Score Predictor – Helping you Understand Impact of your Credit Decisions

Credit Score Predictor accepts various inputs from the user and, depending on the information provided, predicts an estimated score.

A user can provide four inputs to the tool, namely:

1. Add a new loan or credit card
2. Miss a payment
3. Clear outstanding balances
4. Change credit card utilisation

If you select the addition of a new personal loan or credit card option, you are asked to choose the type of account and amount, viz., credit card with credit limit, loan with the loan amount, etc.

When you select the "Miss a Payment" option, you are asked to choose the number of days by which the payment has to be delayed, for example, 30 days, 60 days or 90 days.

When you select the "Clear outstanding balances" option, you are given an option if you want to clear all dues or dues related to a specific account. The outstanding amount is provided against each account for your convenience.

On selecting the "Credit Card Utilization" option, you have to select the updated spend percent on your credit card against which you want to get your score predicted.

Score Predictor uses your latest credit score to predict results for the next month. If you already have the refreshed credit score, you can utilise this tool instantly; else it is suggested to first refresh your latest score for more accurate results.

Here's how to use the Credit Score Predictor tool:

Step 1: Login to your Paisabazaar account using your mobile number and OTP

Step 2: Check your latest credit score and click on the Credit Score Predictor option

Step 3: The tool will open, where you have to input details such as the addition of a new credit account, missing a payment, etc.

Step 4: Provide additional details, if required and click on the "Predict Score" button

Step 5: The predicted score will appear on the screen. You can reset the predictor and give fresh commands again.

Also Read: Know Everything about Credit Score

The Score Predictor uses your latest credit score to predict the probable score. No credit report is requested from any credit bureau while using this tool. Thus, there is no impact whatsoever on your actual credit score when you use this tool.

Suggested Reads: Common Myths about Credit Score

It is recommended to check your predicted score every time you intend to take credit actions such as getting a new credit card or loan, paying off all dues, increasing or reducing credit card utilisation or a planned payment delay due to an emergency.

It will help you stay informed with the probable consequences beforehand and take smarter decisions in future.

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