credit score Archives -

27 Jan

Top 5 Reasons to have High Credit Score?

Finheal
Credit Score
Tags: credit score, high credit score, low credit score
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Most of us, who has ever owned one or more credit cards or borrowed any type loan (automobile loan, home loan, personal loan etc.) have credit history with major credit bureaus in India like CIBIL, a Mumbai (India) based Credit Information Company (CIC) founded in the year 2000.

High Range Credit Rating plays an important role in the approval of loan and credit card applications easily. Read more »

25 Oct

Eligibility to Qualify for a Personal Loan: Discover Lenders

Generally, people who apply for a personal loan encounter financial difficulty and do not benefit from the necessary money to fulfill certain obligations or they want to transform into reality old projects like starting a family business. However, in order to proceed with the application, they have to assess their eligibility and put things in order because when it comes to giving a loan, most lenders initiate a detailed research concerning the borrower’s background, personal and additional information. This helps them determine if the person is trustworthy and has the possibility to repay the loan otherwise, they will be taking a loss. Credit rating, employment history and repayment history, current financial situation, collateral and other eligibility considerations matter significantly in front of any lender so if you know that you do not meet one of the requirements you should rethink your application or find and approach other lenders that might accept you as an eligible candidate.

Credit Score
Logically, an excellent credit score will undoubtedly facilitate the process of receiving your much-desired loan and you can also beneficiate from a lower interest rate while poor credit will narrow your options drastically, if not even ruining any chance of getting a personal loan in the first place. If you have a credit score above 800, lenders will practically compete in providing you options meaning that you afford to be selective. A credit score below 700 is acceptable because you can apply for a loan, but you will no longer have the opportunity to choose a lender. With approximately 600 you will have a hard time finding someone who will approve a loan and with 500 you should kiss your loan goodbye or start improving your credit score.

Employment and Repayment History
Employment stability represents the second requirement that lenders impose because they have to make sure that you are a stable employee and that you do not have the habit to change jobs frequently in order to exude reliability. This does not mean that you have to work for the same company years in a row, but to remain in the same field. If you are self-employed then lenders might require further information in order to evaluate your income and reliability. Repayment history refers to the way you handled debts in the past. Lenders are able to see if you have unpaid debts by checking your credit score and this will definitely affect your eligibility. If you want to avoid causing a negative impact, you can erase late payments from your history by writing a letter to your creditors.

Income Information
Apart from establishing if you are a reliable employee, lenders must assess your monthly income in order to decide if you are able to repay the loan. Therefore, they might demand contact details of your employer or employers in the past. If you do not know exactly how much you make and spend each month, then you should start calculating the numbers and see if you afford the rate. The lenders can require additional information or proof concerning your income, such as utility bills or current bank statements.

Source: valuewalk

14 Jan

Prospect of the Personal Loan in Faridabad

Make moments special with Finheal Personal Loans

The last decade has witnessed a enormous modify in the Indian loan market. A new report by Credit Rating Information Services of India Limited (CRISL), one of the main credit rating agencies, states that the loan growth is expected to remain supple at 17% CAGR in the coming five years.

In the past, availing of a loan was a cumbersome job. There were many official procedures to be completed, like extensive documentation, slow application processing and disbursal, besides others. However, this scenario has changed tremendously now. Competition between banks and Non-Banking Financial Companies (NBFCs) has led to benefits like quick disbursal, minimum documentation, faster approval, and superior customer service.

Due to these reasons, personal loan are suitable a popular option for the masses. This division will carry on witnessing an increase in the demand for such loans.

The three main reasons for this boom are as follows:

1. Online facilities
Previously, you would have to make numerous visits to the bank to apply for a personal loan and then wait to be notified regarding any response. However, today, you may make sure the eligibility criteria, the process of applying for a loan, as well as the repayment schedule online. As online transactions have a greater degree of expediency, availing of a personal loan online is, therefore, an ideal option.

2. Increased competition between financiers
There was a time when lenders would seriously look at your loan application and then approve or reject it accordingly. However, this is not the case today. The lender’s relationship experts are willing to assist you with all the things requisite to accelerate your application process. This stiff competition among financiers to add to their customer base also contributes to the drastic change in the lenders’ outlook towards customers.

