Get Started

Credit Scores are Complex

We simplify them for you.
Get Started

Why mymoneykarma?

Free credit score analysis.
Simplified credit report to help you understand your score.
Personalized credit score insights to help you improve your score.

How It Works

Step 1

Sign Up to get your credit check completely free

Save more than ₹ 4300 and get your credit score analysis for free.
Step 2

We analyze your credit score factors to identify opportunities

See your credit score and credit report analysis whenever you want to.
Step 3

We deliver huge savings through personalized loans and credit improvements

Improve your credit score and save money.

Frequently Asked Questions

If you still have any questions? Don’t hesitate to get in touch with us.

What is a credit score?

Depending on the credit bureau, your credit score is a number between 300 and 900 representing your creditworthiness. The higher your credit score, the more attractive you are to potential lenders. This becomes a key factor any time you are looking to borrow funds, like a home loan or a personal loan.

Your credit score is calculated based on some common factors like your number of open accounts, existing levels of debt, repayment history, and length of credit history. Lenders use your score to evaluate the probability that you will repay your loan in a timely manner, thus using it as a determining factor in your eligibility for loans and the interest rate charged on them.

How much does my credit score cost?

Your credit score is absolutely free! mymoneykarma started with a mission of improving financial literacy and increasing access to credit in India. At the heart of both these issues is the requirement for a free credit score and a report to understand all its details. This is why our service to bring you your credit score is, and will always be, totally free. We believe the opacity in the financial system, and the difficulty to obtain good information can be solved, thus unlocking a tremendous amount of value for you, the customer, and the entire financial landscape. Lenders waste a lot of time and money on the huge and complex due diligence they need to do for prospective borrowers. We’ve streamlined and digitized the process, delivering them huge savings, of which we get paid a small portion. This allows us to bring you these valuable services for free, like a credit score that is worth ₹ 4300, and an expert analysis of your score to identify opportunities and strategies.

It gets even better! We’ve developed proprietary algorithms that match your particular profile with the best possible lender, thus driving down your interest cost. Our match saves you and also the lender a huge amount of time and money that would be wasted on mismatched and faulty applications. So remember, when you pull your credit report from us, take the time to understand our analysis, and proceed with our personalized recommendations, you’re making huge savings for yourself and for the national economy as a whole!

How does my credit score impact my finances?

A credit score is a financial measure that shows how good of a borrower you are. The three-digit score is the result of your payment history, credit usage, age of the credit, inquiries, etc. All lenders check your credit score when you apply for credit, for instance a personal or home loan. When the score is high, which is above 750, the lenders consider your profile safe to lend money and if it is low, they don’t have the required assurance from your side.

When the score is low, your chances of loan approval are very low. Even if you find a lender, the interest rate is comparatively high. When the score is high the chances of loan approval are high, that too with favorable interest rates. Check out the link below to learn more about credit scores and ways to improve them

How is my credit score calculated?

The credit bureaus (popularly, Equifax, TransUnion, and Experian) analyze your payment history, credit utilization, number of credit lines, credit age, and number of inquiries to arrive at your score.

A credit report will therefore not only contain your score, but also a breakdown of the specific factors where you have strengths or opportunity areas to address in order to improve your score. If you would like to learn more about your credit score, check out the link below.

Do loan applications impact my credit score?

Yes, they do. Every time you apply for a credit or loan, your lender will check your credit score from one or more credit bureaus that result in a hard inquiry on your report. A hard inquiry is a negative effect that lowers your score to a couple of points. This effect, though temporary, can make your profile look bad if you already have a low credit score. However, if you have a high score that does not fall below the safe point then one hard inquiry may not affect your loan application.

The problem is if you have too many hard inquiries, and rejections on many loan applications. This sends a signal that other lenders have found you an unreliable borrower, and decreases your chances of getting a loan, or a reasonable interest rate. So any loan application must be thoroughly vetted, especially because different banks may follow different nuances, guidelines and criteria to evaluate your application. mymoneykarma has experienced teams that specialize in analyzing your profile and loan application to select the perfect lender to maximize your approval rate. This will ensure there is no hit on your credit score because of a loan application or rejection.