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ESG
Imagine you have two colleagues Anil and Sunil with whom you hang out regularly after office hours.
You notice that whenever you go out for a meal together, Anil always pays his share of the bill while Sunil decides to go to the bathroom or take a call just when the bill is presented.
If Anil forgets his wallet and asks you to pay for him, he ensures that he repays the money to you the very next day. But if Sunil forgets his wallet and asks you to pay for him, you can forget about getting your money back. Moreover, Sunil also has a running account at the office canteen which keeps piling up for months before he clears it.
One day both Anil and Sunil approach you to borrow some money. But you can help only one out of the two? Who will you pick?
No prizes for guessing Anil. This is because Anil’s past record reflects on his ability and intention to pay back the money in time. Anil’s creditworthiness is higher than Sunil’s. And that is what a credit score tells us!
1. Why it matters?
When you approach a bank for a loan, your credit score is the first parameter that decides your eligibility. A strong credit score gives you the power to negotiate the interest rates when taking a loan and fetch you additional benefits on your credit card.
In Anil and Sunil’s case, Sunil had the money to pay but he was either bad at managing his finances or lacked the intention to pay back. Either way, you would be better off not lending him any money.
This makes the credit score a marker of your character as well. That is why, it is increasingly being used in other industries. Telecom operators use credit score to determine your credit limit on a post-paid connection. A company may also look at your credit score before making you a job offer.
Let’s take a look at how your credit score is perceived depending on the range within which it falls:
| S No. | Credit Score Range | What it means |
| 1 | NA/ NH | You have no credit history |
| 2 | 300-549 | Your credit score is poor due to late payments or unpaid dues. |
| 3 | 550-649 | Your credit score is average and needs improvement. |
| 4 | 650-749 | Your credit score sufficiently healthy to get loans and credit cards. |
| 5 | 750-900 | Your credit score is excellent. You will not only get a loan but will also be able to negotiate better interest rates. |
2. What factors can impact your credit score negatively?
- Delay in paying your EMIs
- Missing your EMI or credit card payments for months in a row or every few months
- Delay in paying your credit card bills
- Having multiple credit cards
- Closing a credit card without clearing your outstanding balance
- Maximising your credit card limit
- Applying for multiple loans in a short time period
You can take the following measures to keep your credit score healthy:
- Use the expense tracker feature in the Metra Trust mobile app to manage your finances and always maintain sufficient balance in your account.
- Activate auto debit facility from Metra Trust Net Banking or the mobile app so that you never miss a credit card payment.
- Use Metra Trust WhatsApp banking to keep a track of your EMI payments and maintain sufficient balance in your account. Opt-in for WhatsApp Banking by sending “Hi” on WhatsApp or calling us on 9555555555 from your registered mobile number.
- If you need to change your EMI debit date to a more suitable one, you may visit your nearest branch or call our contact centre on 1860 500 9900.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.