low credit score Archives -

27 Jan

Top 5 Reasons to have High Credit Score?

Finheal
Credit Score
Tags: credit score, high credit score, low credit score
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Most of us, who has ever owned one or more credit cards or borrowed any type loan (automobile loan, home loan, personal loan etc.) have credit history with major credit bureaus in India like CIBIL, a Mumbai (India) based Credit Information Company (CIC) founded in the year 2000.

High Range Credit Rating plays an important role in the approval of loan and credit card applications easily. Read more »

16 Jan

Reasons Why Personal Loan Application Is Getting More Popular In the Past Decade

Personal Loan Application is Getting More Popular in the Past Decade

Have you ever applied for a car loan, a home loan or a personal loan? What if the loan application got rejected? What to do next? Rejection of any kind is one of the most fears that lie within us. But there is also a way to address this. Put on your thinking cap to know the few ways on what to do next when your loan application gets rejected.

Know and appreciate: Check with the credit institution to be acquainted with the reason for the rejection – read it and understand the reason. As per the Reserve Bank of India, “A bank cannot reject your loan application without furnishing valid reason(s) for the same.” Does the reason for rejection talk about a low credit score? Does it point to poor payment history? Are the reasons reflecting in your credit history? It’s time to check your credit report to be well-known with the reasons behind the rejection.

Re-check your credit score: A low credit score is one of the reasons for which the credit institution may have rejected the loan application. There is different credit scoring models that different credit institutions may follow – it may be its in-house scoring model, or a credit score obtained from a credit bureau. It is advisable to check your credit score with one of the credit bureaus in the country to know how credit healthy you are.

Do an error check: A credit report contains your demographic details, credit account details and payment history. Do a check to observe if there are errors on your credit report linked to your personal details or account details. If there is some information which you think is not related to you, then it needs to be rectify and updated by the own credit institution and thus, at credit bureaus.

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