The FinTech Hub
Source: Live Mint Using a credit card affects your credit score in a number of ways. The factors which determine your score include the payment history, credit utilisation ratio and the length of credit history, among others. Here explain each of them in detail: 1. The payment history: When you make payment on time, it boosts your…
Source: Live Mint Maintaining a credit score above 700 (measured by CRIF High Mark, Experian or Equifax) calls for credit discipline. This means one should clear one’s credit card bills and loan repayments on time. Additionally, one should keep the credit utilisation ratio (CUR) under the optimum level of 30 percent. Aside from this, one…
Source: Live Mint Whenever an individual applies for a credit product like a loan or a credit card, the bank evaluates whether they can approve or reject the application. Among the various eligibility criteria, an important one is to assess whether the individual will repay the credit extended. It is done by evaluating the individual’s…
Source: Live Mint To build and maintain a good credit score, you must access your credit report and score and monitor it regularly. Similarly, when you apply for a credit product, the financial institution has to access your credit report and score. Depending on who accesses your credit report and score, you or the financial…
Source: Live Mint Instant personal loans are offered to you by lenders based on your credit score and overall profile. These loans are approved instantly and do not require collateral. Hence, they are offered with comparatively lesser amounts and higher interest rates. The interest rates offered to you majorly depend on your credit score. What…
Source: Live Mint However, not all these factors affect your credit score equally. Your repayment history, for instance, matters much more than the number of hard enquiries on your credit report. A hard inquiry, also known as a hard pull or hard credit check, is when a lender or financial institution reviews your credit report…
Source: Live Mint Personal loans are unsecured loans which provide you with quick access to funds for your personal needs. Since personal loans do not require collateral, the eligibility criteria for loans are highly dependent on the credit score as well as your income. Hence, if you have a low credit score, your chances of…
Source: Live Mint Imagine this – Over 119 million Indians are actively monitoring their credit scores, with a majority emerging from rural and semi-urban areas. This growing financial consciousness is not just a trend but a quiet revolution reshaping India’s economic foundation. Technology is dismantling traditional barriers to financial inclusion, and the importance of maintaining…
Source: Live Mint Credit score is a three digit score which is given to you by credit bureaus which acts as a reflection of your credit profile and your creditworthiness to your creditors. Multiple loan inquiries to different creditors can negatively affect credit score. As a result, when you need the credit, you may not…
Source: Live Mint Whenever you apply for a loan or a credit card, your credit score plays an important role in determining whether the bank will approve or reject your application. While most people know this fact, there are many interesting facts about the credit score that you may not know. So, let us understand…
