How to Check Experian Credit Score?

Finance

You must have heard about credit score which is asked by the lenders when they consider the application of a person. There are many credit score providing companies in India and the world that provide the score as well as the credit report.

Some of the top companies in the segment are CIBIL which powered by TransUnion-US based credit score providing company and Experian which is a UK based credit score and report providing company.

How is Experian Credit Score different from CIBIL?

Even though both companies do the same work-provide credit score, each has their uniqueness. CIBIL score ranges from 300-900 whereas, at Experian, the score ranges from 0-999. The former on the one hand is mostly preferred by the lenders in India and the customers as well due to its lower range limit.

If you have a CIBIL score above 700, most of the credit facilities such as loans and credit cards are within your reach. Experian credit score on the other hand is on a very large scale. In order to get the best deals, you must have Experian score within the range of 961-999 which is quite high.

In India, maximum people opt for the former company as most of the services are available at good deals at a score which is much lower than the other. But having multiple options is never a bad deal, right?

What offers you get for each range of Experian Score?

The score range generated by Experian reflects different things such as:

  1. If your score is between 961 and 999, it means you are the one who is eligible for all the best deals on credit cards, loans or any other credit facility in the market.
  2. If it is in the range from 881 to 960, you are eligible for great credit card offers and or low-interest loans. The fact however is that you might not get the chance to get best deals.
  3. If it is above 721 and below 880 – The score within this range may bring good credit cards but with a lower credit limit.
  4. Below 720 and above 561 – In this range, you might be able to get a credit card or a loan but the offer or deal may not be very good for your budget. The interest rate on loans might be high and the credit cards might not be with great deals.
  5. Below 560 – This score means you may not avail any credit facility.

How can you avoid bad credit history?

To improve your credit score, there are some different and simple ways which you may read below:

  • Avoid carrying credit cards who are of no use to you.
  • Do not increase your credit limit as it affects your credit score.
  • If you are using more than 50% of your credit card limit, it will affect the score.
  • No-loan people also have a bad score of no credit score.
  • Prepayment of the loans also affects the credit score.
  • Late payments of the loan EMIs or the credit card bill.
  • Positive payment history will help build a good credit score.

How can you improve CIBIL Score?

Here are some of the best options to generate a good credit score.

  • You can apply for a Consumer Loan
  • You can apply for a Home Loan
  • You can apply for a Personal Loan
  • You can apply for a Car Loan
  • You can apply for a Credit Card

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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