- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
A Credit score is that number which helps in deciding how much creditworthy an individual is. This credit score is decided by the various credit bureaus. The credit score of individuals is used for the purpose of assessment by lenders as to whether money should be the lender to the individuals or not.
Lenders utilize credit scores for the purpose of deciding the eligibility of the borrowers. Credit scores also help the lenders to decide which individual will bring huge revenue to their business.
The different credit bureaus provide the credit scores of individuals to lenders. Basically, a credit score is meant to explain the risk associated with lending an individual. Usually, lenders are able to set the credit limit for the individuals who are eligible for the loans or credit cards.
Importance of Credit Score Advice
There is a direct impact of a CIBIL Report on the ability of an individual to acquire a credit card or loan. Whenever a person requests for a loan or credit card, his/her credit score is verified by the lender so that the creditworthiness of that person can be known. It is also the duty of the borrower to keep an eye on his/her credit score prior to requesting for a credit card or loan. By doing this, there are fewer chances of rejection of an individual’s loan or credit card applications. If you want to maintain good credit score, you should keep checking it regularly and work it for any improvements.
Things to Do for Improving Credit Score
An individual’s loan or credit card request is rejected when the lender’s checks for their credit score & finds that it is a low score. Therefore an individual needs to make sure that his credit score is improved before he applies for a loan or credit card.
1. Paying all dues on time: It is very important to pay all your dues on time. If any of your dues are delayed, then there will be a negative impact on your credit score. If you have delayed or missed in any of you dues, then you will see that your credit score has lowered down. This lowering down of your credit score will lead to a rejection of your loan request. Therefore, the most recommended way to improve your credit score is by avoiding delayed or missed payments.
2. Avoid Applying for A Loan: It is always good to avoid applying for a loan if your credit score is low. If an individual has applied for a loan when his credit score is low, then it is sure that the loan application will get rejected. When a loan gets rejected, the credit score of the borrower gets lowered down further. Therefore, it is recommended to always work on improving the credit score before applying for a loan.
3. Maintain Low Credit Limit: It is always better for an individual to maintain low credit utilisation. An individual should use not more than 50% of the credit limit that is available to him/her. When an individual maintains a low credit limit, it becomes easy to repay the loan. By doing this, the individual can manage to become financially stable and repay the outstanding loan amount easily.
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