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Financial food for thought
Credit Utilization ratio is one of the main components of a credit score. Your earlier score would have been calculated as per your existing credit utilization ratio. However, if there has been a consistent increase in your credit utilization ratio your credit score would have dropped down. Higher utilization is an indicator of poor credit habits.
Do you remember when you checked your credit score for the first time? It must have been a joyous feeling of getting introduced to the credit world. Since checking your credit score, everyone would have a determined mind to increase the credit score. But over the period, things could have turned bad and a financial crunch would have been unavoidable.
Close to a million Indians join the workforce every year, not all are lucky to get jobs; but even those who do, run the risk of getting rejected on loans and credit cards due to a lack of information on credit score. Statistics say that 50% of the loan applications get rejected due to lack of credit score.
In India, banks consider a score of 700 and above a good credit score. The ideal score is one above 750. So, if you are looking to negotiate good terms on your loan it is best to have a score above 750. On the other hand, any score below 650 would attract a higher interest rate. Banks will take a stand and not negotiate to reduce the interest rate.
When a lender goes through a loan application, the borrower’s credit score is one of the important factors linked to the approval. The lenders want to be assured that the borrower has shown a decent repayment track record with no defaults in the past.
A good education gives wings to an individual to fly higher in the career. It is a stepping stone to achieve their ambitions in life. However, not all have the means to fund their studies from their own pockets considering the rising cost of education.
The main reason loans are popular or work is because of the time the loan is required. The quick approval loans or Insta-loans as some banks call them are there for the sole purpose of satisfying an emergency any person will have.
A bad credit may obstruct your chances of getting a loan to fulfil an urgent need. But there are ways where you can get an unsecured personal loan even with a bad credit.
What Entrepreneurs with bad credit need to know before applying for a loan - If you are an entrepreneur looking to get a loan and having bad credit then learn what to do before going to a bank and applying for a loan
Why your credit score is not improving?Credit score is a vital tool for assessing your financial capability while opting to apply for a home loan, personal loan and credit card. Sometimes, you may feel you have made your payments on time and still you might have low credit score. It can be a puzzle as there are a lot of factors go into deciding your credit score. Let us look at the reasons why your credit score is not improvi
3 Month Loans for Bad CreditHaving bad credit can be a nightmare for people wanting to access funds. Are you one among those having a bad credit history? Need access to credit? What do you do if you do not have a good credit score and need urgent cash to tide over a crisis? What's the best deal you can get in a situation like this?For starters, what you require to know is that short-term finance, like 3 months' loans are generally sanctioned at a higher interest rate. I
6 Month Loans for Poor CreditIt can get be difficult to avail a loan with a poor credit rating. Lenders do not want to risk giving loans to customers who already have demonstrated poor credit behavior and might possibly default on EMI payments. However, each lender has a different set of requirements and criteria for sanctioning loans. So, it is possible that even if multiple lenders reject you, you might have a small chance to qualify with a particular lender who has different
Your first step should be to study your credit report and identify the reasons for your low score. This could include administrative errors, late or missed payments or a high credit utilisation rate.
Credit score has taken a non-negotiable position in the world of credit. There can't be much possibility of availing credit on competitive interest rates and favorable terms with bad credit scores. In India, the 4 credit bureaus that issue credit reports are CIBIL™, Equifax, Experian, and CRIF High Mark.
Reasons for a low credit score
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