A credit score, commonly referred to as CIBIL score in India (after TransUnion CIBIL, the leading credit bureau), is a numerical summary of a borrower’s credit history. Scores range from 300 to 900, with higher scores indicating better creditworthiness. Other bureaus include Experian, Equifax, and CRIF High Mark.
Key factors: payment history (35%), credit utilization (30%), credit history length (15%), credit mix (10%), and new credit inquiries (10%). A score of 750+ is considered good for most loans; 800+ is excellent.
Lenders use credit scores as the primary screening criterion. Low scores lead to rejection or higher interest rates. Borrowers should check their score regularly and address any errors with the credit bureau.
Your credit score is the single most important factor in loan approval and pricing. Even 50 points can mean the difference between approval and rejection, or save thousands in interest.
Nihal Fintech reviews clients’ credit profiles early in the process, advising on score improvement strategies when needed and matching clients with lenders suited to their credit profiles.
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