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A credit score is a 3-digit numerical value depicting your creditworthiness. It ranges between 300 and 850 and summarises your credit report, history, and rating. Your credit/ Credit Information Bureau (India) Limited (Credit) score is calculated by Experian Credit Information Company of India Private Limited and available as online credit score.
Your Credit Score score primarily depends on factors like-
New debt
Credit or repayment history
Credit mix
Credit utilisation ratio
When you apply for a loan, your credit score acts as a marker of your credit discipline. The credit report helps the lender with your information summarising your credit accounts, amount of credit used, the amount owed, number of hard credit enquiries, credit tenures, and whether bills and loan instalments are timely paid.
The higher your Credit score, the better your chances of loan approval. Typically, a credit score over 750 is considered excellent by lending institutions.
A good credit score is a three-digit number that reflects your creditworthiness based on your financial history. It helps lenders assess your ability to manage credit responsibly, including loans and credit cards. Typically ranging from 300 to 900, a higher score indicates a lower risk for lenders, increasing your chances of loan approval.
Scores above 760 are often considered excellent, making it easier to secure loans or credit cards with favourable terms. Some lenders may accept scores of 700+, but maintaining a higher score demonstrates reliability. Regularly repaying debts on time and responsibly managing credit products like personal or home loans contribute to building and maintaining a good credit score.
The credit score range in India starts from 300 and ends at 900. The closer your credit score is to 900, the higher your chances of getting your loan approved at attractive interest rates. Here are the credit score ranges that most lenders consider:
| Score Band | Category |
|---|---|
| <300 | No Score/No History |
| 300-550 | Very Low Credit Score |
| 551-620 | Low Credit Score |
| 621-700 | Fair Credit Score |
| 701-759 | Good Credit Score |
| 760+ | Excellent Credit Score |
The credit bureaus calculate an individual’s credit score after considering factors like credit history, repayment behaviour, credit exposure, and credit type, among other factors. There are four credit bureaus in the country: TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. These credit agencies are licensed by the Reserve Bank of India (RBI).
The calculation of credit score by each credit bureau is different according to its criteria and method used. However, the following factors are commonly considered by all credit agencies:
A good credit score improves loan eligibility, and loan approval chances and increases your likelihood of landing competitive loan terms. Check your online credit score for free with Tata Capital.
Let’s look at some benefits of a credit score above 750.
The factors that affect your credit score include:
Payment History: Late or missed payments have the most significant impact on your credit score. Timely payments are essential.
Credit Utilization: Using less than 30% of your available credit is ideal to maintain a good score.
Credit History: A longer credit history positively affects your score, showcasing stability and experience with credit.
Recent Credit Inquiries: Multiple hard inquiries in a short time can lower your score, as they indicate potential financial strain.
Credit Mix: A diverse range of accounts, such as credit cards and loans, demonstrates responsible credit management and can improve your score.
Monitoring these factors helps ensure a strong credit score!
If you don’t have a good credit score, you can bring your credit score up in a matter of months with disciplined credit and repayment behaviour. Check your online credit score and maintain a healthy credit score through-
Consistently pay your loan Equated Monthly Instalments (EMIs) and credit card bills on time. A credit report free of EMI defaults and late payments perks up your credit score.
Regularly check your online credit score for any discrepancies and understand your potential loan eligibility.
Your online credit score should have a healthy mix of unsecured and secured credit. Here, the lesser unsecured loans you have active, the better your credit score.
Your credit utilisation on your credit card must be 30%-35% or lower than your current credit limit. However, not using your card at all can also lower your credit score.
Before applying for a new loan, check your credit history online. Credit score can reduce if you service multiple loans simultaneously and apply for new credit as well.
As a new customer, to get online credit score, input your first name and last name, date of birth, gender, email ID, PAN number, mobile number, address, state, city, and pin code.
In the credit score check online process, confirm that all your details are correct. Click on ‘Submit’. Get your online credit score and credit report for free with Tata Capital.
As an existing customer, find your credit score; check your report online as well by providing your registered mobile number. Use the OTP to check your online credit score.
While a credit score is a three-digit number that represents your creditworthiness, a credit report documents your entire credit history. Here's how the two differ:
| Feature | Credit score | Credit report |
|---|---|---|
| Definition |
A three-digit number that represents your creditworthiness |
A detailed record of your credit history |
| Range | Typically ranges from 300 to 900 | Does not have a specific range |
| Purpose | Used by lenders to assess the risk of lending money to a borrower | Provides a comprehensive overview of your financial and credit history |
| Duration | A highlight of your creditworthiness at a specific time | A complete history of your credit behaviour over the years |
A credit bureau is an agency creating credit scores by collecting and analysing credit data, including credit cards used, loans taken, overdraft facilities, etc., associated with people or business entities.
Your credit score is calculated based on your credit history, repayment records, and other credit information in your credit report.
So before approving a loan, lenders use your score to measure your creditworthiness as a borrower. Telecom companies use your report and score to verify your details and gauge your ability to pay post-paid bills timely.
Your PAN is unique and is linked to all your financial transactions. Credit bureaus use your PAN as a unique identifier to locate your credit information in their records. This is why you need to provide your PAN to check credit score.
Enter your PAN and get your free credit score check online with Tata capital
Yes, some types of inquiries can affect your score.
When you apply for a credit card or a loan, lenders perform a credit check, which reflects in your credit report as a hard inquiry. Hard inquiries can decrease your credit score.
However, employer credit checks and self credit checks are soft inquiries and do not affect your score.
Tips for a good credit score:
The credit score is set by the Reserve bank of India (RBI), ranging from 300 to 900, with 900 being the highest. There are various credit bureaus, Experian and CIBIL TransUnion being among them.
Experian and CIBIL TransUnion are well-known credit information companies approved by the Securities and Exchange Board (SEBI). They provide detailed credit reports that aid various lenders and borrowers in making informed decisions. A credit score of 750 and above is considered suitable for CIBIL and Experian.
Some points of distinction:
In 2015, the Reserve Bank of India (RBI) issued guidelines that all financial institutions and credit-providing institutions must become members of any of the four credit bureaus, namely, TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. Hence, both Experian and CIBIL are reliable credit information companies.
About 90% of financial institutions and companies have tied up with CIBIL. This makes Credit score more reliable and accurate when applying for a secured and unsecured loan.
Both Credit and Experian credit scores range from 300 to 900. Credit scores above 700 are considered good, and scores above 750 make you eligible for most loan types.
Credit scores are computed by credit bureaus in India. These include Equifax, CRIF High Mark, CIBIL TransUnion and Experian. Financial institutions and lenders rely on the scores attributed by these credit bureaus to ascertain a borrower’s creditworthiness.
You should check your credit score to ascertain your current credit position. Since financial institutions and lenders rely on your credit score to determine your creditworthiness, ensuring your credit score is error-free and accurately depicts your creditworthiness is imperative to a successful loan application.
No, only authorized entities like lenders, financial institutions, or you can check your credit score. Unauthorized individuals cannot access your credit score without your consent.
The minimum credit score to get a loan varies with financial institution. Be sure to discuss this with your chosen lender.
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