What is Credit Score?
A Credit Score is a three-digit number indicative of your credit behavior. A CIBIL Score is an indicator of an individual’s creditworthiness. It influences the individual’s capacity to derive and take fresh credit from lenders.
How does this impact you?
Well, banks always check your Credit Score before processing your loan or any other kind of credit request. A good Credit Score will help you get a loan or Credit Cards easily. Moreover, you can reduce
for better rates of interest on loans if you have a good Credit Score.
How to get your free Credit Score by Rupyaapaisa.com
• Visit our website
• Select the menu option at the top right corner of the page
• Under the listed options, click on ‘Credit Score’
• You can also visit: credit-score/ to access the page directly
• Enter your Name
• Enter your Email id
• Select the city of your residence
• Provide your PAN card details
• Enter your Aadhar Number
• Click on Submit
Rupyaapaisa feels that you should always be in the whole ability of your personal finances. In order to assist you with this goal; we have made necessities for you to check your Credit Score for free. Knowing your Credit Score before applying for a loan can help greatly.
How do lenders use the Credit Score?
An individual’s Credit Score provides a lending institution (banks / NBFCs) an indication of the “probability of default” by the individual. What this means is that the Score tells a lender/credit institution (typically banks or NBFCs) how likely you are to recompense back a loan based on your past design of credit usage and loan repayment behavior. The CIBIL score is the most popular Credit Score used widely by lenders to make their credit decision.
What makes your Credit Score go down?
It is assumed that having high balances on your credit cards can meaningfully decrease your credit score.
Apart from that, there are several other factors that can hurt your credit score:
• Being late on your credit payments.
• Completely ignoring your loan dues/credit card bills.
• Creditors charge off accounts when credit card bills are not paid on time. The status of having your account charged off is one of the worst incidents that reflect on your credit score.
• Lenders use third-party debt collectors to retrieve the loan amount from you, in case they do not receive payments. Having your account sent to collections reflects very poorly on your credit score.
• When you request to close a credit card that has an outstanding balance, your credit limit drops to Rs.0. This is similar to a situation where you have maxed out your credit card.
• Closing old credit cards shortens your credit history. This has a negative impact on your credit score.
• Applying for multiple credit cards or loans within a short duration makes your credit score plunge. Hence, it is advisable to limit the number of applications.