Credit score is a 3-digit number that shows how likely you are to get credit. When you need a loan, a bank or any lender looks at this score to understand how likely you are to pay the money back. Credit scores range from 300 to 900.

1.Why keep track of credit score?

Monthly free credit report
Detailed analysis of factors affecting score
Personalized tips on improving & building score
Pre- approved offers

2.What does your credit score mean?

300 - 649 | Poor
Significantly damaged credit history. Requires serious improvement to access loans.

650 - 699 | Fair
Indicates potential credit issues. Needs improvement for availing favorable loan terms.

700 - 749 | Good
Indicates no major lapses. May earn competitive interest rates but not the ideal rates

750 - 799 | Very good
Responsible credit behavior. Eligible for favorable loan terms.

800 - 900 | Excellent
Top tier credit score. Eligible for the best loan offers and financial products.

3.How can you improve your credit score?

Pay bill on time
Reduce card utilization
Monitor reports for errors
Do not open many credits accounts
Maintain mix of accounts

4.How can a credit score help me?
When you apply for a credit card or a loan, lenders like banks and non-banking finance companies check your credit score to see whether you have the ability to repay the loan. If you have a higher credit score, you are likely to receive a lower rate of interest.

5.Will my credit score drop if I check my credit score?
Checking your credit score will not reduce it because you are not officially applying for credit. In fact, it is good to check your credit score at least once in 3 months.