What is
Credit Score?
Credit score is a composite score calculated on a
scale that ranges from mid-300’s to mid-800 on the FICO scale on the basis of
the credit profile of the person as describe below.
1. Your
Past Payment Record: - your consistency of making payments on loans and credit
cards probably determines more than 90% of your credit score. Key factors that tend to be taken
into account are:
a) What is
your past payment record.
b) Every
missed or delayed payment may lead to a lower score.
c) Recent
history (Upto 2 years) has a greater impact on your score.
d)
Consistent repayment record tends to improve your score over a period of time.
2. Nature
of credit availed by you:
a) Higher
reliance on unsecured loans such as personal loan and credit cards may lead to
negative impact on your score
b) Credit
card usage in excess of about 30- 40% of credit limit tends to pull down the
score, more so if this is combined with revolving credit on multiple cards
3. Hard inquiries:
a) Too much
loan related inquiries in the past are seen as a sign of a person badly in need
of loans. This is sometimes referred to as a “credit hungry” profile. This may
impact your score negatively.
What is a good credit score?
It’s more
about keeping your score healthy rather than it being good or bad. It is often
found that banks tends to give loan at lower interest rates and more attractive
terms to those who have a credit score of more than 675. Lower scores will tend
to make your mortgage and auto loan more expensive.
Main
reasons for a low credit score:
There may be
many reasons for a low credit score. They are classified into two main
categories:
1. Low
scores due to bank error
a) Errors in
credit information provided by banks to credit bureaus
b) Identity
theft or identity fraud where some unauthorized person has availed credit using
your profile
2. Low score
due to irregular past payment behaviour
a) Missed or
delayed loan payments
b) Too much
loan applications made in the recent past
d) High
credit card dues.
Useful
tips to improve your credit score:
a) Make all
your monthly payments against loans on time
b) Keep away
from too many credit cards. Don’t miss credit card payments. Even if you
find it difficult to pay the entire bill, make sure you pay at least the minimum
due amount.
c) Moderate
use of unsecured credit lines such as credit card and personal loan
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