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credit score checker

the credit score checker allows you to calculate your credit/cibil score. it is a three-digit numeric expression that represents your creditworthiness.

if you are planning to request a credit card, then it is recommended to have your cibil score be at least 750. reviewing the history of credit of the applicant is an essential part of the screening process.

what is the credit score?

a credit score can be defined as a three-digit numeric expression prepared by analysing credit files and signifying a person's creditworthiness. it usually ranges from 300 to 900.

rangestatus
300-579poor credit
580-669fair credit
670-739good credit
740-799very good credit
800-900exceptional credit

different credit bureaus collect similar information for calculating a credit score, which includes

  • personal information
  • credit history
  • credit application

yet the score comes differently. some common factors that impact credit score are:

  • amounts owed
  • payment history
  • credit mix
  • credit history length
  • new credit

the higher the credit score of an individual is, the more is the creditworthiness of a person.

how is credit score calculated?

a free credit score checker makes it easy for you to calculate your credit score. although different lenders use different algorithms to calculate credit scores, 2 major scoring models are -

  • FICO Score
  • it is calculated by taking into account overall categories, that are:
    • amount owed (30%)
    • payment history (35%)
    • credit history length (15%)
    • credit mix (10%)
    • new credit (10%)
  • VantageScore
  • it is determined by calculating an average of -
    • credit history factors
    • new accounts opened
    • total usage
    • balance of credit
    • available credit
    • credit experience and mix

having a credit score ranging from 700 to 900 is considered as good.

what is a good credit score?

a credit score is an indicator of creditworthiness which is usually 3-digit numeric. it ranges from 300 to 900 and can be easily calculated using a credit score checker. a credit score of 680 or above is considered to be a good score. lenders rely on the credit score before giving a loan. whenever a person applies for a loan, lenders check -

  • CIBIL report and score
  • employment status
  • account details
  • payment history
  • emi-income ratio

in case the debtor or borrower is unable to pay back the debt because of any disability or a long-term ailment, the credit health insurance protects the debtor.

benefits of having a good credit score

a credit score that can be calculated through a credit score checker is an indicator of creditworthiness. it is usually a 3-digit numeric that ranges from 300 to 900.

rangestatus
300-579poor credit
580-669fair credit
670-739good credit
740-799very good credit
800-900exceptional credit

a credit score of 680 or above is considered to be a good score. having a good credit score will-

  • increase your chances of getting credit cards quickly.
  • a good credit score will keep you in a position to pay a lower interest rate against your loan.
  • it helps in easy approval of a new loan.
  • it increases your loan limit as you can apply for a higher loan amount from any bank.
  • with a good credit score, you get access to pre-approved loans as well.
  • you might get discounts on charges or processing fees.
  • it helps get fast approval for rental houses and apartments as a good credit score assures your credit trustworthiness.
  • you can manage to get the best car insurance rate with a good credit score. in comparison to bad credit score applicants, you will pay less for your insurance.
  • you can enjoy the full advantage of the best offers and rewards incentives on new credit cards.
  • it helps you in developing a good reputation.

some common factors that impact your credit score are:

  • amount owed
  • payment history
  • credit mix
  • credit history length
  • new credit

what is the minimum credit/CIBIL score required for a loan?

usually, the minimum score for availing of a loan is 750 and above. the credit/CIBIL score is a three-digit numeric expression representing your creditworthiness and ranges from 300 to 900.

if your score ranges from 300 to 749, you need to improve your score. with any score of less than 750, lenders will find it difficult to trust your credit capacity. even your credit card application might not be considered due to less score.

how to check CIBIL score online?

you can use a credit score checker to make your CIBIL score calculation easy. to check the CIBIL score -

  • visit  https://www.cibil.com/creditscore
  • click on ‘get your credit score’ or ‘check my CIBIL score.’
  • choose the desired subscription plan.
  • fill in the details for identity proof.
  • click on ‘proceed to payment’ and process the payment.
  • you will get the CIBIL score and report in your email.

how CIBIL score impacts loan & credit card eligibility?

the score calculated through the CIBIL score checker works as a first impression of your creditworthiness for the lender.

