Apps to Manage Your Credit Score
With our biggest festival of light Diwali just around the corner, many banks and fintech companies provide a long list of offers for their new and old customer, as a large sum of the population of India usually embark on their shopping spree in this auspicious month, in which you can get a loan for outfit up to the wardrobe. Maybe you are also one of them, but before loading your cart full and applying for the EMI or Credit, you may want to check CIBIL score or credit score.
What is a credit score?
If you are wondering what is a credit score, it is a rating to measure a potential borrower’s creditworthiness by lenders or loan providers. It is determine by calculating a credit score. The financial institute focuses on five main elements with varying degrees of importance to calculate anyone’s credit score.
- Payment history (35%)
- Amount owed (30%)
- Length of credit history (15%)
- New credit (10%)
- Credit Mix (10%)
All these components are consider in the overall credit score, ranging from 300 to 900. In India, credit rating agencies such as Credit Information Bureau India (CIBIL) gather all these data to calculate the credit score, which is generally known as CIBIL Score.
Main Difference Between CIBIL score and credit score
A credit score is a synonym for a CIBIL score in our country. Still, one of the significant differences between a CIBIL score and a credit score is a credit score can be given by any of the seven credit agencies in India. In contrast, a CIBIL score is given by a TransUnion credit agency called credit information bureau (India), which provides a three-digit number representing consumer credit summary in numeric digits ranging between 300 to 900. A good CIBIL score is considered above 750. One needs to maintain a good CIBIL score before borrowing from lenders.
How To Manage Your CIBIL Score
You can maintain a good CIBIL score by being prudent in your financial decisions, like timely paying your credit card bills, never missing your EMI, paying all your previous debt before applying for a new one, using a credit card wisely, by not applying for multiple loans at a time, if your loan application gets rejected wait for some time before applying again, because consequent rejection may affect your credit score.
Although sometimes maintaining all these guidelines and remembering your score can be hectic, worry not. Nowadays, many types of credit score apps are available to help you maintain a good credit score.
6 Most Popular Credit score app to manage your credit ratings
CIBIL score app:
If you are looking for an app that generates your credit report for free, this app calculates your CIBIL score and gives you various advice for maintaining a good score.
Wishfin App:
It is one of the most used apps for knowing the CIBIL score. It has a free credit score calculator which updates your credit score monthly. Using this CIBIL Score app, you can also get your credit rating in CIBIL score, Equifax credit score, Experian credit score, and CRIF Highmark credit score. In addition, it helps you build good scores by matching you with appropriate credit products, such as credit cards and loans, according to your credit profile. Its best feature is, giving its personalised customer advice in improving their credit score.
Credit Mantri:
This credit score app currently serves more than 15 million customers, which makes it one of the dominating apps in this field. It provides facilities like instant credit score calculation and detailed analysis for you.
CRED app:
One of the best and most free-to-use apps, where you can manage and pay for all your credit. In return for paying all your dues on time, this credit score app will reward you with CRED coins from which you can purchase various exclusive products. If you are still not impress, there are still many features besides generating your CIBIL score instantly, like sending you a reminder for your upcoming payment and category-wise analysis for your spending etc.
INDmoney app:
A super money app that manages all your financial needs in one place. You can monitor your taxes, investment, expenses, loan, and saving accounts here. In addition to this, you can make investments in mutual funds and U.S. stocks with the help of this credit score app.
PaisaBazar app:
This app was create by India’s most trust financial adviser institute, which was already present in this market before launching their app. There are various types of credit score apps on the internet. Still, PaisaBazar provides free instant credit scores by CIBIL and other credit bureaus and has a wide range of personalised loan and credit card offers from the leading bank of India.
Credit Wise:
It is a free app that allows users to check their credit score on the move. It also generates a monthly credit report and tells you about changes in your credit. By downloading this credit score app. You can monitor your credit constantly and check various tips provided by it to maintain your score.
Conclusion
Today, any lending institute will check your credit score before lending you a loan; that is why it is important that you continuously maintain your credit score worthiness and try to improve it. By downloading any of the credit mentioned above score apps, you can get all the information about your credit in just a few swipes, so make your choice today and use these platforms to reach your highest credit rating.
