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Credit Score Calculator

IndianMoney.com Research Team | Posted On Thursday, January 10,2019, 05:10 PM

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Credit Score Calculator

 

 

How is credit Score calculated?

The banks and other financial institutions submit your credit related information to the credit bureaus on a monthly basis. The credit information submitted by the banks comprises of a list of all your repayments, details of approved/rejected applications for loans and credit cards, credit card limit and credit utilization ratio and the status of the credit accounts.

This data is analyzed through an algorithm and the credit score is calculated.  The credit score is a 3-digit summary of credit worthiness. A credit score of 750 and above is a good score to have, as it indicates that you have a good track record of fulfilling loan obligations. A low credit score signifies that you do not have a good history of making repayments and there’s a possibility of default.

Want to know more on Credit Cards? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

SEE ALSO: 5 Reasons To Use Credit Cards

Credit Score Calculator

How do I check credit Score by PAN card?

PAN or Permanent Account Number is a unique identification document, issued by the Income Tax Department to residents of India. This helps the income tax department, keep track of the financial transactions as PAN is linked with bank accounts. Follow the below mentioned steps to check CIBIL Score by using your PAN card:

  • Go to the official website of CIBIL
  • Fill in the details required
  • Enter your PAN number
  • Click on ‘Submit’
  • Your CIBIL report and score will be sent to your email ID within 24 hours.

Using PAN card for viewing your CIBIL report makes the process really simple.

Why should you know your Credit Score?

Knowing your credit score helps stay informed and make wise decisions vis-à-vis loans and credit cards. The Credit report is a track record of repayments of loans and credit cards. Credit score reflects your credit position.

It tells you about the debt owed and the outstanding amount of your loan accounts and credit cards. If your credit report shows low credit score, then you can take active measures to improve your credit health.

By going through your credit report regularly, you can ensure that the information reflected in the report is accurate. If you find any mistakes in the report, get in touch with the bank to get errors rectified.

SEE ALSO: How To Use a Credit card wisely?

What is a good credit Score?

Always keep in mind that your credit score affects loan approval. If you have a high credit score, you will be in a position to bargain for lower interest rates and moderate terms and conditions. A CIBIL score that ranges from 750 and above means you have an excellent track record of repayments. A person who has this score can easily get any kind of loans.

A CIBIL score of 700-750 is also considered good, but do improve it before applying for a home loan. A CIBIL score in the range of 300-500 is considered to be a low CIBIL score that reflects missed payments or defaults.

Credit Score required for a Personal Loan:

A high CIBIL score is one of the main factors that banks consider before sanctioning a loan. A CIBIL score of above 700 is considered to be a good score for getting a personal loan from leading banks in India.

SEE ALSO: CIBIL Score: Know Everything About it?

How to remove my name from Defaulters list?

If an individual has defaulted on loan payments, the CIBIL score would be quite low. A low score can reduce the chances of securing loans from banks and NBFCs in the future. In case any bank or NBFC offers loan to a person with low CIBIL score, they are likely to charge very high interest rates. 

Once the CIBIL registers a negative mark in the event of delayed payment or a default, it may hamper your chances of getting a loan for years to come. In such a case a person can opt to rebuild the credit score, by being responsible and paying existing loans and credit card dues.

How to get online credit Score?

There are various online websites that allow you to check your credit score for free. You can check your credit score by visiting their sites and providing the required details. These sites calculate your CIBIL score quite accurately. If you want to check your CIBIL score online, follow the steps given below:

  • Visit the website to check your CIBIL score for free
  • Click on ‘get your credit score’
  • Enter your name as per PAN card
  • Mention the correct date of birth
  • Select gender
  • Provide your PAN card number
  • Enter contact details like email address, residential address and phone number
  • Click on the 'submit' button

How to check free credit score from IndianMoney.com:

Get Free Credit Report by visiting the IndianMoney website and following the below mentioned steps:

  • Click on 'Get Free Credit Score now'
  • Fill in the details required like Name, email address, gender, Date of birth, address, PAN card number and Mobile Number.
  • An OTP will be sent to your registered mobile number.
  • Enter the OTP
  • click on 'Get my Credit Report'
  • You will see credit score and credit account summary.

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