
Better Loan Terms
A high credit score will give the borrower an advantage in negotiating better loan terms and conditions from a lender.
Common Reasons Your Credit Score Might Be Low
Some of the common reasons for a low credit score includes:
Delay in Payments:
Paying your due EMIs late is one of the key factors that affect your credit score. Repeated defaults in your payments may harm your credit score. If you have a history of unpaid small amounts over a prolonged period, it can significantly reduce your CIBIL™ score.
Multiple Loan Applications:
Submitting too many loan and credit card applications with too many lenders at the same time might depict credit-hungry behavior on your part and also result in a lot of hard inquiries that will negatively impact your credit score. Loan or credit card rejections can also significantly reduce your credit score.
Failing to Review Your Credit Report:
Your credit report may contain errors from time to time. This may include incorrect personal details, loan information, outstanding balances, and instances of fraudulent activity. You need to check your credit report with credit bureaus on a regular basis.
Excessive Credit Usage:
Excessive credit usage refers to using the total credit available across all credit cards, exceeding the total credit limit.
It is always ideal to use only 30% of your credit usage limit. Using your credit limit to the maximum amount may hinder your chances of getting a loan approval, even if you repay it on time.
Defaulting on Loans or Settlements:
Settling a loan or credit card for less than the total outstanding amount instead of repaying it in full and closing the account can severely harm your credit score, as it signals financial distress to lenders.
Diversified Credit Profile:
Having a healthy mix of different credit accounts—like credit cards, personal loans, and home loans—shows that you can manage multiple forms of credit responsibly. Lenders often view this positively. On the other hand, relying too much on a single type of credit or lacking diversity in your credit history may slightly lower your credit score.
How to Improve Credit Score – Proven Tips
Following these simple tips and tricks will help you improve your Credit Score.
Pay your Bills on Time:
Paying your bills, whether it is your credit card bills, utility bills, or EMIs, will have a positive effect on your credit score. It displays you as a responsible person in handling credit to the lender.
Keep Your Credit Report Error-Free:
Maintaining an error-free credit report helps you avoid administrative errors and potential fraudulent activity.
Avoid Frequent Credit Applications:
Refrain from applying for loans or credit cards unless necessary. Submitting multiple new credit applications can result in multiple hard inquiries, which may be reflected on your credit report.
Pay off Debts Quickly:
Ensure that you settle your debts on time and pay them off promptly. Settling your account will reduce your loan burden, but it may indicate that you aren't financially responsible enough to handle your finances. This will pull down your credit score.
Spend within Your Credit Limit:
- Avoid depending on credit to handle your expenses. It is always good practice to use only 30% or less than the credit limit that has been allotted to you.
- This means a lower dependence on credit and, consequently, better financial management.
- Low credit utilization indicates responsible credit behavior and has a positive impact on your credit score.
Also Read: Handy Tips For Fixing Your Poor Credit Score
Credit Report, Credit Score, and Credit Rating – How Are They Different?
Credit Report
- Contains information on current/past credit agreements (mortgages, credit cards, loans, inquiries)
- Reflects your credit management; you control the listings.
- Outlines how much you owe, payment consistency, and account age.
- Lists public records like court judgments, bankruptcy filings, etc.
- Can be accessed via credit reporting agencies or monitoring services.
Credit Score
- A 3-digit number (300-900) based on your credit report.
- Scored by credit bureaus based on your credit habits, payment history and more.
- Indicates your creditworthiness; a higher credit score means your are low risk and gives you better loan eligibility.
- Forms part of your overall credit report from the bureau.
Credit Rating
- Indicates an organization's ability to repay loans.
- Assessed by credit rating agencies that analyse financial risk.
- Based on your organizations existing liabilities, credit history, and the ability to repay.
- Ratings range from AAA/A1 (safest) to D (lowest).
Why Check Your Credit Score with CreditMantri?
Apart from providing Free Credit Score, CreditMantri also gives a detailed Credit Report Analysis based on the information available with the credit bureau. This detailed report helps you improve your credit score by making necessary changes to your credit habits
Free Credit Score & Credit Report
Your credit score may not tell you much about your credit health and our detailed credit report helps you with that. Get an in-depth analysis of your credit score and credit history to avail the best loans and credit cards in India.
Instant Credit Score for FREE
Since it is a completely digital process, it takes few minutes to get your credit score, and it is a fully online process where there is no need to submit any documentary proof.
Customized offers on Loans & Credit Cards
CreditMantri partners with more than 30 lenders to bring you the best offers on loans and credit cards.
Get Custom Action Plan to fix your Credit Score
Based on your credit score and credit report, CreditMantri will create an action plan to improve your credit health.
How CreditMantri’s CreditFit Helps You Build and Maintain a Healthy Credit Score
CreditMantri offers you their own Flagship product CreditFit program that will help you to boost your credit score. Through CreditFit you will get a customized plan to improve credit health. You will get a detailed analysis and insights on your credit profile. Credit Coach experts will give you expert guidance to resolve negative accounts they will help you in securing loans and credit card offers from more than 30+ lenders.
Apart from the above-mentioned services, you can also monitor your credit health through monthly and quarterly credit health report send through WhatsApp. Through CreditFit program, you can also get an add-on program named FeelFit. FeelFit is a health wellness package that comes with a range of benefits. CreditFit program is a comprehensive one that enables you to take care of your credit health and thereby enjoy financial freedom.
How Often Should You Check Your Credit Score?
Your Credit score is refreshed every 15 days as lenders report your credit activity to the credit bureaus. Financial experts recommend checking your credit report frequently to ensure the information is accurate and up to date.
By reviewing your credit report regularly, you can spot any errors, monitor improvements, and take corrective steps if needed. This habit is especially useful before applying for any loans or credit cards.
How to Dispute Errors in Credit Report
To correct any mistakes in your credit report, start by downloading your report from any of the major credit bureaus—CIBIL, Experian, Equifax, or CRIF High Mark. Carefully examine the report for issues like wrong account status, missing repayment updates, incorrect personal details, or unauthorized credit enquiries.
If you notice any error, you can raise a dispute directly on the bureau’s website by filling out the dispute form and uploading relevant documents as proof. The bureau will then coordinate with your lender to verify the claim. It usually takes around 15 to 30 days for the investigation and resolution.
you can also get expert support through the CreditMantri CreditFit program, which guides you in resolving disputes and improving your credit health.
Also Read:What Are the Common Credit Report Errors One Should Be Aware Of?
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