3. Credit score system
Credit scores can help to add a costly insight into the credibility of the loan applicant. Credit scores are ratings provided by the credit rating agencies like Credit Information Bureau (India) Limited (CIBIL). These are generated by taking the applicant’s past repayments and financial position into deliberation. This system has made the provision of loans less complex. Today, if you have a good credit score, lenders have not be uncertain to approve your loan application since your chance of default is very low.

Future of the personal loan in Faridabad
The Indian personal loan sector has indeed witnessed a change. Lenders like banks and Non-Banking Financial Companies (NBFCs) have grown more professional and have implemented modern technological facilities as well. Besides, NBFCs are also set to grow at a rapid pace of 25% to 30% in the years to come. Due to such high enlargement of banks as well as NBFCs, the accessibility of credit throughout loans will add to additional.

16 Dec

Things That Don’t Influence Your Credit Score

Finheal
Credit Score
Tags: credit card bill, credit score, fixed deposit, insurance payment
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You be acquainted with all about things that influence your Credit Score. These contain paid your bills late or accumulating enormous dues on your Credit Card, among-st others. But, there is a figure of factors which Credit Bureaus never take into account. Did you identify that your insurance premium payments, for instance, don’t influence your Credit Score? That’s right! They don’t. There are several other alike examples that don’t have any collision on your Credit Score, even though you may think they do.

Borrowings against FDs – Just got an overdraft against your Fixed Deposit? There is not something to be anxious concerning. It has no impact on your Credit Score. Credit Bureaus do not think overdrafts as Loans if not you fail to forfeit your bank back and they have to start sending recovery agents. So, you can obtain as many overdrafts as you desire without any impact on your Credit Score, but be sure to pay them back on time.

Your salary – Have you still seen a Credit Report? It will by no means surround the amount of income you make. This is since it has no impact on your Credit Score. A high salary doesn’t indicate a high score. It doesn’t issue to Credit Agencies whether you get a very high or very low salary. How you use your capital to pay your debt matters to them. Also, note that your employment the past will be mention on the Credit Report. Make sure that it is correct, because any incorrect information may have a negative collision on your Credit Score.

Insurance Premium – Insurance companies do not bypass on information concerning your timely payment of Insurance premiums. These payments do not influence your Credit Score. If you miss an insurance payment, your policy may get cancelled but your Credit Score will stay intact. Though, note that Insurance companies may look at your Credit Score before decide your Insurance premium, particularly if the Sum Assured you require is actually high.

Divorce Proceeds – The money or alimony that you might pay your spouse subsequent to a divorce will not involve your Credit Score. But, if you are transferring debts to an additional person’s name, or getting amount overdue transferred to your name after a divorce, it will contain an impact on your Credit-Score.

Phone Bills – Haven’t paid your phone bill on time? Paid a late fee on your phone bill? It totally doesn’t influence your Credit Score, unless you made the payment through your Credit Card and didn’t pay your Credit Card bill on time. Also, if you have been non-payment on your bill payments, and recovery agents are after you, then it absolutely will influence your Credit Score.

Rent – You have always been a hard-working tenant. You pay your rent on time, every time. But, no, it has no impact on your Credit-Score. Nonpayment of rent could involve your Credit Score only if your landlord evicts you and send notice to recovery agents.

Interest Rates On Loans – Whether you disburse a ton of interest on your loans, or a very little amount, it really makes no difference to Credit Bureaus. As long as you give your interest on time, you are secure. On the other hand, your Credit-Score can affect the interest rate handed out to you by lenders. The higher your Credit-Score, the lower the interest rates specified to you.

Only a graduate – It doesn’t subject whether you are a Graduate or Post Graduate. Credit bureaus don’t actually care whether you graduated from an Ivy League college or a not-so-great one. This will have totally no effect on your Credit Score.

Debit Card – The way you make use of your Debit Card will not have any collision on your Credit Score. Banks do not report transactions made on Debit Cards to Credit agencies. That means cheques also do not matter. Though, too many bounced cheques issued on your part can surely impact your Credit-Score. Issue cheques only if you have enough balance.

Checking your Credit_Score – Just purchase your Credit Report? Don’t fret. You can confirm your Credit Report as many times as you wish for without it having any collision on your Credit Score. However, if a bank retrieves your Credit Report, it is considered a ‘hard enquiry’. This will affect your Credit Score.

How good are you at handling Credit/Loans? This is what Credit bureaus want to be acquainted with. No matter which related to this will have an impact on your Credit Score. After all, you wouldn’t want to be fixed with a bad Credit-Score, correct?

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