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The Economic Times
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| 27 September, 2020, 10:20 AM IST | E-Paper
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    CREDIT SCORE

    KNOW ALL ABOUT : Credit score

    Are you aware that it is your credit score which ultimately determines your credit eligibility? Read ET articles to know more about credit score, how it is determined and the ways to boost it.

    HDFC Bank loan restructuring: Who can avail the scheme, documents required, impact on credit report

    As per the FAQs released by the HDFC bank on its website, individuals are eligibl...

    • You may not get a home loan despite having a good credit score: Here's why

      The credit score indicates how an applicant’s earlier loans were serviced but nothing about his ability to service more loans. While evaluating the financial fitness of a borrower, banks also look at the applicant’s ability to pay off the additional debt that he wishes to take on.

      Difference between Credit Score and CIBIL

      The CIBIL score is a three-digit numeric summary of a consumer's credit history and a reflection of the person's credit profile. One the other hand, CIBIL is a Credit Bureau which maintains the records of all the credit-related activities of companies, individuals.

      What high and low credit score determine

      A credit risk matrix is basically a risk grading mechanism. Some lenders put the grading information in the public domain (with the credit score mentioned separately). However, some lenders may not reveal the credit score required to obtain a loan.

      How is credit score calculated?

      Your repayment history influences your credit score the most. A credit bureau keeps a month-on-month record of your payments towards your bills and loan repayment equated monthly instalments (EMIs) for the past few years.

      What is a good credit score and how you can maintain it

      A credit score is a three-digit number that represents the creditworthiness of an individual. It typically ranges between 300 and 900, 900 being the highest score possible. Banks and lending institutions check your credit score when you apply for a loan.

      How to get loans even with a low credit score

      The cut-offs in credit scores used for evaluating loan applications can vary across lenders. Some lenders set a high cut-off in credit scores while approving loan applications while others may approve loans to those with a lower credit score.

      How to check CIBIL Score?

      The CIBIL Score ranges between 300 and 900. The closer a CIBIL Score is to 900, the higher are the chances of the consumer's credit card or loan application getting approved.

      Why delaying money decisions may cost you dearly

      If the premiums are not paid or renewed on time to keep the policy in force, the insurance companies are not liable to provide cover, leaving you open to the risk of shouldering large expenses and your dependents unprotected.

      What is a CIBIL Score?

      A CIBIL Score is a consumer's credit score. It is a 3-digit numeric summary of a consumer's credit history and a reflection of the person's credit profile.

      Three ways to improve your credit score

      A person can inculcate these good credit habits which go a long way in maintaining a good credit score.

      Risks of becoming a loan guarantor and what to do in case of loan repayment default

      Loan defaults are bad news for people who have stood as guarantors to loans taken by friends and relatives. Most people know that a guarantor is liable to pay if the borrower defaults on the loan repayment. There are other risks that the guarantor is exposed to.

      How to check your credit score

      It is important to know your credit score while applying for a loan from a bank or any other financial institution.

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