Credit Score (CIBIL) Formula Revealed
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Check CIBIL Score formula & learn how does it calculated.
Now, This is the Ratio, that our Credit Score comes from and has an Impact on Gaining and Losing Credit Score in Points.
1. PAYMENT HISTORY-
This is the Most Important Factor, Now see the Parameter/Table
Now, You Can ADD THE POINTS - Eg-
1. If you have just recently paid like 0-4 months then add 15-25 Points.
2. If there is no delay in payment then add 85-95 Points
3. No Bankruptcy - Add 75-85 Points
Now, See even if you don't pay the bank/NBFC then also you will get a score but see the points gap,
2. DEBT BURDEN/CREDIT UTILIZATION-
Now, See if you don't have any burden then also point score will be less or even if you have heavy debt burden then marks will be deducted or less score. So, I will add 20-29% which is 145-155 points along with previous points.
3. LENGTH OF CREDIT HISTORY-
The most important thing look at the points in increasing order along with years,so better to keep our old products active.
Add No.of Months like which is the longest credit report product for you mine is in 12-23 months, so I will add 105-115 points with the previous one. (It can be seen in the cibil report or directly in OneScore App)
4.RECENT SEARCHES FOR CREDIT/CREDIT ENQUIRIES-
Now, See How Many Enquiries have you made in CIBIL in the Last 6 Months that also impact, Add this previous one.
5. TYPES OF CREDIT/MIXTURE OF CREDIT ACCOUNTS-
It is always healthy if you have a mixture of Loans like Credit Card, Personal loans, Home loans, etc. Now, see the table
NOW, ADD All those Five Things and final outcome would be your expected Credit Score,offcourse it would be not accurate but it's 90-95% Accurate.This Formula has been applied to 20 Different People and the Results were +/-20 Points are here and there.
Try and comment.
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Created by : Amit.Saha
also read How to check CIBIL Score free online ?
Its free check ,there website (EASY,SELECT AND PREMIER) ARE LTF
https://www.bobfinanci...om
If I check my credit score on Cred app, Bank Bazar, Paisa Bazaar, one credit.... Monthly basis.. on 2 /3 apps to cross check any changes.... Or to know what is my credit score....
Will it affect on my credit score??? If that enquiries are done by me only... Can they decrease my credit score???
currently, credit score of experian swinging like stock market, mine 40 points up last month and 45 points down this month.
How many CIBIL points does a single hard inquiry affect ?
Enquiries Don't Have Much Impact I Think
In Long Term- NO
Recently i purchased one credit card .That to used 1k. And paid back same day.
I want to increase my cibil score.
Is there any way to increase it.pls guide me.
Don't laugh .
If you want to Increase your Credit Score, it is not gonna happen Overnight! It takes time.
You cant have any guarantee that even if you have 750+Score and your Credit Age is just 2-4 months,bank will not considered you as a Great Asset, it takes various accounts in factor such as Credit Age (Minimum of 3 years is Good).
For you just wait wait wait....use both accounts properly and pay on time and on credit card use only 30% of the overall limit and do not pay before credit generation date some banks considered the payment which will eventually increase your CIBIL only after Bill Generation Date
So If max my credit card one month and pay the bill on time, but my card company reports to CBIL at before my statement is generated/I pay it off, my score takes a 70-80 point hit?
That sounds stupid.. people buy stuff, especially during festive times...
How long does it take to bounce back? If my utilization is back to 10-20% the month after, does it shoot back up right away? Or does it take longer?
Off topic - Is Cibil score pull from SBI credit card is free or charges applicable? New to SBI card so not aware!
Free afaik, if its paid page should display charges beforehand