Faq

Frequently Asked Questions

A Credit Rating is a number computed by an approved credit rating agency and it provides a hint of the credit worthiness of an individual. An individual's Credit Score provides a credit institution with an indication of the "probability of default" of the individual, based on their credit history. What this means in simple English is that the Score tells a lender / credit institution (typically banks or NBFCs) how likely you are to pay back a loan based on your past pattern of credit usage and loan repayment behaviour.
In India, credit scores are assigned by one of the top four credit bureaus: Equifax, Experian, CIBIL™ and CRIF™. A credit score ranges between 300 and 900. If your score is near 900, you will have better chances of loan applications being approved. A score between 300 and 549 is considered to be poor and a score ranging between 550 to 700 is considered fair. Aim to get your credit score to 750 and above for the best loan and credit card offers.

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When you have not borrowed in the past or have never had a Credit Card or a loan, there will be no downdates about you with the credit bureau, who mark such cases as NH or 'No History'. Due to a lack of details, the credit bureau will be unable to comment on your payment behaviour. In such cases, some banks / financial institutions/NBFCs may not provide you with any unsecured credit facilities.

Your credit score is an important factor in determining your eligibility for a loan, a credit card and other credit products. Credit scores are dependent on your credit history including previously taken credit and repayment patterns.
A high score indicates good creditworthiness, and a low score indicates poor creditworthiness. Low scores could indicate that you are a risky borrower and lenders could be hesitant to easily approve your loan applications.
If you aren’t sure of your credit score, you can check it for free at CreditCastle. Just enter a few key details like your PAN number, email id, pin code and mobile number to get your latest credit score for free.

Each credit bureau has its own formula to calculate the credit score. Common man finds it baffling to understand the calculation of that 3-digit number that determines their creditworthiness. The parameters used to calculate the score are very simple. However, you might find variances in the credit scores from different bureaus as they allocate different value to each parameter. Following are the key parameters that determine your credit score.
  1. 1.Payment history – On-time and consistent repayment provide a positive score.
  2. 2.Credit Utilization Ratio– Having low credit usage on your credit card provides a much-needed boost.
  3. 3.Credit history – The longer the credit history, the higher the credit score.
  4. 4.Credit mix- Having a mix of secured and unsecured credit is proof to the lender that you are able to handle the credit efficiently.
  5. 5. Hard enquiry – Taking out credits within a short time negatively affects your credit score as there are too many hard enquiries involved.

Blend cutting edge data sciences, technology with credit management.The basic premise is that when lenders and borrowers understand each other better by leveraging the power of data, it results in efficient credit decision making for both stakeholders.

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