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Importance Of Good Credit Score...

06 June 2015, 10:05 AM

So, what exactly is a good credit score? In simple words it is the score that gets approved for more credits at reasonable interest rates.  The figures however differ from organization to organization. Whatever be our state of independence, loans form an important aspect of our lives which is why good credit score get so much importance. It is true that if you are successful in building a reputable credit history and earn a fair credit score, it will affect the quality of your borrowings to a considerable extent. It is one of the prime reasons why several businessmen and professionals are seen seeking guidance on how to improve credit score and avail lower loan rates. Fairness in this aspect can help in sorting several purposes like the following ones:

  • Buying A Car – Though it is an American fad, but a number of organizations have started offering credit ratings along with loans for cars in India. As compared to other loans, car loans have a smaller value, so a good credit score may help in getting a better deal with lower EMIs and beneficial interest rates.

  • Buying A New House – Home purchasing is one of the biggest investments; it is also counted as one of the primary reasons why good credit is so important for everyone. It might not be easy to strike a reasonable deal without a good credit rating. There have been incidences of foreclosures and frauds which have forced banks and lending organizations to adopt tough rules in terms of home loans. Those lacking in their credit ratings below a certain point might face trouble.

  • Starting A New Business – What is the most basic thing required for starting a new business? A capital amount; business financing is one of the main streams where banks and lending organizations like to put in their resources but in a very cautious manner. Good credibility is one of the basic criterions for granting loans. So, if you are planning to start some business in near future, better start maintaining a good credit rating from now.

  • Getting Job – Apart from thorough background checks, there are companies that have started emphasizing upon credit score of new employees. It is rapidly becoming a regular practice in financial sectors and government bodies. So, if you are planning to apply for a new job in any of these factors better maintain a healthy credit history.

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