It is crucial to maintain a good credit score for several reasons. With the help of a good credit score, one can get low-interest rates on loans and apply for credit cards. Also, it is easier to rent an apartment or get better rates for car insurance and stay on good terms with any financial institution.
An individual's credit score is not fixed. It fluctuates depending on how efficiently they pay the dues or maintain their line of credit etc. The credit score is also affected in small increments, so an individual cannot understand the difference that a credit score is undergoing every month. When required the most, the high-ranking credit score proves to be extremely helpful. Credit score - what does it mean? A credit score is an arithmetical measure of an individual's ability to repay the borrowed amount from any financial institution. It is an exponential representation of an individual's creditworthiness. A credit score is always represented as a three-digit number and falls in the range of 300 to 900, where the lowest is 300 and the highest is 900. Calculation of credit score The country's credit bureaus calculate the credit scores. They consider various factors like the length of an individual's credit history, repayment records, credit inquiries, etc. Benefits of a good credit score A good credit score enables and empowers a person to apply for a credit card or a loan from a bank or any NBFCs. An individual with a higher credit score receives further benefits such as loan amount of higher value, lower rate of interest, and the choice of the duration to repay the loan. Disadvantages of a poor credit score A poor credit score makes it difficult for an individual to acquire a loan. Usually, lenders do not trust any individual who falls under the range of a poor credit score as there is a high possibility of late repayment of the loan from them. How to get a credit score check? The following are the steps in which one can get a credit score check before applying for a loan or a credit card:
A free credit score check from LazyPay LazyPay India's most famous 'Pay Later' app has recently launched LazyPay credit score check service for its users to save themselves from bad financial decisions. LazyPay steps in with a series of offerings along with a free credit score check such as:
Why LazyPay for a credit score check? The following are the reasons for opting LazyPay credit score check: 1. LazyPay has partnered with CIBIL to provide a credit report worth ₹1200 for free to its users. 2. LazyPay provides personalized alerts on any missed payments and protects the users from misreporting. It thus tracks any small changes in their credit scores. 3. LazyPay also helps the borrowers get information regarding their personal payment history, lending, and creditworthiness to avail them of the most suitable loans and credit offers. Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!
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