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Home Uncategorized

Benefits of a High Credit Score

thefeednewz by thefeednewz
March 28, 2022
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Banks tend to check your CIBIL score as soon as they receive your credit application. This is done in order to assess your creditworthiness and if you qualify for a loan or credit card. Your CIBIL score could affect your ability to meet your financial responsibilities. The applicant’s CIBIL score has an impact on whether or not he can get a credit card or a loan. The higher your credit score, the better your chances of getting approved. Your CIBIL score is used to determine how much money you can borrow if the bank accepts your loan application. All credit ratings are based on your CIBIL score, which is used by banks as a standard. Your creditworthiness for the amount of loan you are requesting from the bank is determined by your CIBIL score. The CIBIL score is not something that can be improved overnight. However, there is no quick fix for raising your score. To see the results and benefits, you must be patient, adjust your payment habits, and be self-disciplined.

If you keep a high CIBIL score, you will reap the benefits for the rest of your life. A low CIBIL score, on the other hand, comes with a slew of drawbacks. Banks examine your full credit report for any abnormalities, even if your credit score improves. If you’ve ever missed a loan or credit card payment, it will show up on your credit record, and banks may consider you a high-risk borrower. There is no such thing as a one size fits all method when it comes to raising your credit score. The lower your CIBIL score the longer it takes to improve it. 

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Advantage of High Credit Score

With a good CIBIL score, you can take advantage of a variety of market-based benefits that can help you save money and simplify your finances. Here are just a handful of the numerous benefits of a high CIBIL score.

Low Interest Rates and Credit Card Fees

If you have a strong credit score, you will almost always be able to get the best interest rates and pay reduced finance fees on your credit card balances and loans. If you pay less interest on your debt, you will be able to pay it off faster.

Simple Credit card and Loan Approvals

Having a good credit score increases your chances of getting credit. In general, you can apply for a loan or a credit card without worrying about getting turned down.

Bargaining Power

If you have an excellent credit score, you will have more bargaining power. If you have an excellent credit score, you will be able to negotiate lower interest rates on credit cards and loans.

Easy Top up 

If you already have a loan, you can easily apply for a top-up to increase the loan amount because banks will look at your credit score and consider adding money to the existing loan.
These are some of the advantages that come along with a high CIBIL score. Moreover, your income levels and repayment habits impact your credit score. If you have good repayment habits and pay your loan EMIs on time, then it is most likely that you would have a high CIBIL score. On the other hand, if you have missed your EMI repayments then you might have to pay a penalty on those repayments and your CIBIL score also takes a hit. Therefore, having a high CIBIL score gives you a lot of advantages. On the other hand, even if you are a farmer with a stable income and a high CIBIL score you can apply for KCC. The Kisan Credit Card or KCC is a credit card launched by the government of India to empower the farmers in the country by enabling them to apply for a credit card. However, it is important to check your CIBILscore before applying in order to avoid rejection.

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