In the simplest terms, a credit score is your financial report card. It shows your credit history - quantity of loans, frequency of loans, repayment patterns, etc. Banks, employers, and institutions can check your credit score to understand your creditworthiness.
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Why is a credit score important?
Your credit score is an important eligibility criterion for acquiring a bank loan or a credit solution. The credit score acts as a first impression on the institution - a high credit score increases your chances of availing their services whilst a ...
How is a credit score calculated?
Credit Information Companies (CICs) calculate individual credit scores. CIBIL, Equifax, Experian and CIRF are the 4 CICs in India. Elements that could influence your score may include quantity and type of loans taken in the past, length of credit ...
How is your StuCred score calculated?
Your StuCred score is an average of the score you have received for your transactions behaviour, and is measured out of 5 stars. Scores are assigned by the algorithm based on a variety of factors. The score is usually done on the basis of your ...
Managing your StuCred score before due date
Your score is hugely impacted based on your repayment behaviour. Managing your credit before the due date is the best form of responsible borrowing. On time repayments and extensions before your due date will always have a positive impact and get you ...
How do I get larger credit limits on StuCred?
In time, through frequent use of the StuCred app, higher credit limits can be unlocked. The algorithm takes into consideration factors such as loan frequency, on time payments etc. StuCred aims to help students build their credit score through ...