One often seeks reasons for a loan or credit card application rejection, don’t they? You have all the document proofs but also the required income for a loan or credit card. But your application gets rejected and when you get to know the matter deep down, you realize of the mistakes you had committed in the past.
Those mistakes were constant late payment of loan EMIs or credit card dues, utilizing a heavy component of the credit limit and much more, impairing your credit score and keeping you in the undesirable list of Credit Ineligible’. Add to the woes is your unawareness regarding your credit score.
However, you can Check Credit Score online to at least get an idea of your creditworthiness if not an assurance of loan or credit card eligibility. So are you ready to check your score with us? Then, come and do so.
Who Assigns Credit Scores in India?
A handful of credit information bureaus are busy assigning the credit scores to individuals based on their repayment track. The notable ones include CIBIL and Experian, besides several others in the credit information space of India.
CIBIL Score Check
Want to check your CIBIL Score? Visit the official website of the credit information company, mention personal, professional and credit details. After doing so, create a login by choosing a User ID and password of the required characters. Use the login credentials to check your CIBIL Score. When it comes to the cost of checking the score, it’s free once a year. More than one check a year can cost you ₹500 and more.
How to Check Your Experian Score?
You can even check your Experian Score by visiting the website of the second most sought-after credit information provider after CIBIL. When you visit there, you can see ‘Sign-up Free’ button, click on it and enter all your personal, professional and credit information. Post the successful sign-up, you can check your score.
How Do CIBIL, Experian Calculate Your Credit Score?
Banks and non-banking financial companies (NBFCs) give a complete detail of your loan and credit card account to either CIBIL or Experian, depending on as to whom they are associated with. The details would include the repayment track, late or any missed payment, default, etc. Both CIBIL and Experian, after receiving these details, get ready to prepare a credit matrix for individuals. And those who are found good in their debt servicing capabilities are assigned higher credit scores and those having default and late payment records may have to settle with a poor score, almost shutting the door for any fresh loan or credit card for the latter set of people.
What Is The Ideal Score to Gain an Approval for Loan or Credit Card Application?
The credit score ranges from 300-900, with anything above 750 remaining a bonus and bolstering the chance to gain a hassle-free approval to the loan or credit card application.
How to Improve Your CIBIL and Experian Score?
All’s not lost with a poor credit score as you can improve the same and become eligible for a loan or credit card. So, pay off the loan EMIs or card dues on time by cutting down on the unnecessary spends. Prioritize your spends and remove some from the list which can be done away with, at least for the time you have outstanding EMIs and dues left to repay. Wait for the time to increase your income before increasing the level of spends. It is also possible for you to initiate the debt settlement option after finding the outstanding amount beyond your capability to repay. Resist against this temptation as debt settlement can lower the credit score drastically. Even though the debt reduces, the lower credit score makes it difficult for you to access credits in the future.
So, you got a complete detail of the credit scores, ways to check them and other critical information pertaining to loan and credit cards. Take all that into consideration before applying for a debt.