Why is Credit Score a Deciding Factor in Loans? The credit score of an individual plays a vital role in the loan approval, because it decides the interest rate. And every borrower wants a low rate of interest. To get the desired loan at your negotiable rate of interest you require a good credit score. For a high score, you need to pay your previous credits on time without any due or default payment. Because nonpayment is one of the prior reasons which lowers your credit score. Read the given article and know by what precautionary measures you can save your credit score and how to check the credit score online. Make credit score maintained! If you have checked your credit score and they are in a good status, then you could keep it maintained for future loan approvals. And to do so you just need to follow the below steps. Check credit history: First, make sure that there are no dues that can affect your credit score later. To check the credit report, you can take help from the online credit bureau. Pay with ease: You need to pay your credit card bills and loan EMIs regularly. Because any late payment charge can make it difficult for you to pay it further, and debt combines that lower your score. Borrow Gold Loan: If the need for the fund is low and you need lower tenure, then apply for a gold loan. Because it builds your credit score faster and increases your credibility. How to check the score? To know your credit score for free the most preferred and popular credit bureau is Transunion CIBIL. You can know your credit score in 3 easy steps. ● ● ●
Visit the website and create an account Mention your name, email, mobile and PAN number Enter the OTP and check the credit score after confirmation of account
Using the free credit score check, you can apply for the desired loan easily without paying for the credit check. And the other benefit is that, if you haven’t checked your credit score yet, then it is a better opportunity for you to know it. Use premium features of the credit bureau to improve credit score! If your score is below the desired credit score, then you can pay for the CIBIL Plans. The paid CIBIL gives you free access to check the credit score with exciting features mentioned below.
Alerts: You can be ready for the credit score changes with the alert feature of the paid CIBIL. It helps you get notified whenever your score changes. The credit score changes when you delay payment or borrow a loan. So you need to find out what changes your credit score with the help of CIBIL alerts. Score Simulator: Using the online tool of score simulator, you can know what can help you improve the credit score if it is low. Suitable offers: You can get what you desire for at an attractive interest rate based on your credit score. CIBIL provides you different options to choose from if you are looking for a loan. And the loan is approved faster because the credit bureau provides the offer based on your current score.