What is a CRIF Credit Score?
It is a three- digit number which gives a bank or a lender a sense of your creditworthiness i.e. whether you have been repaying your dues regularly or not. If the credit score is good, then the lender understands that you have used loans or credit cards in the past and have repaid all the dues properly and regularly. This makes lender comfortable to approve your current application for a loan or credit card.
CRIF credit score generally ranges between 300–900. 300 is the lowest score indicating poor credit score and 900 is the highest score possible. A score above 700 is generally considered good.
About CRIF
CRIF India is one of India’s leading provider of Credit Information, Business Information, Analytics, Scoring, Credit Management and Decisions Solutions. CRIF High Mark, a RBI licensed credit bureau, with its extensive bureau database provides information and analytical solutions to banks, NBFCs, insurance companies, telecom service providers amongst others... Know More
How can I improve my CRIF Credit Score?
You can improve your CRIF credit Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 7 steps which will help you better your score:
Pay your dues on time: Clear your outstanding dues on time. When you spend from your credit card, make sure you don’t just pay the minimum amount required to continue the usage but pay in full or the maximum amount which you can afford for that month.
Cut your Credit Cards: A better way to increase your credit limit and decrease spend ratio is to have no more than 3 credit cards at a time.
Use your Credit Card responsibly: It is a good practice to use your Credit card with the thumb rule that you restrict your spending up to 30-35% of your credit limit.
Old is gold: Do not hasten to erase your records from the accounts once you have paid your dues in full, because a trail of paying EMIs on time is a score booster.
Limit your loan applications: do not hasten to re-apply with another bank as they would be able to see your rejection by the previous bank. This could further hurt your credit score & make things worse.
Be cautious with inquiries:You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
Keep a track of your Score:Checking your credit score regularly is a good and harmless practice. It helps you keep a check on your financial health and accordingly devise adequate measures to rectify it.
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