How to Defeat your Financial Demons?
4. If You Have Credit Score Demons
Do you know what credit score you have now? If you don’t have an answer for this question, then you can ask Credit Information Bureau India Limited (CIBIL), which is a credit reporting agency, to provide your credit report. As a credit card user, you should know what role credit score plays in shaping your financial life. Whenever you request for a home loan, car loan or any kind of loan, lenders will first evaluate your credit report to know about your credit rating. Lenders use this information to judge your ability of loan repayment on time and in full.
More: Use a Credit Card to Improve Your Credit Score
You credit score which is a 3 digit number and ranges between 300 and 850, can hamper the probability of getting a loan if it is below 650. Instead of letting a low number get you down, enjoy the excitement of watching that number go up and up as you make small changes in the way you deal your credit. Don’t forget to check your credit report every year and ask for immediate rectification in case you find any errors that can affect your credit rating and your ability to get credit or a loan.
