Let us break down this term. Credit points to lending, borrowing , interest rates, loans etc. Score means a Numeric value which will have a lower and upper limit. Putting both together – “ Credit Score “ It means a Numeric value which will have a bearing on the Lending / Borrowing activities undertaken through Financial Institutes.
In Financial Terms, Credit score is a Three digit Numerical value which gives a clear picture about your past Credit behavior. A high score means that you have been a good customer , paying all your dues on time. Whereas a Low score means that you have not been a good customer and any future credit to you may be risky to a Financial institution.
How it will affect you is that whenever you apply for any kind of Credit from any Financial Institute, that Institute will check your Credit score before processing the credit application. A Good score helps you get a Loan or Credit card easily and get you better interest rates on Loans. A Bad credit score can lead to rejection of a loan or Credit card application
Credit Scores are prepared by Credit Information Companies. CIBIL Transunion, High Mark, Experian and Equifax are the four Bureaus in India that do this work. MyFundBucket.com has a Tie-up with the High Mark bureau to provide Credit Scores to its customers
High Mark has a Credit score range between 300 – 900.
A score above 750 is considered a Perfect score and Banks and Financial institutes would be more than willing to offer Credit to an individual with such a score.
A score between 600 -749 is considered a good score. In most cases, the loan will be approved with such a score
A score between 450 -599 is not considered a good score. Some Financial institute may consider an Credit application with such a score. But even if the credit is approved, interest rates will be on the higher side.
A score between 300 -449 is considered a Poor score and getting a loan with such a score will be impossible.
Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.
Why should Credit score be checked periodically by an Individual : 2 Reasons : First to check where you stand with regards to your Credit Health and Second : To check for any sudden dip in score which could be because of errors in the Credit Report.
Ans. This is a wrong notion which has been spread that if a customer does not pay his dues on time, he will be reported to Cibil. Any individual having a Pan card will anways feature in the Cibil records. What is important is the score which Cibil gives an individual depending on his credit behavior and repayment track record. Customer can have a good score when he is perfect in his repayment history, a bad score if he has defaulted or has some issue based account in his report or a NH ( No History) status where the customer has not availed any type of credit till date.
Ans. There are currently 4 Credit Bureau’s in India : 1. Transunion Cibil 2. Experian 3. Equifax and 4. High Mark
Ans. Different Bureau’s may use different methods to calculate the Credit Score. But a Financial Institute has to report about a Customer’s payment record to all the 4 bureaus. Therefore the Score which is calculated by the 4 bureaus will not have any major difference.
Ans. 750 and above - Perfect score and Banks and Financial institutes would be more than willing to offer Credit to an individual with such a score.
600 -749 - A good score. In most cases, the loan will be approved with such a score
450 -599 - Not considered a good score. Some Financial institute may consider a Credit application with such a score. But even if the credit is approved, interest rates will be on the higher side.
300 -449 - A Poor score and getting a loan with such a score will be impossible.
Ans. There are 2 types of enquiries : Soft and Hard . When an individual checks his score it is known as a Soft enquiry and does not impact your credit score. While a Hard enquiry is done by a Financial Insitute to check your credit history and take a decision on your credit application, whether to approve or reject your credit application. Such an enquiry brings the credit score down by a few points. MyFundBucket will be doing a Soft enquiry on behalf of the customer with the High Mark bureau . Therefore there will be no impact on the credit score from such an enquiry.
Ans. In today’s scenario any Financial Institute will want to check the Credit history of a credit applicant before approving or rejecting the application. Therefore it is important to know your credit score before applying for any form of credit. When a person with a low credit score keeps applying for credit, every rejection of credit will result in the Credit score falling further down.
Ajay Yadav, Uttar PradeshFast free credit score provider
Thank you myfundbucket.com for providing me free credit report. It’s so easy and quick to get credit score from your website, I received my report in less than 2 minutes. I like your website and it’s easy to use. I tried home loan section of your website, personally I felt that the rate of intereset is very less as compare to other lenders. Keep up the good work and all the best.
Rina Roy, ChennaiSuper fast service
Must say very fast credit score given by myfundbucket.com. The steps to enter my information was very simple, I was expecting to get report in an hour’s but you people amazed me, I got my report in few minutes. Now I know my credit score that to also free of cost, all thanks to MyFundBucket.
Ashok Patil, PuneExcellent website
My friend told me about myfundbucket.com previously, today I seen this website advertisement at twitter about Free Credit Score, so thought to apply. This website is very good and easy to operate. After applying for free credit score, immediately I received my report. I have recommended this website to my family members.
Raj Patnayak, OrissaQuick credit score
Your website is very useful, I got my credit report quickly and free of cost thanks to myfundbucket.com. I checked your other services also, I found them very good. I am looking for credit card so till tomorrow I will apply for credit card from your website myfundbucket.com. I feel your website is doing really good.
Vinod Verma, Delhi5) Best place to get free credit report
Myfundbucket.com is my first suggestion to everyone for checking their credit score. The service is free and very fast. I also had word with their customer service, she was good and knowledgeable. I have shared your website on my facebook page. I am very happy with MyFundBucket services.