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Steps to Calculate Credit Score:
Download the Airtel Thanks app and login/register
To login, enter your registered mobile number
On the Manage Page, under Airtel Finance section, click on the tab ‘Credit Score’
Next, you need to enter your Personal Details
Full Name, contact, gender, DOB, PAN, email, current pincode- click ‘Check Now’
You must maintain a good credit score
The borrower should have a decent credit score to be eligible for personal loan
What is Airtel Finance?
Airtel Finance offers customers personal loans and credit cards, in collaboration with multiple banks and financial institutions. These products are available for all - both Airtel and non-Airtel users. It is completely digital and 100% secure. You can explore the details on the Airtel Thanks app.
Features of Personal Loan
Get a personal loan from Airtel Finance, on your terms & with added flexibility
Up to ₹9 lakhs of loan
Obtain a loan ranging from ₹10,000 to ₹900,000
Low rate of interest
Airtel Flexi Credit interest rate tarts at 11.5%
Flexible tenure
You can extend your loan tenure up to 60 months
Get credit in 24Hrs
Enjoy the benefits of instant credit disbursal
FAQs on CIBIL Score
What is a Credit Score?
A credit score is generally the numerical representation of an individual’s creditworthiness. It is a three-digit number ranging from 300 to 900 which tells about your credit accounts, total debts, repayment history, and other related information based on credit reports.
How is a credit score calculated?
Credit score is calculated based on the following factors:
- Repayment history
- Credit Utilisation
- Credit history
- Credit mix
- New Credit enquiries
Why is a credit score important?
A credit score is important as it serves as a financial report card for lenders. This score ranging from 300 to 900 tells them about your credit information and how responsible you are with money. It is important to maintain a good credit score as it affects your ability to get new loans, rent an apartment, or anything where credit is required.
How often should I check my credit score?
It is recommended to check your credit score on a regular basis as it helps you stay informed about your credit health. According to experts, it is good to monitor your credit score every quarter. There are several websites and apps that allow you to check credit scores for free or low cost. You must also check your credit score before applying for a new loan or credit card.
What factors can impact my credit score?
The major factors that can impact your credit score include:
- Repayment history - avoid late payments, defaults, and missed payments to keep a good credit score
- Credit accounts - Avoid high utilisation of your credit amount
- Credit history - Longer credit history with on-time payments is always considered good
- Recent credit enquiries or applications - Keep your enquiries and applications low
- Credit Mix - Keep a mix of loans, credit cards, and other such accounts for a good credit score
How can I improve my credit score?
Here’s how you can improve your credit score:
- Pay your bills consistently on time
- Always look forward to keeping your credit card utilisation around 30% of the available limit
- Have a diversified credit account with a mix of loans, credit cards, and more
- Regularly check your credit report to keep a check on its health
- Settle outstanding debts as soon as possible
- Keep old accounts active
- Use credit only when needed
How long does it take to build a good credit score?
If you wish to build a good credit score, then you need to have patience as it takes time. The specific duration can vary depending on the starting point of your credit and the actions you have been indulged in including repayments. Usually, it takes several months to a few years to establish a solid credit history and achieve a good credit score. To score 700 or higher, you would need to maintain a great credit history for a period of 2-3 years.
Can I get a loan with a low credit score?
Yes, it is possible to get a loan with a low credit score, but, you must keep in mind that you may not get it on your favourable terms. It can be more challenging and may come with higher interest rates. However, you can also go with secured loans if you are unable to get a loan without providing collateral.
Does checking my own credit score affect it?
Well, checking your own credit score doesn’t really affect it as it is often termed as soft enquiry. Your credit score is only affected when a lender or a financial institution checks your credit by getting the report from credit bureaus. This happens only when you apply for a loan or credit card.
How does my credit score affect loan interest rates?
Your credit score affects your loan interest rates significantly. If you have a higher credit score, let’s say 700 or above, it means you have a good credit history with great on-time payments. In such cases, lenders and financial institutions are happy to provide you with lower interest rates. However, if you have a credit score below 700, or usually below 650, lenders may consider you a higher credit risk. As a result, they may offer you loans with higher interest rates to compensate for the perceived risk.
Can I have multiple credit scores?
Yes, it is very common to have multiple credit scores as there are many credit bureaus like CIBIL, Equifax, Experian, and CRIF High Mark. All of these bureaus maintain your credit report, on the basis of which they produce your credit score every month. Hence, it is always advisable to check your credit score with these important credit bureaus regularly, though CIBIL score is mainly considered by financial institutions in India.
What is a good credit score range?
A credit score ranges from 300 to 900 and these numbers determine your creditworthiness. Individuals having a credit score in the range of 300-500 are considered to have poor credit. While a score between 501 and 700 is considered a fair credit score, a score between 701 and 750 is considered a good credit score. People with a credit score between 751 and 900 have an excellent credit score.
