Lifetime Free Credit Score

Lifetime free credit score

Lifetime Free Credit Score

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Lifetime Free Credit Score

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Credit score

What is a Credit Score?

It is a 3-digit number representing your borrowing or repayment capacity. A good score means you are a

responsible borrower, making you eligible for loans and other forms of credit on favourable terms. However, a low score implies the opposite and can make access to credit challenging.

This score is calculated by credit bureaus and is predominantly based on several factors, including your repayment patterns.

In India, 4 credit bureaus maintain and calculate credit scores.

  • Equifax
  • Experian
  • Credit Information Bureau (India) Limited (CIBIL)
  • CRIF Highmark

How a Credit Score is Calculated?

redit bureaus consider several factors to calculate your score. These factors are gen assigned a fixed weightage, which varies depending on the bureau. Here are the common factors that bureaus consider while calculating your credit score.

Repayment History

ureaus take into account how you have managed previous borrowings to asses how will man future ones. If you have paid the bills on time and in full, it reflects good repayment ability and creates a strong history, resulting in a good score.

Utilisation Ratio

ow much you borrow against the available limit showcases your dependency on credit. If you borrow too much, it implies high dependency and a possibility of non-payment. As such, you should utilise your available credit wisely. Generally, you should use not more than 30% of the available limit.

Credit score calculator
Check online credit score

How to Check Credit Score Online

Follow these steps to check your credit score for free on CredManager:

  • Step 1: Click on the 'Check your credit score' option on this page
  • Step 2: Enter your mobile number, select the captcha and the terms and conditions box
  • Step 3: Click on 'Get started' and enter the OTP sent on your number
  • Step 4: Verify the OTP and create an account
  • Step 5: Choose the 'Credit Score' option on the dashboard
  • Step 6: Enter details, if required, and check your score
ou can also check your CIBIL score or other credit score through the bureau's official website.

Why is it Important to Maintain a Good Credit Score?

Here are some privileges you enjoy by maintaining a good score.

  • It improves your chances of getting a good offer on loans and credit cards
  • Your loans get approved quickly without much hassle
  • It empowers you to negotiate for comfortable loan terms
  • It empowers you to enjoy better rewards and benefits on credit cards
  • You can get pre-approved offers from banks and credit card companies
  • Some banks may offer a waiver on prepayment charges and processing fee
  • You can enjoy lower interest rates on loans and other credits
  • As some employers also check your CIBIL score, a good score improves your chances of having employability
A good credit score
Check credit CIBIL score

How Does CIBIL Score Impact Loan and Credit Card Eligibility?

Your CIBIL score showcases your creditworthiness and a high score means you can manage yo credit and repay on time. It makes you a low-risk borrower, which makes you eligible for different types of credit. Here is how it affects your eligibility and credit offer:

Lower Interest Rate

good score indicates you are good with credit management, reducing the lender's risk. Thus, they are open to extending loans or credit cards at lower interest rates

High-Value Loan

inancial institutions use this score to assess your worthiness to handle a large sum and pa without defaulting. So, if you have a good score, you can get a sizeable amount to meet any of your financial requirements.

How to Improve Credit Score?

Here are some easy tips to improve your creditworthiness:

  • Pay Your Dues on Time
Your repayment history is one of the main factors that affect your credit score. So, ensure you pay the credit card bills and loan EMIs without any delays. Here is what you can do to ensure you don't miss any due dates:

  • Set reminders
  • Opt for autopay
  • Sign up for alerts
  • Check Credit Score and Report Regularly
oing this will help you rectify errors, if any, and ensure that your report is an accurate representation of your creditworthiness.

Improve credit score

Find out your credit score and get an instant personal loan

>IBIL has distributed scores into ranges, where each range of score corresponds to the probability of getting approval. Following are the ranges of scores and their impact on your loan or credit card eligibility.

Score Band Category Meaning
<300 No Score / No History This indicates that you have never applied for a loan or credit card, resulting in no credit history. To access the best loan and credit card offers in the future, it is advisable to start building your credit score.
300-550 Very Low Credit Score Your credit history is in poor shape. However, with awareness and discipline, you can improve your credit score. Carefully review your credit report to identify the reasons for your low score and take appropriate actions to enhance it.
551-620 Low Credit Score Your credit behavior has not been satisfactory, which has adversely affected your credit history. It's crucial to take immediate steps to improve your score to qualify for credit in the future.
621-700 Fair Credit Score You are close to achieving a strong credit score. To qualify for the best offers, you should focus on enhancing your credit score.
701-759 Good Credit Score You have demonstrated responsible credit usage and good credit behavior. Most banks and Non-Banking Financial Companies (NBFCs) will likely offer you credit.
760+ Excellent Credit Score You have an outstanding credit record! With this score, you meet the eligibility criteria for most banks and NBFCs and are likely to receive the best offers available.

How does CredManager Loan Application work?

  • How it works
  • Eligibility
1
Step

Provide basic details

2
Step

Compare and Select Offer

3
Step

Complete Application Form

3
Step

Sign Agreement and Loan amount is credited.

  • The applicant must be at least 21 years old
  • The applicant should be a citizen of India
  • The applicant must have a valid Indian Bank Account
  • The applicant’s monthly income should be atleast ₹10,000

EMI Calculator

Report

EMI Payable68,355
Total Interest to be Paid4,60,789
Total to be Amount 24,60,789

Payment Breakup

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