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What is Credit Score?
A credit score is a numerical representation of an individual's creditworthiness, reflecting their ability to manage debt responsibly.
It's calculated based on information from a credit report, which includes factors like payment history, credit utilisation, types of credit used, length of credit history, and recent credit inquiries. A higher credit score indicates a lower risk to lenders, often leading to better interest rates and loan terms. Maintaining a good credit score is crucial for financial health, as it can impact various aspects of life, including loan approvals, rental applications, and even employment opportunities.
How Does Credit Score Work?
Understanding how your credit score impacts your financial opportunities
Personalized Offers
Get exclusive pre-approved offers on loans, credit cards, and more based on your credit score.
Better Negotiating Power
With a high CIBIL Score you have an edge over other borrowers and can negotiate for better rates.
Lower Interest Rates
High credit score means lenders provide comparatively lower interest rates.
Easier Loan Approval
High credit score indicates you're a safe borrower. Lenders approve loans quickly.
Higher Loan Amounts
Lenders prefer lending larger amounts to borrowers with high CIBIL Scores.
Longer Loan Tenures
Good CIBIL Score helps get loans with long tenures, reducing monthly EMI burden.
Understanding Your Credit Score
Your credit score ranges from 300 to 900. Here's what each range means for your financial health and loan eligibility.
Subprime
300-680
High risk of default
Near Prime
681-730
Struggles with payments
Prime
731-770
Good credit behavior
Prime Plus
771-790
Great credit history
Super Prime
791-900
Excellent creditworthiness
CreditVision (CV) Score Ranges
| Score Range | Description | Meaning |
|---|---|---|
| 300-680 | Subprime | This represents the lowest CIBIL Score range. A score in this range indicates a history of delayed credit card bill payments or loan EMIs. Individuals in this range are at a high risk of becoming defaulters. |
| 681-730 | Near Prime | This CIBIL Score range suggests struggles in meeting payment deadlines. While not as critical as the lower range, it still reflects a challenge in timely repayment. |
| 731-770 | Prime | A CIBIL Score within this range indicates good credit behaviour, increasing the likelihood of credit card or loan approval. However, obtaining the most favourable interest rates might still be a challenge. |
| 771-790 | Prime Plus | CIBIL Scores above 771 are considered great, showcasing consistent and timely payment history. Individuals in this range are at the lowest risk of default. |
| 791-900 | Super Prime | CIBIL Scores above 791 are considered excellent. A score in this range makes it easier to secure loans with lower interest rates. Lenders are more likely to approve loan applications from individuals with such high credit scores. |
5 Factors That Affect Your CIBIL Score
Credit bureaus calculate CIBIL scores based on various factors reflecting past credit behaviour
Loan Repayment History
35%Timely loan and credit card payments significantly impact the score. Defaults and late payments negatively affect it.
Credit Utilization
30%Maintaining a credit utilization ratio (credit used vs. credit limit) below 30% is generally recommended.
Duration of Credit History
15%A longer credit history with consistent, timely payments demonstrates responsible credit behavior.
Credit Mix
10%A diverse credit portfolio (home loan, personal loan, credit card) demonstrates responsible management.
Number of Hard Inquiries
10%Frequent credit applications result in multiple hard inquiries, which can negatively impact the score.
How to Improve CIBIL Score?
Strategies for improving a low credit score include:
Benefits of a Good CIBIL Score
A strong credit score is a key factor in loan and credit card applications
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Detailed Analysis
Comprehensive report with improvement suggestions
No Impact on Score
Checking your score won't affect your credit rating
Frequently Asked Questions
Get answers to common questions about credit scores
What is a good CIBIL Score?
A CIBIL score of 760 or above is generally considered a good credit score by most lenders. Achieving and maintaining a score within this range, ideally closer to 900, significantly enhances loan and credit card approval prospects.
How to check CIBIL Score for free?
You can check your CIBIL score for free through PaisaOne. Simply fill out the form with your details like name, email ID, PAN, DOB and submit. Once verified, you will get your free credit report.
Will checking my CIBIL report repeatedly hamper my score?
When you check your own CIBIL score, it is considered a 'soft inquiry' and does not leave a negative impact on your credit score. However, multiple hard inquiries by lenders over a short period can hurt your score.
How can I improve my CIBIL Score?
Your credit score is based on your credit history. Actions like timely repayment of loans, proper credit utilization, checking credit reports regularly to ensure no errors can help improve your CIBIL Score over time.
What is the minimum CIBIL Score to get any loan?
No bank or NBFC specifies the minimum CIBIL Score required to get a loan. However, most lenders prefer you to have a CIBIL Score of at least 700 and above for better approval chances.
Monitor Your Credit Report and Score
Regularly monitoring your credit report and score is crucial:
Identify Errors
It helps you identify and dispute any inaccuracies in your credit report.
Detect Fraud
Early detection of fraudulent activity can help minimise potential damage.
Track Creditworthiness
Monitoring your score helps you understand your creditworthiness and make informed financial decisions.
Improve Your Score
By identifying areas for improvement, you can take steps to enhance your creditworthiness.
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