What do you think happens next, the moment you send your loan/credit card application to a lender? Well, in case you don’t know, the answer of the same, nothing to worry as we are here to help. So, the first and foremost thing the lenders do is to check your cibil score. That’s Right! In order to know the credit worthiness of the individuals, it is like a routine process for lenders to check the three-digit numeric summary. And, while doing so, it is easy for them to know the credit history and repayment record and that actually helps them to decide whether to give away the loan/credit card or not.
Moreover, if we talk more about the three-digit numeric summary, you can say that it is a complete sheet cheat of an individual who has ever been on a financial journey. These numeric numbers basically represent whether an individual is trust worthy enough to give away the loan/credit card. Well, the actual concern of the lenders is either with the loan repayment or handling the credit card. And, if they find the profile of a candidate risky, it is difficult for an applicant to avail any of the credit facility. Even if a lender agrees to give away any sort of credit facility, high chances that an applicant will get the same either at higher interest rates or fewer features and benefits.
Thus, it is always advisable to maintain your score in a good position so that you can grab the best deal. And, if it is difficult for you to keep your score up and you don’t know what to do, need not to worry because there are certain tips and tricks that will help you in improving your score in the least time frame. Well, if we talk in general, most of the lenders prefer a score of 700 or 750 out of 900, hence considered it to be a good one to grab any sort of credit facility. Talking more about the same, different lenders have different criteria for the score and you need to check the same before cracking the deal from a lender.
However, one thing that needs to be mentioned here is the fact that having a low score means that you won’t be able to get the best deal easily. But don’t be disheartened as there are plenty of lenders available in the marketplace that offer the credit facility even if your score is low. That’s Right! You might not get the best deal such as lower interest rates or higher credit limit of a card but you can get a credit facility to meet your multiple needs.
But who doesn’t want to enjoy the maximum perks and benefits, right? And, in order to do so, it is important that you should maintain a good score. And, one of the best ways to do so originates from check your cibil score. Yes, until and unless you won’t check your three-digit numeric summary, it won’t be possible for you to know the loopholes, i.e. the prone areas where you need to work on. A score is not only a number but in fact, it is a complete cheat sheet of your history and repayment record. And, while checking the same online, you also get the credit report, which is nothing but a unified document that allows you to know all your credit-related details.
Yes, right from credit score, loan/credit details, defaults, credit utilization limit to transactional details and so on, this report contains all. So, soon after getting the same, you can easily evaluate the areas or we can say the real culprits that are responsible for bringing your score down. And, as far as knowing the score is concerned, there are plenty of reliable sites available online that allow you to check your three-digit summary anytime and that too without any hassle.
So, what are you waiting for? Go and check your credit score today and avail the best deal.