Skip to main content

Good Credit Rating Score Lucy Baxter

Most people are very laxed when it comes to their credit rating. In this article we talk about the importance of a Good Credit Rating Score.

They feel that a couple of credit card defaults will not harm them. If you are seriously considering buying a home by taking a loan then it’s high time to get serious about checking your credit worthiness. Credit scores have come a long way in establishing the credit worthiness of clients.Remember every bank will check your credit rating before granting you a loan.

 


Credit Information Bureau India Ltd (CIBIL) plays an important role in helping loan providers(Banks) and also helping consumers get faster credit on better terms. It is responsible for collecting and maintaining payments pertaining to loans and credit cards. These records are submitted by banks and other lenders to CIBIL on a monthly basis. The information collected is then used to calculate credit scores which are then provided to the lenders (banks) to evaluate and approve loans.

Importance_credit_worthiness

Credit worthiness is defined as the individual’s credit score, which is based on the credit history of the person. The credit history will encompass things like how much debt does the individual have, the regularity of the payment schedule,how often does the individual borrow etc. Credit worthiness will also indicate the borrower’s repayment capability.

As the transaction value while purchasing a house is very high, both the developer and the banks take utmost care to check the credit worthiness of the individual.

Good Credit Rating Score

1) Home loans are offered on the basis of certain factors

The interest rate will depend upon the specifications and requirements provided by the customer.

The credit score is broadly defined below:

a) An Excellent credit score (760-850) will help in getting you the lowest interest rate available.

b) A very Good Score (700-760) will help in getting you an interest rate 0.25 percent higher than the lowest available rate.

c) A Good Credit score (660-699) Will help in getting you an interest rate at 0.5 percent higher than the lowest rate available.

d) A Moderate Credit Score (620-660) is the beginning of suspicion and so the interest rate will be approximately 1.5% higher than the lowest rate available.

e) Poor Credit Score (580-620). In this case very few banks will offer you loans. And if they do, then the rate of interest will be much higher than the lowest rate available.

2. The higher the credit score, the better are your chances of getting home loans at competitive rates.

3. In order to have a good credit score, it is important to ensure timely credit card payments without any defaults.

4. Even late payments and subsequent fines have an impact on credit worthiness.

One must try to maintain a good credit worthiness score which will result in faster home loans or other loan approvals and will also enhance your chances of getting a competitive rate for your loans.

Some resources to help you maintain a Good Credit Rating Score.

Credit Score Rescue Plan

 

 

Credit Score Rescue Plan: A Proven Credit Repair Strategy for Your Financial Life – Nick Stevens – Buy Now

 

 

Unlock the power of your credit score

 

Unlock the Power of Your Credit Score – Arun Ramamurthy and Gaurav Wadhwani – Buy Now

 

Hope you enjoyed this article on the importance of a Good Credit Rating Score.

The post Good Credit Rating Score appeared first on Smart Woman World.



from Smart Woman World http://bit.ly/2Z2EMo0
via IFTTT Good Credit Rating Score Lucy Baxter
Labels:

Comments

Post a Comment

Popular posts from this blog

Aashirvaad Atta Review Dsouza Pricilla

Aashirvaad Atta is one of the most popular brands of the FMCG major ITC. Recently we understand that the Aashirvaad Atta Brand has become a Rs.4000 crore brand in the wheat flour market. It has around 28% Market share in the packaged wheat flour market. India is a wheat eating nation and most people eating wheat in the form of chappati, naan, rotis etc. In this article, we will share with you an Aashirvaad Atta Review . Due to Aashirvaad Atta constantly gaining popularity, ITC has forayed into making different types of customized wheat flour attas which are good for health and suit the regional preferences of people. While its name itself means Blessing, the Aashirvaad brand is adding new products like milk, cow ghee, spices and salts to its fold. Further, ITC has a great network of farmers through its e-chaupal and Chaupal sagar programmes, which helps in sourcing the right quality products at the right price from the farmer. This project has helped in improv...
Post a Comment
Read more

How To Teach Your Children To Be Frugal Lucy Baxter

Learning how to be careful with money starts at home. After all, most children get their first income from their parents in the form of pocket money or a small allowance. This is a good starting point for teaching them the value of saving money and how to make things last. It can even be fun and a great way of spending time together. In this article, we show you How To Teach Your Children To Be Frugal. How To Teach Your Children To Be Frugal. Why it is important for children to save In the Stanford Marshmallow experiment, a child was given the option of eating a marshmallow straight away or two marshmallows, if they waited for 15 minutes. Follow-up  studies showed that the children who waited for two marshmallows were more successful in later life. Success criteria included educational level, healthy body weight and school results. The principle behind frugality is the same. If your child learns how to save something for the future versus over spending money right away, then th...
Post a Comment
Read more

6 Ways to Keep Your Kids Busy During School Holidays Dsouza Pricilla

Keeping your kids busy during the school holidays is no easy task. It doesn’t take long to run out of ideas on how to keep them occupied, and they soon get bored doing the same things over and over again. Here are a few fun ways to keep your kids busy so you don’t even up count down the days till they are back at school Make a Treasure Hunt Making a treasure hunt for your kid s can be lots of fun keep them occupied all day. Keep it simple by creating a list of things they need to find around the house, or, extend it to the local neighbourhood. If you want to go all out, think up clues to send them to different places to pick up the next clue, ending up at home with a surprise, or the last clue being tickets to go and see a movie the next day. You can even come up with a theme for the treasure hunt! Get Baking Kids love baking, especially when they get to decorate their cakes however they want. Use different flavours of cake mix; chocolate, strawberry and vanilla are always winners...
Post a Comment
Read more