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How do Credit Scores Work?

There is a vital role of credit score in impacting the financial life of the user. It helps the lenders in decision-making, whether they should offer credit to the users who apply for a loan or not. In case, if the credit score of a user is below 650, then usually the applicant would fall in the category of subprime borrower i.e., where the credit risk is high for the lender. Because of high risk and some negative factors in the credit reports, generally, such loans are ende up with a comparatively higher rate of interest.

On the other hand, if the credit score of a user is 650 or above then it is regarded as good. With a good credit score and no defaults in the credit report, there are high chances of loan application approval with competitive interest rates. When the credit score is more than 750, then it is considered an excellent score.

Nowadays, it is so easy to check credit score online. Many websites offer free credit score check services where users can check their credit score and understand what improvements they need to make in order to boost their credit score for getting quick approvals on loan applications.

Understanding the Credit score range

Here is the table to help users understand what their credit scores depict:

Score Range Implication
Applicable (NA) / No History (NH) / -1 If the credit score is very short or not descriptive, then, in that case, the score is not quantifiable and it will appear as NH or NA when the user performs a free credit score check
300-549 A credit score falling in this range is not considered ideal and there are high chances that the loan application would be rejected as the scores reflect a lack of reliability
550-649 A credit score between this range is regarded as an average score. To get approval on a sizeable loan with minimum restrictions, a user must try to improve the credit score
650-749 This credit score range indicates that the users are the potential customers to whom loans can be granted as there is no or very minimum issue identification in the credit report of the applicants.
750-900 People with scores of 750 or above are the most potential customers for banks and NBFCs as their credit reports are free of any defaults and seeking their repaying ability, the risk for the lenders is quite low.

When you get to know about the credit score range, it is easy to understand in which range your score falls. After you perform a free credit score check, you can decide how you want to go ahead with the loan application, i.e. if your credit score is good you can apply for a loan and if it is slightly less, you can try ways to improve it.

How to improve a credit score?

Here is the table to help users understand what their credit scores depict:

  • Timely Payment of Bills

    People seeking home loans need to pay their bills on time as it can bring an obvious difference in their credit score.

  • Not to close or de-activate any Credit Card Account

    Some people have credit cards but they do not use them. In that particular case, people should not close or deactivate their credit card accounts, rather, they must stop using these credit cards. Even to improve scores, they must split their expenses evenly between two cards. It will help in decreasing the card utilization rate.

  • Increase the Credit Line

    In case the users have a credit card account, then they must try to get a credit limit increase. If the account holds good standing then the credit limit can be increased. However, the users must not spend this amount as it will help in keeping the credit utilization rate low.

Importance of Credit Score

Checking the credit score is one of the most essential step in the home loan journey. There are several online free credit score check tools available that help borrowers to know their creditworthiness. With a good credit score comes enormous benefits and advantages that help the borrowers to get quick and easy home loans. Here are some of the merits of having a good credit score:

  • Competitive Interest Rates

    The most significant advantage of a good credit score is that financial institutions offer competitive interest rates to the applicants who have a good credit score. There are advantages like higher eligibility, fast approvals, and competitive loan amount that come along with good credit score.

  • Fast Approvals

    The loan applicants or borrowers who have good credit score possess low-risk as seen from the lenders’ perspectives. Because of the low risk factor, borrowers are likely to attain fast approvals on the loan applications from the financial institutions.

  • Competitive Credit Limit

    When borrowers have a good credit score, there are high chances that they may get competitive credit limit in comparison with those applicants who have low credit score because these applicants maintain a reputable and trustable credit history that makes it convenient for the lenders to approve applications and offer a competitive credit limit based on high creditworthiness.

  • Higher Eligibility For Pre-Approved Loan

    The loan applicants that have excellent credit score may also tends to have higher eligibility for the pre-approved loans. Usually, these pre-approved loan offers are granted to applicants or the existing customers that possess good credit score.

    • Thus, seeking the multiple advantages of good credit score, it is crucial for the borrowers to first look for free credit score check and simultaneously work on the credit history and always try to maintain good credit score to get the best offers, interest rates, and credit limit while applying for a home loan.


A three-digit number ranges between 300 to 900 to reflect the creditworthiness of the users. The better the credit score is, the more are chances for the users to get their loan application approved. The credit bureau derives the credit score based on a user's credit history, repayment history, total debt, no. of open accounts, and many other factors. Financial institutions take use of these credit scores for checking how much is the probability of loan repayment by an individual.

Some trusted and famous credit bureaus such as Experian, Equifax, and TransUnion lead the market when it comes to providing information about the credit history of the customers.

It can mean one of the following -

  • You don't have a credit history i.e. you are new to the credit system
  • You don't have any credit activity in the last 2 years

Check your credit score with Aavas Financiers Limited in three simple steps -

  • Step 1: Fill in your personal details
  • Step 2: Verify your phone number by confirming the OTP
  • Step 3: View your Credit Bureau Report

  • Always pay your EMIs and credit card bills on time
  • Limit your loan applications as it will count as hard inquiries, thus affecting your credit score.
  • Keep a check on your financial health by tracking your credit score regularly.

Yes, you can still apply for Aavas Home Purchase Loans, Home Improvement Loans, Construction Loans, Balance Transfer, Loan Against Property and MSME Loans.

The credit score of a user is not dependent upon a single factor rather five key factors impact the CRIF score comprising the length of the credit history, payment history, new credit, total debt owed, and types of credit. Among all these, the payment history solely accounts for 35 percent of the credit history, followed by total debt owed at 30 percent, credit history at 15 percent, type of credit at 10 percent, and new credit at 10 percent.

When there are multiple credit inquiries then it may also affect the credit score leading to either a soft hit or a hard hit on your credit score. If an individual checks the credit score, then there is no negative impact and it falls under the category of a Soft hit. However, in case any bank or NBFC checks the credit score then it can result in a hard hit and that impact stays for almost two years on your credit reports.

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Ratings and Reviews

Ravi Bansal

We are members of the Aavas family now. Our Loan experience is good. The staff at the Aavas branch is very helpful...
Thanks, Aavas!

Narayan Pareek

Aavas Mobile App is really useful and provides good services in the way related to the availed loan.

Aman Chaudhary

Good NBFC in terms of all types of home loans. Must visit once for any type of secured loan.