How do late payments influence my credit score?
Late payments or missed payments have the worst effect on your credit score as your payment history is what defines your credit score. Apart from incurring late fees and penalties, your credit score will also be lowered. However, this usually happens only when the payment is 30 days or more overdue. To minimise the impact of late payments, always strive to pay bills on time, even if it's just the minimum amount.
Can I remove negative information from my credit report?
Well, the negative information on your credit report, which is often in the form of late payments and defaults, cannot be removed if it is accurate and reported legitimately by the bureaus. However, there are some steps you can take if you wish to change it:
- Pay off the outstanding amount
- Dispute errors with the credit bureaus and ask them to investigate
- Negotiate with creditors
How do credit utilisation and available credit affect my score?
It is always recommended to keep your credit ultimatum below 30% of the available credit. Using the maximum amount from your available credit can negatively impact your score. On the other hand, having a higher total credit limit across all your accounts can be beneficial for your credit score as it will increase your credit capacity and can help keep your credit utilisation rate lower.
Can I build credit without a credit card?
Absolutely, you can build your credit score without a credit card. You can avail yourself of secured loans and credit builder loans to build your credit score. You can also rely on rent and utility payments and credit builder products to establish credit.
Does closing old accounts affect my credit score?
Yes, if you have an old credit account and you wish to close it, then it can potentially affect your credit score. This is because the length of your credit history accounts for about 15% of your overall credit score. So, if your account age is shortened under any circumstance, your credit score will be impacted.
How long do different types of credit information stay on my report?
Different types of credit information can stay on your credit report for varying lengths of time. Here’s an insight for you:
- Positive accounts can remain on your credit report as long as they are open and in good position
- Late payments and defaults can stay for up to 7 years
- Closed accounts with no negative history can stay for up to 10 years
- Public records such as civil judgements can stay up to 7 years or more
- Hard enquiries usually stay for a period of up to 2 years
How does bankruptcy affect my credit score?
If you are filing for bankruptcy, then be prepared to witness a significant drop in your credit score as bankruptcy remains on your credit report for an extended period usually up to 10 years. Moreover, after bankruptcy, you may find it challenging to qualify for new credit accounts, and if you do, they often come with higher interest rates and less favourable terms.
Can I dispute errors on my credit report?
Yes, you can dispute errors on your credit report. Here’s what you can do: send a letter to the credit reporting agency, explain what went wrong, and provide documents to support your claim. There is no fee for disputing a credit report.
How does my credit score impact renting an apartment?
Ideally, renting an apartment should not be affected by your credit score. However, there can be cases where the landlord might ask you to show your credit report.
What is the significance of a "soft" and "hard" credit inquiry?
A soft credit inquiry takes place when you are checking your own credit score or have been provided with a pre-approved credit scheme. Whereas a hard credit inquiry takes place when you apply for a loan or a credit card.
How do different types of loans (mortgage, auto, personal) affect my credit?
Whenever you apply for a loan, your credit score gets depleted slightly. Therefore, it is always advised that you do not apply for loans from multiple banks in a short period of time.
Can a co-signer help me get a loan with a better credit rating?
Having a co-signer to help you with a loan is a great way to reduce your interest rate. It can also help when you are not able to get a loan from the bank with your own credit score.
How does my credit score affect my insurance premiums?
If you have a bad credit score, then your insurance premium will definitely go higher. A low credit score means that a person is high-risk, which is why insurance premiums are also inflated.
Can I transfer my credit score between countries?
No, it is not possible for you to transfer the credit score across countries. Every nation in the world has its own credit rating methods, which makes it non-transferable.
How does getting married or divorced influence my credit score?
Getting married or divorced can impact your credit score, depending upon your spouse. For example, if they have a good credit score, it might boost yours as well when you get married. Or during a divorce, your credit score could improve because you are now separated from your spouse, who had a bad credit rating.
Can I inherit someone else's credit score?
No, credit scores cannot be inherited. Your credit score is only based on your credit history.
How does identity theft impact my credit score?
It can pose a major scare to your credit score. With identity theft, the other person can completely misuse your funds, and your credit score will end up facing the brunt of all the unpaid payments or EMIs.
Can I opt out of pre-approved credit offers to protect my score?
Yes, you can always opt out of pre-approved credit offers from banks.
How does enrolling in credit counselling or debt management affect my credit?
When you enrol in such programs, it usually involves closing all the older accounts and creating a new one with a lower interest rate. However, it impacts your credit score because your credit utilisation ratio is increased.
What is the significance of a "thin file" or "no file" credit history?
A "thin file" or "no file" credit history means that you have very little or no credit history. This can make it difficult to get approved for loans and credit cards, as lenders will have less information to assess your creditworthiness.
