Cibil Report


🤝 CREDIT SCORE

What is a Credit Score?

A credit score is a three-digit number that represents your financial reliability and creditworthiness. It usually ranges from 300 to 900 and is calculated based on factors such as repayment history, credit utilization, loan accounts, and credit inquiries. A high credit score indicates responsible financial behavior, making it easier to get loans or credit cards with lower interest rates. On the other hand, a low credit score may lead to loan rejections or higher interest charges. Maintaining a good credit score helps you build financial trust, improve loan eligibility, and secure better financial opportunities in the future.


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🤝 CREDIT SCORE

Factors Affecting Credit Score


Credit utilisation is the percentage of the credit balance utilised across your credit account and your total credit limit across all your accounts.

The Payment history is the account of several timely payments made in each account of credit availed by the user in the last 36 months.

Credit History is a record of how a person manages debt, such as credit cards and loans. Credit History helps Credit Bureaus track activity against each account. It forms the majority part of the credit report.

Accounts comprise various credit/loans taken by you, including credit cards, home loans, Personal loans, Car loans, Consumer loans, etc. Credit accounts or credit mix is an important parameter that affects the credit score.

A credit inquiry is a request by an institution for credit report information from a credit bureau. Credit inquiries are generally of two types:- Hard enquiry & Soft enquiry.

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