Fair Credit Score: It indicates that borrowers have performed neither too good nor bad when it comes to handling their loan payments and credit card bills.Therefore, depending on the lender, you may or may not get as many loan benefits as you might have expected. People with credit scores in this range have good chances of getting approval on loan application as it indicates the borrower is dependable and can be given loan but the risk is still there. Good Credit Score: Credit Score of most people fall in the ‘Good’ category.This kind of credit score implies that you’ll get various loan benefits such as quick loan approval, low-interest rate, and favorable deals on all kinds of loans. Lenders find it hard to say no to borrowers with excellent credit scores. Excellent Credit Score: An ‘ Excellent’ credit score reflects that the borrower had consistently paid his/her loan installments and credit card bills on time and had no negative mark on their credit report.The impact of credit score is as follows: Impact of your Credit Score in the Borrowing Process Higher the credit score lower the risk of getting loan applications rejected by lenders. Your credit score ranges from 300 to 900, with no credit score or 300 being the lowest and 900 being the highest credit score. It is worth mentioning that each credit bureau in India uses a different algorithm to calculate and generate credit score and credit rank. Below stated are the four leading credit bureaus operating in India: These credit bureaus generate credit scores for individuals and credit ranks for the businesses, companies, enterprises and organizations based on the credit information provided by the banks/NBFCs, and other financial institutions on a monthly basis. In India there are a total of 4 CICs or credit bureaus licensed and authorized by the RBI to calculate and generate credit scores for consumers across the nation. Credit Information Companies (CICs) in India Therefore, try to improve your credit score to further avail credit at low interest rates with additional benefits. High credit score increases the negotiating options for the borrower and enhances the chances of qualifying for best loan deals. Thus, it helps the consumer in availing loans at ease, along with instant credit card approvals. Good or high credit score depicts the consumer’s creditworthiness and past credit behavior and marks the borrower at low-risk for lender. Importance of maintaining a Good Credit Score Please Note: The credit score range mentioned above is only indicative and may vary from lender to lender and bureau to bureau. Let us have a look at the credit score range that Credit Information Companies or Credit Bureaus consider while evaluating your new credit applications of loans and credit cards: Credit Score Range
Experian fico score range download#
Thinking of your credit score and where you fall in this range? Check and download your free credit report here and get monthly updates with no impact on your credit score. Any credit score of 750+ or as close to 900 assures high chances of loans or credit card approval. Usually, a credit score is a 3-digit numeric that depicts your creditworthiness and past credit behaviour. The credit score range provides an indication of the credit risk that borrowers pose to the lenders (Banks/NBFCs).
The categorization of credit score ranges and credit score may differ, as per each Credit Bureau or Credit Information Company (CIC).
Credit score typically ranges from 300-900 and is further categorized in various categories, such as no score, low, fair, good and excellent.
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