- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
A Credit score aids the borrowers in analyzing whether an individual should be given a loan or not. There are many points that are explains the concept of Credit Score in an appropriate way. If you have some doubts about credit score, you can refer this article and get to know the answers to all the questions that might have occurred in your mind regularly.
Creditseva is here to provide you with the complete knowledge about Credit Score and also assist you in understanding the details related to it. By incorporating the services of Creditseva, you can get to know in and out about credit score and improve as well as maintain your credit score.
If an individual borrows some money and returns it back on proper time, it will enhance the individual’s credibility. It cannot be improved at one or overnight. It needs an appropriate strategy and procedure to be followed to improve the credit score.
2. How is Credit Scores Calculated?
The Credit Score is calculated by taking into account the history of payment and the usage of credit.
3. What are the factors that can reduce my credit score?
There are three factors that are responsible for reducing the credit score.
- Cancelling Or Closing a credit card
- Missing your payments
- Making multiple enquiries within a short duration of time.
4. Is there a possibility that we get loans quickly if we have a good credit score and submit the report?
No, there is no possibility of getting loans quickly if you have a good credit score. A loan is approved after the complete process of the analysis of the credit reports and other data belonging to the borrower. Therefore, there is no possibility that an individual can get a loan quickly if the individual has maintained a good credit score.
5. What should be done if there is the difference in the credit report of one company when compared to the credit report of another company?
Many lenders have been using a major credit score service & rest of all is also going to follow the same very soon. Even in such a scenario, the final decision is in the hands of the credit appraiser of the lender. Many cases have been seen where though the credit report came unsatisfactory or low in numbers, with complete clarity a proof that supports the reason, credit managers have agreed to give the loan. They are authorised to take calls on such loan applications.
6. Will my credit score below if I have not borrowed or never had a credit card?
Yes, it is true that your credit score will be low if you haven’t borrowed before or you do not have a credit card. It is better if you have a card facility that is basic or a home loan that you can utilise for the purpose of saving taxes.
7. What happens when my credit score is really good?
If your credit score is really good, it will not enhance your credibility of loan immediately.
But there is a good impression in the lender’s mind regarding you, if your credit score is extremely good. The lender is happy to know that you have a good credit score because it implies that you are good borrower, who has not defaulted.
8. If my credit score is good, will I be given a loan at a rate that is better?
No, you will not be given a loan at a better rate only because you have a good credit score. This is because many factors like background related to education, income, the borrower’s profile etc. will be taken into consideration while you are taking a loan.
9. Will there be an affect on my employment if my credit score is low?
It has become a trend nowadays that there is some effect on certain aspects of your employment if you have a low credit score. Your credit report will be helpful in reflecting your character and provide information about your creditworthiness.
10. What will happen when my loan has been written off and I do not pay?
Writing off a Loan means that you have not made the repayment. This happens because of two reasons. One reason is when you have made it clear to the lender that you cannot pay back and the second reason is that you are not getting traced by the lender for repayment.
11. Does it affect my credit score if I cancel my credit card?
It will not affect your credit score if you cancel your credit card in a proper way by following a procedure. The procedure is to firstly intimate the bank that you are willing to cancel the card, clear your dues, collect the NOC and then cancel your credit card. But if you fail to clear your dues and destroy the card, it will affect your credit score.
12. Can the bad credit history of any colleague affect my credit score?
The answer is yes, only if various employees of a same company have defaulted. In such a case, the lender blacklists the company and rejects your loan application in future. This will cause a decrease in your credit score.
13. Can I raise a dispute with the credit bureau if there is a deviation in my score?
Yes, you can raise the dispute with the credit bureau if you have found a deviation in your credit score.
14. What will happen to my credit score if I negotiate with the lender and make a settlement payment?
There will be an adverse impact on your credit score if you have negotiated with the lender and made a payment for the settlement. In this case, you are paying a lesser amount instead about the amount that you had earlier promised to pay. This creates a bad impression on your credit report.
15. Will there be an impact of my credit score on any of my family members?
Yes, there is surely an impact of your credit score on your family members.
For Example: If you have default a loan and your sister has applied for a loan after a while, then there are chances that their loan will get rejected.
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