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Give Missed Call for Home Loan +91 8303001234
Know your Credit score online for free with Aavas Financiers Ltd. - At absolutely zero cost.
Banks / Lenders check your credit score before approving a loan application.
STEP 1
Enter personal details
Ensure it matches your ID proofs
STEP 2
Verify your mobile number
Enter the OTP sent on your mobile
STEP 3
View your Credit report
Check out the best loan offers customized for youThere 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.
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.
Here is the table to help users understand what their credit scores depict:
People seeking home loans need to pay their bills on time as it can bring an obvious difference in their credit score.
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.
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.
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 -
Check your credit score with Aavas Financiers Limited in three simple steps -
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.
