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Financial food for thought
There are a lot of factors that go into calculating a credit score. Following are some of the factors that affect your credit score:
Life is unpredictable. You may have planned your monthly budgets, investments, retirement funds and more, but suddenly out of the blue life throws a curveball at us. There are plenty of situations in life, where emergency loans become necessary. A medical emergency in the family, immediate home repairs after the monsoon season, vehicle repairs after an unexpected accident, a sudden trip with friends – are some of the many circumstances, where we require cash fast.
Debt management is a serious task. With so many loan products in the market, it is very easy to fall into the debt trap, but true brilliance is in staying afloat. Defaulting on your loans is not a pleasant experience.
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.
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.
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.
Loans or any kind of credit makes owning various assets easier. In addition, it can also help tide over periods of emergency or also aid during times of shortfall of cash. At present, there are loans that cater to various needs right from buying a home, a four-wheeler or a two-wheeler to funding your business or education.
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.
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.
Your credit score is assigned by the credit bureaus on the basis on information provided by your lenders regarding actions related to your credit cards and loans. Each action like application to a loan or card, to prompt payments on loans or credit card outstanding to the closure of the loan or cards, all of them affect your credit score.
Your loan application is rejected’- a message like this could bring a lot of disappointment especially when you need financial aid for an emergency. While there could be ways to get money, not knowing the reasons for the rejection could deter you from taking further steps to improving the chances of getting approved for your upcoming loan application.
Credit score has taken an important place in the financial world off late. To be able to avail any kind of credit, a good credit score above 750 is essential. The requirement for credit could arise at any moment and a low credit score might have grave consequences of a loan rejection.
Just like a good diet and fitness can give you great health, good credit score has beneficial effects as well. Some of them are quick loan approvals, lower rates of interest and other favorable terms on credit. And a bad credit score does just the opposite. Rejected loans, higher interest rate, etc may be some of the detrimental effects of a bad credit score.
Jitesh Shah is a happy go lucky young media professional starting out his career in Mumbai. He was very ambitious and spent long hours at work and hung out with his friends during free time. Financial matters did not seem important to him. He was regularly maxing his credit card, missing loans EMIs, and when he ran out of cash, he was quick to apply for another personal loan.
A good credit score is a great asset to have these days. It comes in handy in all those situations when you need credit to buy anything that cannot be paid for immediately, like a home, vehicle or loans to tide over emergencies/unplanned circumstances or even for availing a credit card.
The importance of credit score is known to all of us. Maintaining a good credit score is advantageous in a multitude of ways, like better chances of getting a loan/credit card approved at favorable terms, improved negotiation power, increased probability of getting higher amounts of loan, etc.
Credit score has become an integral part of our financial well-being. To be eligible for any kind of credit, a good credit score is essential. But we are humans and it is natural for us to make mistakes. Sometimes, that might cost us our credit score. Once we get into the territory of bad credit scores, getting further credit on the best terms gets increasingly difficult.
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