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Credit Track - FREE Credit Score
Check your credit score instantly- Learn to improve and maintain your score
- Get easy access to credit with a good score
What is Credit Score?
A credit score is a numeric score which determines your creditworthiness, i.e., the ability for you to repay debt. This score ranges from 300 to 900; the higher the score, the more financially trustworthy a person is.
Benefits Of Good Credit Score
Easy access to credit
Lenders are more willing to offer credit to individuals with a good credit score. So, you can get quick loans and credit cards if you have a high score.
Lower interest rates
Interest rates are also lower for borrowers who have high credit scores. This helps you save on the interest cost.
Favourable loan terms
You can get a higher loan amount and flexible repayment tenures with a good credit score.
Why manage your credit score with ABCD?
Check your credit score instantly with ease
Download the ABCD app on your Smartphone, enter your details and check your credit score easily and instantly.
Improve your credit score with the Score Simulator
ABCD’s Score Simulator shows you how to improve your credit score by taking certain actions with respect to your credit profile
Personalised tips for improving credit score
Get personalised tips based on your financial requirements to manage and improve your credit score.
Understanding credit score range and its implications
| Grade | Excellent | Very Good | Good | Fair | Needs Improvement |
|---|---|---|---|---|---|
| Range | 769 - 900 | 721 - 768 | 676 - 720 | 581 - 675 | 300 - 580 |
| Interest rate on loans | Low | Low | Average | High | Very High |
| Loan approval rate | High | High | Average | Low | Very Low |
| Payment history | Good | Good | Average | Poor | Very Poor |
| Credit utilization ratio | Low | Low | Average | High | Very High |
Disclaimer: Above mentioned score ranges are provided by Equifax. While all credit bureaus have the same score range of 300-900, an individual will likely have different scores in each Bureau.
How to get your credit score instantly?
Check your credit score online with the ABCD app. Just enter a few details and get the score instantly. Here are the steps
Download ABCD App from App Store or Playstore
Login or sign up to the app
Go to Credit Track under My track section
Enter your PAN and review details
Click on 'Fetch my Score' to get credit score instantly
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Enter your PAN and review details
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Click on 'Fetch my Score' to get credit score instantly
Factors that affect your credit score
Repayment history
Missed or delayed repayments for existing credit hampers your credit score while a clean history helps in improving it.
Credit utilisation ratio
The ratio indicates the credit utilised vis-a-vis the credit allowed. The lower the ratio, the higher the score and vice-versa
Credit mix
This measures the type of credit you have in your portfolio. A good credit mix yields a high credit score
Credit history
Length of credit affects your credit score. If you have a long credit history, the score would be high.
Credit enquiries
Too many hard enquiries into the credit score, done by lenders, affect the score negatively.
Negative remarks
Your credit score will be badly affected if your credit report shows remarks like loan settlement or bankruptcy.
How Can You Improve Credit Score?
Timely repayments
Always repay your debts on time and in full. Avoid missed or late payments
Lower credit utilisation
Even though you might have a high credit limit, keep your credit usage low.
Healthy credit mix
Opt for a mix of secured and unsecured loans in your portfolio for a healthy credit mix
Avoid multiple applications
Do no apply for multiple loans or credit facilities within a short span of time
Check your score
Keep a track of your credit score and check it regularly for any discrepancies or disputes
Get your credit score at no cost through the ABCD App
Do you have a good credit score? Find out with the ABCD app’s Credit Track. Check your score online to assess your creditworthiness.
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Free score check -
Check your score in a few clicks
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Get insights into building and maintaining your credit score
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FAQs On Credit Score
A credit score is a three-digit statistical number calculated by various credit agencies by taking into account your credit history as well as your repayment capacity. It helps the lender analyze your creditworthiness. The credit score usually ranges from 300 to 900. The higher the credit score, the higher the creditworthiness and the easier it is to avail of loans and credit cards.
The credit score is very important to both the borrower as well as the lender.
Lenders can check the credit score and determine whether the borrower is eligible for a loan or not. On the other hand, as a borrower, you can check your credit score and ascertain whether you can apply for a loan or not. Moreover, if you have a good score, you can get favourable loan terms.
You can maintain a good credit score by keeping the below-mentioned points in mind:
- Regular bill payment
- Low credit utilisation
- Not closing of old credit cards
- Lesser credit application
- Regular monitoring of your credit report
Maintaining a good credit score has the following benefits:
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Low interest rate on loans: Individuals with good credit scores get loans easily at lower interest rates.
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Higher probability of obtaining loans and credit card: The credit score is a representation of an individual’s repayment capacity and financial habits. A good credit score indicates good creditworthiness, thereby, helping the lender grant the loan without any worry.
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Higher credit card limit: The credit card limit is directly proportional to your credit score. It means the higher your credit score, the higher will be your credit limit and vice-versa.
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Better deals: With a good credit score, you always are in a good negotiating position. With a high credit score, you negotiate with the lender in terms of higher credit limits and lower interest rates.
Some factors which affect your credit score negatively are:
- Late repayments: Delayed payments of your loan or scheduled EMIs have a direct negative impact on your credit score. Every late payment is reflected in your credit report and plays a major role in bringing your score to a lower level.
- Missed payments: Missed payments lessen your chances of availing a loan in the future.
- Too many loan applications: Too many loan applications at a time show your incapability of maintaining your finances, thereby, adversely affecting your credit score.
- Higher credit usage: Utilising a higher percentage of your credit limit also leads to a bad credit score.
- Human errors: Due to theft of your credit card or any other misinformation in your credit account owing to human errors or similar mistakes, your credit report may flash a negative credit score. You need to check for such errors regularly and rectify them before it’s too late.
Authorised credit bureaus prepare and publish your credit report. Some of these bureaus are TransUnion CIBIL, Experian, CRIF Highmark and Equifax.