While 300 being the lowest score and 900 the highest, an individual should always work to keep the score at least above 700 to unlock affordable loan and credit schemes. In simple words, this score is a borrower’s report card to check how financially responsible they are. Well, many of us are quite familiar with the term, but only few know the exact meaning, role, and importance of the score.īasically, a credit score is a three-digit number ranging from 300 to 900, which helps the lenders to determine the borrower’s creditworthiness.
However, when you apply for a loan or credit card, the lenders first check for the applicant’s credit score, which is said to be the base of any loan application approval. But, today the scenario has changed and all thanks to booming banking sector that has encouraged people to change their mindset and follow a good banking habit. The days are gone long back when borrowing from a local ‘muneem’ was a social taboo and also the matter of self-respect. As we are living in a 21st century, it’s no surprise to fall short of finances and look for affordable loan and credit schemes.
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