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Understanding CREDIT SCORE
It’s a reliable indicator of your financial strength and credit-worthiness!
Your Credit Score is a 3-digit record computed by using details found in the 'Accounts' and 'Enquiries' sections on your Credit Report. Banks and other commercial lenders use credit score to quickly assess the risk associated with lending money to a particular individual.
Benefits of good CREDIT SCORE
Low interest rate on loans
Faster loan/credit card approvals
Easy approval on longer tenure loans
Higher credit limit
851 - 900
EXCEPTIONAL 🔥
It’s easy for you to get a loan with the best rates possible. Services that check credit scores will have high expectations from you.
Start by adding your name and PAN to get Credit Score
Your Credit Score and report will appear on the dashboard
Factors Making Up Credit Score
Credit Utilization
Payments History
Age of Credit Accounts
Credit Mix
No. of Credit Enquiries
What Impacts Your CREDIT SCORE
Make sure your loan payment is in full and on time- Keep your credit utilisation ratio to a minimum
- Maintain clean financial records and have a good balance between secured and unsecured credit
- Monitor your Credit score from time to time as well as review any errors in the credit report periodically
Practices that help
Do not make multiple credit inquiries to multiple banks and other institutions simultaneously- Avoid applying multiple times for new credit cards
- Paying late for personal loans or mortgages
- Maintaining a high credit utilization ratio or closing old credit accounts that have long credit history
Practices that hurt
Tips To Improve Your CREDIT SCORE
Pay your credit card bills before due date and loan EMIs on time
Keep your credit utilization ratio at 30% or less
Don’t apply for loans and credit cards with multiple banks
Obtain your credit report regularly and check for errors
Frequently asked Questions
Why did my Credit Score drop?
Your Credit Score is closely linked to your credit card or loan behavior. If you're missing any EMI or credit card payments, this can temporarily affect your score. Conversely, if you apply for credit cards or loans too often, or apply for too much in one go, this will also affect your score temporarily.
Why is it important to maintain a high Credit Score?
A high credit score makes it easy for your credit requests to be approved and enables you to receive lower interest rates than the market.
A good Credit score also makes it easy for your creditors to raise your limits, thus increasing your ability to borrow more money in the future.
Do frequent Credit score checks affect it negatively?
Checking your Credit Score on a regular basis does not affect it negatively. Rather it gives you an insight into how long you have to pay off your credit card debts.
You will also get to know if any overdue payments can be recovered quickly or need some time to repay. Keeping tabs on your Credit score is indeed important for all and we advise everyone to check their score frequently.
While having an add-on card, why my account shows the details of payment even if I am not liable for the bill payment?
When you pay your add-on card, the same details get reflected on both the primary and add-on credit card. Hence, it is necessary to check that no payment has been made on these cards alone. If this is not the case, there must have been an error in adding or editing your account details with EXPERIAN.
Why do the loans I'm a guarantor for appear on my report?
Your report will show all loans in which you are the guarantor. These loans would be more important if they are unpaid and thus are defaulting on.
Some banks and financial institutions ask for a guarantor for certain loans. The guarantor is equally responsible and accountable for ensuring the repayment of the loan amount.