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The financial sector has seen tremendous growth in that past decade, and with that, the personal loan market has also seen an increase. While getting a personal loan is a quick and easy process, the … Read More
The financial sector has seen tremendous growth in that past decade, and with that, the personal loan market has also seen an increase. While getting a personal loan is a quick and easy process, the eligibility criteria determine the amount of loan that the applicant will be eligible for and the interest rate at which one will be offered the loan.
While the other factors are well understood, the applicants tend to get confused on the last point. What is a good credit score? And how you can improve their credit score? All these questions will be discussed in this article already.
A numerical expression in the range 300-800 analyzing an individual’s credit files, Credit score represents the creditworthiness of an individual. It is primarily based on the credit report, provided by the credit bureaus.
The credit score is calculated by credit bureaus by applying a mathematical algorithm to the credit reports of individuals. The credit score calculator may vary based on different lenders as the algorithm for computing also varies for each financial institution.
The credit score is an important parameter if you are looking for Fullerton India instant personal loan. In this it is important to know how you can improve your credit score:
You can positively impact the credit scoring factor by repaying your bills on time each month. The bill payment not only includes the credit card bills, but also any loans that you might have pending like auto loan, student loan, rent, phone bill, utilities, and many more. You can use the resources and tools available by your lender for automatic payments to ensure that your payment is done timely.
The above mentioned are some habits that will help improve your credit score over time. While they are not magic wands that will immediately change your score, it may take up to 6 months or years for your credit score to improve.