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Check Your Credit Score for FREE in 2 Minutes
Get personalised loan offers based on your CIBIL score for free.
What is Credit Score?
A credit score is a three-digit number ranging from 300 to 900 that shows your creditworthiness or repayment ability. Stronger repayment ability is indicated by a higher score, whereas risk is indicated by a lower one. Your credit score is important when looking for any type of loan. In addition to increasing your chances of approval, a high score can help you negotiate better terms and lower interest rates.
Credit score range and what they mean
300 - 649 | Poor
You may need to improve your credit for favourable results if you have so many credit issues.
How Does Credit Score Work?
Let's understand how Credit Score impacts your financial opportunities
Personalised Offers
Get pre-approved offers on loans, credit cards and more just for you based on your credit score.
Negotiating Power
The higher your CIBIL score, the more chances you have to negotiate for better rates.
Lower Interest Rates
As a result of your higher credit score, you will be able to enjoy lower interest rates.
Easier Loan Approval
A high credit score shows you're reliable, resulting in faster approvals.
Higher Loan Amounts
The greater the CIBIL score, the more likely it is for a lender to provide a larger loan amount.
Longer Loan Tenures
A good CIBIL score helps you get long-term tenure, which reduces your monthly EMI payments.
5 Factors That Affect Your CIBIL Score
CIBIL scores are calculated using a variety of factors reflecting past credit behaviour by credit bureaus
Loan Repayment History
The credit score is significantly affected by timely loan and credit card payments. Defaults and late payments hurt the score.
The credit score is significantly affected by timely loan and credit card payments. Defaults and late payments hurt the score.
Credit Utilisation
It is recommended to maintain your credit card utilisation ratio (credit used vs. credit limit) below 30%.
It is recommended to maintain your credit card utilisation ratio (credit used vs. credit limit) below 30%.
Duration of Credit History
A longer payment history indicates responsible credit behaviour with consistent and timely payments.
A longer payment history indicates responsible credit behaviour with consistent and timely payments.
Credit Mix
A diverse credit portfolio with home loans, personal loans, and credit cards shows responsible management.
A diverse credit portfolio with home loans, personal loans, and credit cards shows responsible management.
Number of Hard inquiries
Multiple hard inquiries can negatively affect your score when you apply for credit frequently.
Multiple hard inquiries can negatively affect your score when you apply for credit frequently.
Benefits of good credit score
Having a good credit score comes with several advantages.
Here are some of the key benefits:
Easier loan and credit card approvals at lower interest rates: Strong credit scores boost your chances of getting approved and result in lower interest rates, which saves you money.
Lower insurance premiums: As they are considered lower risk, many insurers offer people with good credit discounted rates.
Better mortgage options: You can save money up front by being eligible for a mortgage with a lower down payment if your credit score is high.
Benefits of a Good CIBIL Score
The key factor in a loan and credit card application is a strong credit score
100% Free Forever
Free credit score and report, no hidden fees
Monthly Updates
Keep track of your credit score changes
Detailed Analysis
A comprehensive report with suggestions for improvement
No Impact on Score
Your credit score will not be affected by checking it
Frequently Asked Questions
Find answers to your credit score questions
Monitor Your Credit Report and Score
Regularly monitoring your credit report and score is a crucial step:
Identify Errors
Inaccuracies in your credit report can be identified and disputed.
Track Creditworthiness
Fraud can be minimised by detecting it early and minimising its effects.
Detect Fraud
Keep an eye on your credit score to make smart money decisions.
Improve Your Score
You can enhance your creditworthiness by identifying areas for improvement
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