Request for Advice on Credit Score Consideration and Banking Process

[Ganesh_Shinde]

I am reaching out to seek your expert advice regarding my credit scores and their impact on loan applications.

Currently, my CIBIL score stands at 770, whereas my Experian score is 513, which contains a lot of errors. I am in the process of working with Experian to rectify these inaccuracies.

My primary concern is understanding which credit score—TransUnion (CIBIL) or Experian—the banks will consider when I apply for credit or a loan. Could you please provide clarity on the exact process banks follow in evaluating credit scores?

While I have some general knowledge about the process, I am looking for detailed insights, preferably from someone with direct experience in the banking sector.

Your guidance on this matter would be greatly appreciated.

 

[hitirfan]

I am reaching out to seek your expert advice regarding my credit scores and their impact on loan applications.

Currently, my CIBIL score stands at 770, whereas my Experian score is 513, which contains a lot of errors. I am in the process of working with Experian to rectify these inaccuracies.

My primary concern is understanding which credit score—TransUnion (CIBIL) or Experian—the banks will consider when I apply for credit or a loan. Could you please provide clarity on the exact process banks follow in evaluating credit scores?

While I have some general knowledge about the process, I am looking for detailed insights, preferably from someone with direct experience in the banking sector.

Your guidance on this matter would be greatly appreciated.

CIBIL is most reliable. Mostly banks check CIBIL score.

 

[knagar0078]

I am reaching out to seek your expert advice regarding my credit scores and their impact on loan applications.

Currently, my CIBIL score stands at 770, whereas my Experian score is 513, which contains a lot of errors. I am in the process of working with Experian to rectify these inaccuracies.

My primary concern is understanding which credit score—TransUnion (CIBIL) or Experian—the banks will consider when I apply for credit or a loan. Could you please provide clarity on the exact process banks follow in evaluating credit scores?

While I have some general knowledge about the process, I am looking for detailed insights, preferably from someone with direct experience in the banking sector.

Your guidance on this matter would be greatly appreciated.

I advice you to have a FD backed Credit Card if you don't want to take a loan or Credit card right now because banks do check both(CIBIL & Experian) and I recently came to know that other than these two my Credit Score was fetched from other as well by HDFC while issuing credit card.
And mainly banks don't just accept the credit score, they analyse your Credit profile via enquiries made and payments defaulted.
You have to use that fd backed card for a short period of 6 moths to get a better score and remember to use only 30% of the entire limit.
Hope this help...

 

[hitirfan]

I advice you to have a FD backed Credit Card if you don't want to take a loan or Credit card right now because banks do check both(CIBIL & Experian) and I recently came to know that other than these two my Credit Score was fetched from other as well by HDFC while issuing credit card.
And mainly banks don't just accept the credit score, they analyse your Credit profile via enquiries made and payments defaulted.
You have to use that fd backed card for a short period of 6 moths to get a better score and remember to use only 30% of the entire limit.
Hope this help...

Right. They check various things.

 

[wcgxlr8]

+1 to the FB backed CC to get things started, I guess I slightly disagree with the <30% usage. You can use as much as you need as long as you clear it before the statement generation date (hasn't affected my score till now)

 

[hitirfan]

+1 to the FB backed CC to get things started, I guess I slightly disagree with the <30% usage. You can use as much as you need as long as you clear it before the statement generation date (hasn't affected my score till now)

Everything Score checking app shows to keep utilization below 30%. Doesn't just depend on statement generation but when that bank submits information to Credit Score companies.

 

[wcgxlr8]

Everything Score checking app shows to keep utilization below 30%. Doesn't just depend on statement generation but when that bank submits information to Credit Score companies.

I agree, I have noticed that the banks I have cards with submit info to the credit bureaus when the statement is generated (mine are towards the end of the month and hence might coincide).