civilscores

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Key terms featuring on the credit report

Check the information about credit score and its terminology

NA/NH

In case if an individual doesn’t own a credit card and have never taken a loan, the credit report displays NA/NH that you have No Activity or No History. The term implies that an individual have no credit exposure since last two years. Also, if you hold an add-on credit card, this doesn’t counts for your individual credit score.

Written Off/Settled Status

If the status of the borrower’s account is mentioned as written off or settled status, it means that the borrower had failed to pay the outstanding instalments for more than 180 days and as a result, the lender has written off the outstanding dues.

Days Past Due

This tag means Days Past Due (DPD). This shows the number of days by which a scheduled payment was delayed for the account. If the account shows 000, this means there is no late payments for the account.

CIVIL Scores

Whenever you apply for any type of loan or credit card, the first thing that the lenders check is applicant’s Civil score. So, what the score is all about and why the factor seems to be extremely important for the finance approvals.

Civil score is a three-digit number ranging between 300 and 900 that evaluates an individual’s credit behaviour. It is said that higher the score, better are chances of loan or credit card approvals. Moreover, individuals can negotiate for lower interest rates in case of unsecured loans such as personal loan.

A credit history is a record of individual’s repayment behaviour of past or existing debts. The score is generated through information from a number of sources, including banks, credit information companies, and collection agencies. An individual’s credit score is generated using mathematical algorithm to predict how creditworthy you are.

Credit Score Range

Know about the range of civilscore and thier impacts

750 and above

This is an excellent score reflecting that the borrower is consistent with his/her loan repayments and credit card bills on time and doesn’t hold any negative mark on their credit report. Also, the chances of approvals are high for applicants with excellent score.

700 to 750

This is generally a good score and indicates better chances of loan application approvals as it indicates the borrower is financially responsible.

650 to 700

This score indicates that the individual have performed neither too bad nor too good while handling varied loans and credit cards. Generally, lenders consider risk with such individuals and thus, their loan application gets rejected. Even if the application is approved, high interest rates are computed.

Importance of credit score

The primary purpose of civil score is to help lenders to determine the creditworthiness of applicants. The report thoroughly contains details regarding how closely an individual have followed the payment schedule of their existing or past debts.

How to improve civil score?

• Pay your outstanding loan instalments on time.
• Avoid applying for multiple credit cards or loans simultaneously.
• Ensure of not exceeding 30 to 40 percent of your credit card limit.
• Don’t make frequent loan enquiries.