Credit Card Facts

Credit Score: Some Unknown Facts Revealed…

What is your credit score? Having a good credit score opens the door to many opportunities, especially in borrowing funds from lenders. A credit score is a 3-digit credit number that is generated by credit bureaus like CIBIL, Equifax and Experian based on your past credit information. The score ranges between 300 and 900. Higher your credit score, easier it is to avail credit from lenders.

Know these unknown facts about credit score and keep your 3-digit credit number excellent at all times!

1. Credit Score Has No Connection with Investments and other Accounts.

Calculation of credit score is based on your past and ongoing credit activities such as payment history, available credit in use, types of credit used, credit history, number of credit inquiries, etc. None of your other accounts are taken into consideration. Your credit score does not include summary or activities related to your investments like fixed deposits, mutual funds, trading accounts, savings account, etc.

2. Available Credit in Use.

How much of your available credit are you actually using? Termed credit utilization, it is an important component of your credit score after credit history. Keep your outstanding debt low, lower your credit usage and Pay the Balance of Credit Card on time. Even if you pay off your balance every month, not paying on time will only negatively impact your credit score.

3. Un-identical Credit Score with Different Credit Bureaus.

Your credit score generated by CIBIL may be different from the score generated by other credit bureaus. Though credit information may be identical, yet the credit score may be un-identical. Why? Each credit bureau uses its own scoring model for the calculation of credit scores. Furthermore, different lenders may report your updated credit information to credit bureaus on different days.

4. Credit Score Can Shrink With Cancellation of Old Credit Cards.

If you have been using several credit cards and have taken a consolidation loan to shut all old credit card accounts, you may lose on your credit score. Credit scores cannot be rehabilitated automatically in such a situation. You may save on interest costs but will end up damaging your credit score.

5. No Credit History, No Credit Score.

If you have never used a Credit Card and have never taken a loan, you cannot get your credit report or credit score. No credit bureaus can give you a report. It is only after lenders submit your credit data to credit bureaus that you can get a report. No credit from lenders would mean no report from credit bureaus and no credit score!

6. Tiny Unpaid Balances Can Affect Credit Score.

Even a tiny unpaid balance on your Credit Card can ruin your credit score! This may only result in rejection of a loan in the future or paying high interest on loans. Hence, for even trivial amounts, timely repayment is the answer.

Also Read: Beware of Credit Card Frauds

7. Your Credit Score Always Exists.

If you have used a Credit Card and you have never requested for your credit score, it still exists. Your lender reports your credit information to credit bureaus every month whether or not you ask for a report.


You will come across a lot of information about credit score on the internet. Yet there are few facts that not many are aware of. Having a good credit score and staying informed about it is an advantage if you consider borrowing from lenders in the future.

19 thoughts on “Credit Card Facts”

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