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Financial food for thought
A credit score is a statistical number that assesses an investor or consumer’s creditworthiness. It is based on the individual’s credit history. Today, lenders focus on credit scores to evaluate the probability of an individual repaying his or her debt obligations. A person's credit score could range from 300 to 900, and the higher the score, the more financially able a person is considered to be.
While good credit score can make you eligible for multiple loan and credit card offers, bad credit can have a negative impact which may prevent you from getting all these credits. However, getting a loan with bad credit is possible if you know where you look for it.
A personal loan is an unsecured loan that is quite popular among the borrowers. While the personal loans are availed for varied purposes, the eligibility criteria to get the personal loan generally remain the same.
What is considered a bad credit? Who will have bad credit? Will I get approved for a loan if I have bad credit? These are the questions people generally ask when they find their credit score has dipped. If your repayments go for a toss, you might find a reduction in your score.
Credit score, a three-digit numerical, is an important factor that lenders check when you apply for a loan or credit card. The eligibility is determined based on how much credit score you have obtained currently with your past credit activities.
Obtaining a loan with very bad credit history would seem a herculean task as the banks would want to be ensured of 100% repayment. When you fail to establish your repayment ability, what they look for is a collateral out of which they can retrieve the loan amount.
Having a strong business concept and the passion to drive this business plan into reality sets the foundation to run a successful business. Another factor that is as important to run a business is money. With many lending institutions offering a lot of credit options, it is not difficult to get a business loan. But the difficulty to get any loan approved by the lender is when you have a bad credit score.
Credit score is no longer that unknown number which individuals are not aware about. These scores have gained a lot of popularity in the recent past, with more and more number of financial literate checking their credit score. However, we might have many more who are yet to realize the importance or know what the credit score stands for.
A home is one of the costliest assets that an individual owns during his/ her lifetime. Given the rate at which real estate prices have increased in the recent past, it is no more possible for commoners to purchase a home out of their own funds. Hence the need for a home loan.
A credit score has no longer remained a number which is important only from the perspective of lenders. As quick access to credit assumes more and more significance, everyone seems to be concerned about maintaining a good credit score and being creditworthy at all times.
Good credit can make many of your life's financial situations easier and pocket-friendly. For example, with good credit, you can get approved for a mortgage or auto loan, and possibly qualify for the best available interest rates and terms. A good credit score can also affect how much you pay for insurance, and whether a utility company asks for little or no deposit before starting a service for you.
Building good credit score cannot happen at the flick of the time. Establishing a pattern of responsible borrowing habits takes time and a lot of patience. All that patience can pay off though, because the age of your credit history, or how long you’ve been using credit, generally accounts for approximately 15 percent of your credit score.
There are many aspects on which your ability to get loan is affected. The main aspect is your credit score, along with the information on your credit report which will determine whether you’ll be able to get a loan or not and also the rate you will pay.
A car is not only a matter of convenience in our jam-packed towns or cities, it is quite often considered a status symbol too. Also given the state of public transport especially the last mile connectivity issues, owning a car seems much like a necessity even though you may detest using it every day for your commute.
Credit is essential to aid many activities in life, as savings might not be enough to meet each and every need. Through credit, you can not only buy bigger assets like a home or vehicle but easily pay in installments without hurting your day to day finances.
Everyone goes through tough situations at some point in life. Having a bad credit score is one such situation that might make it difficult for you to get a credit through formal lending institutions. The lenders take a deep look at your credit history and take a decision whether to lend to you or not. Considering the risk involved in lending, your credit profile may not qualify for an unsecured loan. However, the chances are not completely ruled out.
Credit Score has become a part and parcel of the credit life of any individual. And by credit score, we mean a good credit score that portrays that you are a creditworthy borrower to a lender. However, it is possible that we all commit mistakes while handling credit and as a result, might have ended with a bad credit score.
A credit score is generated by the Credit Information Service companies or Credit bureaus as it is commonly called as and is a representation of your past creditworthiness based on which are future credit decisions regarding your credit applications are made. Needless to say, a good credit score which is indicated by higher numbers on the credit score range is needed to get any kind of credit and on favorable terms. On the other hand, individuals with low credit score sees more of rejections on the credit front.
For the uninitiated, credit score is nothing but an expression of your creditworthiness in the form of numbers. It is assigned by the credit bureaus in the range of 300-900. The higher credit score represents higher level of creditworthiness. To get any form of credit at favorable terms, i.e. loan or a credit card, a credit score higher than 700-750 is absolutely essential.
Getting your first credit card could have brought you an immense joy as you are given pre-approved credit card just based on trust and relationship. You might have gone on a spending spree right after you had obtained the card without realising the impact of repayment aspect. A sudden medical emergency sprouts up, putting your finance at stake. There could be a lot of reason why your finance might have turned bad. However, none of the reasons matter to the creditors. What matters most to them is that how good is your three-digit credit score. Having a bad credit score can impact you negatively in various aspects especially in terms of credit-related activities. Following are some of the major impacts that a bad credit score can leave on your financial and personal life.
Credit Score is a measure of your creditworthiness and is the primary way for a bank or a financial institution to decide if you should be eligible for any kind of credit in future. This score can range anywhere between 300 and 900. Higher scores are preferred as they indicate higher levels of creditworthiness.
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