as soon as you submit a loan application or a credit card request, the lender reviews and assesses your cibil score. in case your credit score is less than 750, your application might be rejected or not even considered. but a high CIBIL score makes it easy for you to get loan approval or a credit card.

however, a CIBIL score is not the only determinant of your credit capacity. they can also consider -

  • debt-income ratio
  • employment history,
  • profession and other relevant details before rejecting/approving the application.

why do lenders check your CIBIL score before approving your loan?

before approving an application for a loan, lenders analyze your cibil score. a lender must ensure that you have the credit capacity to avail and repay such a loan.

cibil score serves as an impression and a medium to review your creditworthiness- whether you will be able to return the loan amount or not.

how to improve CIBIL score?

a CIBIL score can be understood as a three-digit numeric expression prepared by analysing credit files and signifying a person's creditworthiness.

you can easily calculate your free CIBIL score online. it usually ranges from 300 to 900. however, the higher the credit score of an individual is, the more is the creditworthiness of a person. therefore, the following tips will help you improve your cibil score -

  • timely repayment for outstanding debt.
  • review and eliminate errors (if any) in the credit history.
  • clear your dues, especially of the credit card.
  • avoid extreme utilisation of your credit card.
  • avoid taking many loans at a time.
  • opt for a long tenure for loans.
  • take a big amount of loans for a more extended period.

which are the different credit bureaus available in india?

a credit bureau can be considered as a credit agency that collects your information and shares it with lenders and creditors in the form of a CIBIL score to help them check your creditworthiness. leading credit bureaus are -

1. Transunion CIBIL

it is a complete credit bureau that reports the analysis for organisations as well as individuals. the credit score ranges from 300 to 850; 720 or above is an excellent score.
in the case of any entities or companies, the credit score is known as perform score.

transunion cibil members include all the major financial institutes, lenders, nbfcs, and banks, etc.

2. Equifax

working as an approved credit rating agency since 2010, Equifax gives portfolio scores and risk scores along with credit scores that usually range from 1 to 999 for individuals.

Equifax provides different reports like portfolio management, industry diagnosis, credit fraud, or risk management report in the case of companies.

3. Experian

founded in the year 2010, Experian conducts an analysis of companies and individuals for their credit reports. their score ranges from 300 to 900, and it only takes 20 days to get a report.

4. CRIF High Mark

approved by rbi (reserve bank of india), CRIF High Mark also conducts analysis for the credit rating of corporates and individuals. the credit rating ranges from 300 to 850.

you can use a cibil score checker to calculate your score. a free cibil score checker makes it easy for you to calculate your cibil score.

what is the difference between credit score & credit report?

a credit score is a three-digit numeric expression that signifies your creditworthiness. at the same time, a credit report is a record of your entire credit history.

credit reportcredit score
a lengthy text-based report on the credit history of a customer.a 3-digit summary of a customer’s credit report.
acts as a credit reference.measures credit risk according to the given information in a credit report.
is a separate document.based on the provided information in a credit report.
contains details like the loan amount, history of payments, etc.only shows your creditworthiness if you are deemed scored more than 760 or above.
Equifax, Experian, and Transunion are credit reporting bureaus. sometimes, banks can create their own score, or they can refer it to the commonly availed company.
customers can obtain these reports from any of the mentioned bureaus. fico, other credit bureaus, and sometimes lenders give information about the credit score to the customers.

credit score faqs

1: how is the CIBIL score calculated?

a summary of a person’s credit history is known as their cibil score. it is usually numeric and three-digited.

different credit bureaus calculate it from their respective proprietary algorithm. however, four main elements impact your cibil score -

  • credit history
  • credit utilization
  • credit mix
  • other factors

2: what details are included and not included in the credit report?

a credit information report consists of the details of an individual’s credit history across different merchandise and lenders. however, it does not include -

  • fixed deposits
  • investments
  • savings

3: what is the significance of CIBIL score in the process of loan sanctioning?

cibil score provides the first impression to the lender and shows creditworthiness. a higher cibil score means higher chances of approval of the loan.

4: what is the CIBIL score range, and what score could be considered a good score?

the cibil score range is usually from 300 to 900. the closer a score is from 900, the better it is.

5: are these CIBIL reports and scores free?

credit information bureau india limited does provide these reports and scores free once a year.