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Credit score

What is cibil score

When it comes to your personal credit history, your credit score is an important factor in determining your creditworthiness. Whether you are applying for a loan, credit card, or mortgage, credit scores can influence your decision. In this guide, we‘ll look at how you can analyze your credit score, identify the issues involved, and take steps to avoid or improve it.

Credit Score Is a numerical representation of your credit health. It ranges between 300 to 900. High-scored credit health is considered a good credit score and low-scored credit health is considered a poor credit health score. Lenders use this score to evaluate your ability to pay and manage credit responsibility. This helps you secure loans and other forms and credit by ensuring you repay the money you borrow from responsible lenders.

How credit Score is calculated

Credit scores are calculated on many factors by the bureau. Here are the common factors that bureaus consider while calculating your credit score.

Repayment History:

This is the most important factor matters in calculating your credit score. This shows how you paid the bills on time. Timely repayments will have a good impact on your credit score health and make trust.

Credit Utilization:

The spend reflects the amount you are spending on your card and your account limit. Your credit score is important, and it is calculated by dividing your credit card debt by your total debt. For example, if your total debt is 100,000 and your credit card balance is currently 30,000, your interest rate is 30%.

Repayment Duration:

Repayment duration, also known as the loan term, refers to the length of time you have to pay back a loan or debt. The duration can vary depending on the type of loan and the terms agreed upon with the lender.

Credit Inquiries:

The number of inquiries on your credit report, specifically hard inquiries, refers to the number of times potential lenders or creditors have checked your credit report to evaluate your creditworthiness.

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How to check your credit score with CredManager

  • Step 1: First go to the “credit score check” menu of the credmanager
  • Step 2: Enter the asked details and accept the terms & policy, then proceed to the OTP.
  • Step 3: Next, enter the OTP for verification, sent to your mobile number. (which you filled in in the previous step)
  • Step 4: Then your credit score will appear.

Why it is important to maintain a good credit score?

Five reasons to Maintain a good credit score

    Easier Access to Credit

  • A good credit score increases your chances of getting credit card loans and other types of loans. Lenders believe the risk is low. This means you can access the funds you need when you need them.

    • Lower Interest Rates

  • If you have a good credit score, you can get lower interest rates on loans and credit cards. This can save you a lot of money over time, lower your mortgage payments, and increase your monthly payments.

    • Better Loan Terms

  • Lenders are likely to offer better loans to borrowers with good credit. These include higher credit limits, longer repayment periods, and more flexible terms, giving you financial flexibility and favorable credit terms.

    • Enhanced Financial Opportunities

  • A strong credit score can open up more opportunities beyond just borrowing. It can help you secure lower insurance premiums, better rental agreements, and even influence employment opportunities, as some employers check credit scores as part of their hiring process.

    • Financial Peace of Mind

  • Maintaining a good credit rating gives you peace of mind. This ensures quick access to credit, allows you to buy or make large investments with confidence and reduces financial stress by making credit more acceptable and affordable.
A good credit score

How to maintain a credit score

Improving your credit score requires consistent and responsible financial behavior over time. Here are some steps you can take to help increase your credit score:

    Pay your bills on time

  • One of the most important factors in your credit score is your payment history. Make sure you pay all your bills on time. This includes credit cards, loans, and utility bills. Consider setting up automatic payments or reminders to avoid missing due dates.

    • Reduce debt

  • Work to pay off outstanding debts. Especially credit card balances Aim to keep your credit utilization ratio below 30%. If you have a credit limit of ₹100,000, you should try to keep the balance below ₹30,000.

    • Check your credit report for errors.

  • Check your credit report regularly to make sure all information is accurate. If you encounter any errors, such as incorrect account information or fraudulent activity, Dispute with the credit information company to make corrections.

    • Avoid opening new credit accounts frequently.

  • Every time you apply for a new loan Your credit report will be searched more. This may result in a temporary drop in your score. Apply for new credit only when needed. And try to limit the number of new accounts you open.

    • Maintain a variety of loan types.

  • There are many types of credit available, such as credit cards, mortgages, and personal loans. It can have a positive effect on your credit score. However, don't open a new credit account just for the sake of variety. Manage your credit responsibly.

    • Keep the old account open.

  • The length of your credit history matters. Keep old credit accounts open even if you don't use them often. This is because these accounts contribute to the average age of your credit accounts.

    • Pay more than the minimum

  • If possible, try to pay more than the minimum amount due on your credit card.
Improve credit score

Credit Score Ranges and Meaning

Credit Score Range Rating Description
800-850 Excellent Condition of credit. Credit and debit cards are readily approved, often with favorable terms and low rates.
740-799 Very good It indicates good credit-handling behavior. Very low credit risk. Likely to receive favorable loan terms and interest rates.
670-739 Good It is considered a good credit score. Easy to be approved for most loans and credit cards with average interest rates. But can improve it.
580-669 Fair Below average creditworthiness. May still qualify for some loans and credit cards, but likely at higher interest rates.
300-579 Poor Poor creditworthiness, difficult to get approved for loans and credit cards. If approved, typically at very high interest rates.

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

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The service was very good. I got a big rebate from IT with Taxmanger assisted filing without any query. The filing process and documents request process is also very simple. The main point here is I use to file IT using a very reputed IT filing firm but the refund use to get was nil. But with Taxmanger assisted filing I got a refund amount of nearly 01 L. I suggest to check the service once and will continue for ever.

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I am very much delighted with the service of Tax Manager, especially Ms Bhawna Kashyap, she had filed my return on 25/10/23 at 11am approx & Refund CR in my AC on 26/10/23 at 12:10pm....Great work team Tax Manager !!!

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Smart and hard work is what I came across in this tax filing company. Not once I felt that they hesitated in answering my problems. An efficient team under strong and efficient leadership can be seen in their quality of work

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CA Ashish is an excellent auditor and a person with integrity and patience. He is very caring and helpful. Bhavana is a very proactive person who is very prompt in answering clients calls and replies promptly to my messages on WhatsApp. My ITR filing was a seamless experience and I would love to go back to TAX manager next year. Premkumar Chennai

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I was assisted by Ms.Kavisha Goel for my Filing IT returns. She was courteous & professional in her approach. She took extra initiative in my file & i am delighted with her approach. I thank Tax Manager team for your suggestion & service.

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