PNB Housing

Credit score check

A Credit score is a three-digit number that denotes the applicant’s credit history and performance. It ranges from 300-900. An applicant with a higher score is deemed as a lesser risk for lenders. Thus, the higher the Credit score, the worthier of credit an applicant is. This ultimately translates into greater eligibility for any given loan request – even a home loan.

Benefits of good Credit score

Low interest rate on loans

Get better deals on credit cards

Easy approval on longer tenure loans

Faster loan and credit card approval

Full Name *

Mobile Number *

+91

Email ID*

Gender *

Male

Female

Date Of Birth *

PNB Housing

Credit score range

300 to 579
580 to 669
670 to 739
740 to 799
800 to 900

300 to 579

Poor

People in this range often struggle to get approved for new credit.If you find yourself in the poor category, you'll likely need to take action to boost your credit scores before you can get any new credit.

Fair

People in this group are often seen as "subprime" borrowers. Lenders might view them as higher-risk and they could face difficulties getting approved for new credit.

Good

Lenders usually consider people with credit scores of 670 and above as acceptable or less risky borrowers.

Very Good

People with a good credit score have shown a track record of responsible credit use and are more likely to get approved for more credit.

Excellent

A credit score of 800 or higher is considered excellent, and means you are a low-risk borrower who may be able to get a loan at preferential terms.

Elements that

Contribute to your Credit score

Loan Payment History

This is the most crucial factor that influences your credit score. It reflects whether you have made timely payments on your credit accounts (loans, credit cards, mortgages, etc.) in the past. Late payments, defaults, or accounts sent to collections can have a negative impact.

Credit Utilization Rate

Length of Credit History

Credit/ Product Mix

New credit applications

Credit account age and activity

How to apply for a Home Loan on the ACE platform

PNB Housing

Best Practices for Managing Your Credit

Practices that HELP

For Salaried Employees

Make sure your loan payment is in full and on time
Keep your credit usage to a minimum
Maintain clean financial records and have a good balance between secured and unsecured credit
Monitor your CIBIL score from time to time as well as review any errors in the CIBIL report periodically

Practices that HURT

For Salaried Employees

Do not make multiple credit inquiries to multiple banks and other institutions simultaneously
Avoid applying multiple times for new credit cards
Paying late for personal loans or mortgages
Maintaining a high credit usage or closing old credit accounts that have long credit history