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Credit score is essential for leading a financially secure life. If you have a low credit score, you may be prohibited or face obstacles from taking personal or home loan at the hour of need. The road to repair credit score is time-consuming but once done, you unlock all the possibilities of having a hassle-free life. Go through the article to understand how your credit score goes down, the ways to improve the score and what you can do with a good credit score.
Credit score is a three-digit numeric number found in the Credit Information Report and it plays an integral role in initiating the loan application process. The lower the score, the more trouble you may face. In case, you have bad credit history, it is necessary to follow certain measures to fix the issue. Credit repair is a way to improve score without paying one penny further. If you can follow the steps carefully and maintain financial discipline, you can take a car loan or house loan in no time. As you are set to buy a new house and start a new family, you have applied for a home loan fulfilling every criterion. However, your loan was rejected due to credit score being too low. The easiest way to get the loan is to wait for some time and repair your credit score.
The first way to repair credit score is to obtain the credit information report and credit bureaus charge around Rs. 550 a month for the report. After getting the report, go through the following steps and improve it.
Can I get fast approval on my loan for high credit score?
A good credit score is the key to having loan sanctioned as early as possible. After rebuilding the credit score, if your credit score has reached 800, you are creditworthy. Once the lender is satisfied with the score, the chances of rejection are minimal.
How is Credit Card application related to credit score?
The banks always take a look at the CIBIL score before issuing a credit card. The payment history shows how quickly you have repaid the dues. For the first-time borrowers (not having any credit card in the past), it becomes a little difficult to issue a card. The problem arises due to the lack of credit score.