How do student loans affect my credit score?
Student loans can have a positive or negative impact on your credit score, depending on how you manage them. If you make your payments on time and in full, your student loans can help to improve your credit score. However, if you miss payments or default on your student loans, it can damage your credit score.
Can I refinance a loan to improve my credit score?
Yes, you can refinance a loan to improve your credit score. This is because refinancing can lower your interest rate, which will decrease your monthly payments and your credit utilisation ratio.
How do credit scores differ across credit bureaus?
Credit scores can differ across credit bureaus because each bureau uses its own scoring model. However, the differences are usually small and will not have a significant impact on your overall credit score.
Does my employment history impact my credit score?
Your employment history does not directly impact your credit score. However, it can indirectly impact your credit score by affecting your income and your ability to repay your debts.
How can I establish credit for the first time?
Here are some of the ways to establish credit for the first time: get a secured credit card, take out a small loan and repay it on time to show that you can be trusted with credit.
Can a good payment history on utility bills improve my credit score?
In ideal cases, utility bills have very little impact on your credit score. Regardless, it is important to pay your utility bills on time.
How do joint accounts affect the credit scores of both account holders?
Joint accounts affect the credit scores of both account holders. If one account holder makes a late payment or defaults on the loan, it will hurt the credit scores of both account holders.
Can unpaid medical bills impact my credit score?
Unpaid medical bills may usually not impact your credit score. Even if it does, it might take a lot of time for it to reflect on your credit score. However, it is always a good idea to pay all your bills on time.
Personal Loan Lending Partner -
Airtel Flexi Credit
Understanding Credit Score
TA credit score is a three-digit number that lenders use to assess your creditworthiness. It is based on information in your credit report, which includes your payment history, the amount of debt you have, and the length of your credit history.
A higher credit score means you are considered a low-risk borrower, and you may be eligible for lower interest rates and better terms on loans and credit cards. Banks are usually sceptical about providing loans to borrowers who have low credit scores, as they are seen as high-risk. Low credit scores also mean that you will get higher rates of interest.
How to calculate credit score?
Your credit score can range between 300 to 900. A score of 700 or above is considered good, whereas anything above 800 is excellent. Now, the complete formula for calculating a credit score is not available since it is considered a trade secret. However, why should you even do all the mathematical calculations of checking a credit score yourself when you can get it done online, for free? You can use a CIBIL score calculator to find out your credit score right away.
Steps to Check Free Credit Score
Checking your credit score is completely free and only requires a few steps. Here is how you should proceed to check your CIBIL credit score:
- Download the Airtel Thanks app on your phone
- Register/Login to the Thanks app using your mobile number
- On the Manage Page, under Airtel Finance section, click on the tab ‘Credit Score’
- Next, enter your Personal Details- Full Name, mobile number, gender, date of birth, PAN number, email address, current pincode
- Next, tick the box of terms and conditions and click on ‘Check Now’
Benefits of good credit score
There are many benefits to having a good credit score. Here are a few of the most important ones:
- Get approved for loans and credit cards at lower interest rates: Lenders are more likely to approve you for a loan or credit card if you have a good credit score. They will also offer you lower interest rates, which can save you a lot of money in the long run.
- Get a better deal on insurance: Insurance companies often offer lower rates to people with good credit scores. This is because they are considered to be lower risks.
- Qualify for a mortgage with a lower down payment: If you have a good credit score, you may be able to qualify for a mortgage with a lower down payment. This can save you a lot of money upfront.
Thus, there are multiple benefits of having a good CIBIL score.
What is a credit report and how to read it?
A credit report is a document that summarises your credit history. It includes information about your credit accounts, such as your payment history, the amount of debt you owe, and the length of your credit history.
Your credit report is used by lenders to assess your creditworthiness. It is an important piece of document that is used by banks or credit lending institutions when they want to understand that you are responsible with credit. In addition, it also helps them to analyse your creditworthiness and whether you are making your payments on time.
You can check your CIBIL credit report right away, from their website.
What are the factors that affect my credit score?
Looking for factors that affect credit score? Here they are:
- Payment history: This is the most important factor, and it accounts for about 35% of your score. Banks or lenders want to see that you have a history of making your payments on time.
- Amounts owed: It accounts for about 30% of your score. Make sure that you are not using too much of your available credit.
- Length of credit history: Accounts for about 15% of your credit score, where you have to show that you have a long history of using credit responsibly.
- New credit: This factor accounts for about 10% of your score, where lenders want to see that you are not applying for too much new credit at once.
- Types of credit: Accounting about 10% of your credit score, banks or lenders want to see that you have a variety of credit accounts, such as credit cards and loans.
- Make sure you have a good credit score and then getting credit becomes extremely easy.