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Credit score is the most frequently used term in the financial industry. Maintaining a high Credit score helps to get quick loan approval. Because a high score, typically over 700, represents that you are financially stable, have a regular source of income, and have a history of on-time repayments.

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  • Reduce rates on your existing Loans.
  • Suggest Better Rewards Credit Cards.
  • Tips on Improving Credit Score.
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  • Make sure they match your banking records.

How to improve Credit Report?

If that you have a low or helpless Credit Report, you can follow the below mentioned tips to improve it:

Make payments on schedule time period : Paying your due on time is a significant piece of your Credit Score. A late payment will bring down your Credit Score and can unfavorably affect it for quite a long while.

Get your Credit Reports Corrected: If you know that your Credit Report is low because of an wrong reporting by bank or the credit bureau, get it corrected by reaching them. Keep your eye on your Credit Report at regular interval to ensures that the tips are getting reflected in your report. Mistakes might be because of wrongly detailed installment conditions, misstated personal data and so forth.

Never apply for new credit card over and over again frequently : Applying for new credit account as often as possible can contrarily affect your Credit Report . This includes applying for loan, Mastercards and different types of credit. At the point when moneylenders see various applications inside a brief period, they think of you as eager for credit and your application may get rejected.

Get the correct blend of credit accounts : You should have the correct blend of credit accounts. If that you have just one type of credit account, your score might be lower. For instance : Secured loan like home loan or vehicle loan improve Credit rating as they construct long haul liking resources, while having a higher extent of unsecured loan like credit card debt, personal loan and so forth can contrarily affect your credit score.

Try to keep your balance low : Generally it is advised to utilize a credit card just for emergency purpose costs and pay off the balance quickly. Likewise, keep your debt underneath 35% of the complete accessible credit balance. If that your debt outperforms this cutoff, it adversely effect badly your Credit Report.

About Credit Score

Your credit score is 3 digit number that reflects your credit-worthiness, i.e. what is the likelihood of you repaying your debt. Banks and lenders use it to determine the risk they are taking by lending to you. A high score indicates low risk and increases your chances of getting loans and credit cards at a lower interest rate as compared to someone with a low score.

Very Poor

300 - 500

There is a high probability of your loan and credit card applications getting rejected. In case of approval, you are unlikely to get the lowest interest rate.

Poor

501 - 650

You will have a slightly higher chance of getting approved for loans and credit cards. However, the interest rates offered may be on the higher side

Average

651 - 750

You are quite likely to get approved for financial products and a large number of lenders will consider offering you a loan or credit card.

Good

751 - 850

You might get better than the average interest rate on your loans and most lenders will be willing to offer you loans basis your credit score.

Excellent

851 - 900

With score categorised as excellent, you will get the best possible loan interest rate and top credit card offers from the lenders.

Frequently Asked Questions
How would I get a free Credit Report?

Just one click on 'Free Credit Report' and enter a basis required details like name, address and PAN card number, and you will get your Credit Report in only a couple seconds.

How can I rapidly raise my Credit Score?

You can raise your Credit Report by taking care of your credit card bills and EMIs on schedule time period. You should keep your Visa usage underneath 35% of the all out accessible charge card balance. Additionally, you ought not have any significant bearing for new loan or Mastercard oftentimes.

How would i be able to check my Credit Score without harming it?

At the point when you pull your Credit Report without applying for an loan at the bank, it is simply considered as a 'soft enquiry', and no affects your financial assessment.

What is a bad Credit Score?

An bad Credit Score is typically the result of not paying your dues on schedule or not paying it by any means. A person with a Credit Score somewhere in the range of 300 and 599 has an essentially harmed record as a consumer. Borrowers with Credit Score that fall in this reach have next to no possibility of getting new credit.

Is 700 a decent Credit Score ?

A Credit Score of 700 or above is viewed as ideal to get the credit. You may get the credit effectively and at better interest rates too.

Why did my Credit Score drop?

There are numerous reasons that can drop your Credit Score :

  • You have missed EMIs or made late installments
  • Your credit use is excessively high
  • You have shut an old credit account
  • Applied for new loan or Visa with various banks
  • Blunder in your Credit Report

Your Credit Score may have dropped because of these reasons. Try to recognize the reasons why your Credit Score are lower and correct it.

What is a phenomenal Credit Score?

A Credit Score over 800 is viewed as a magnificent score.

What is a hard credit check?

At the point when a bank or NBFC checks your Credit Score in light of your loan or credit card application for surveying your financial soundness, that is known as a hard credit check.

Why would it be a good idea for me to check my Credit Report consistently?

The erroneous data on your Credit Report may bring about a helpless Credit Report assessment. Accordingly, you should check your Credit Report routinely.

Can I credit check myself?

Indeed, you can check your credit yourself on any stage which gives a free Credit Report check facility or on the site of any credit agency.

Which Credit Score is the most precise?

Each credit bureau has its own formula for calculating the Credit Score. Therefore, it can't be said that any credit department is more precise than others. In spite of the fact that, you will get various scores from various bureau, a distinction of 50-60 focuses between scores from two organizations is viewed as regular by banks and NBFCs.

What is the Credit Score needed for a Credit card?

A Credit Score of 700 or above is viewed as appropriate for getting the application for a Visa endorsed.

How do I get a free hardcopy of my Credit Report?

If that you check your Credit Report through Financeseva, you will get the alternative to download your definite report. Assuming you have recently checked the report through Financeseva, you will get the choice to download your free Credit Report after you sign in to your Financeseva account.

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