What is a good credit score? Banks, NBFCs and other lenders use a 3 digit credit score to decide on loan approval. High credit score gets loans sanctioned easily. A good credit score saves on interest rates. You are in a position to negotiate with lenders and enjoy lower interest rates.
Having a good credit score doesn’t guarantee loans. It just improves chances of getting loans sanctioned. A CIBIL score is a 3 digit number between 300 to 900, which helps banks decide on sanctioning loans. TransUnion CIBIL is a credit information Company in India. CIBIL score of 750 and above is considered good. A credit information report or CIR gives history of credit behavior and contains detailed information on loans and credit cards.
Experian gives credit score between 330-830. A credit score of 750 and above is good. Experian offers credit score and credit report. IndianMoney has tied up with Experian to give free credit score.
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A CIBIL score below 700 is considered bad by banks and lenders. A bad credit score means outright loan rejection. Banks charge higher interest on loans if you have a bad credit score. An Experian score below 700 is bad.
If you pay minimum balance on credit cards or don’t repay loans on time, you get bad credit score. Multiple enquiries for credit show you are credit hungry. If you apply for home loans, personal loans or car loans, banks check credit score called hard enquiries. Applying for multiple loans with different banks at the same time gives bad credit score.
Try availing secured loans (Loans secured against collateral) like home loans, car loans, loan against property or loan against security. You get them at low interest rates and availing more unsecured loans like personal loans and credit cards gives bad credit scores.
Checking credit score often called soft enquiries are good. You get an idea on credit score and loans are easily sanctioned. Check free credit score.
Credit Information Companies like CIBIL, Experian and Equifax look into a number of factors to calculate credit score.
IndianMoney has tied up with Experian to offer free credit score. IndianMoney.com is India’s leading financial education company which was formed to curb the misleading sales practices rampant in the financial services sector.
Get free credit score by entering first and last name, email ID, gender, Date of birth, address, PIN Code, City, PAN Card and mobile number.
After filling up mobile number an OTP is sent. Fill it up and tick the agreement box. Click “Get my Credit Report”. You will see credit score and credit account summary.
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