Our life revolves around credit. There are loans tailored for every need and want which can happen in your life. Availing a loan can be dicey and hectic when you’re in desperate need of money or loan. The most important component which determines if you are credit worthy is your cibil score. A credit score plays an important role in your loan application. The higher your cibil score is the more your chances is to get your loan at a speedy process. On the other hand, if you happen to have a low cibil score, the chances are you can either get your loan rejected or else still avail a loan with higher interest rates. This looks so easy but it’s defiantly not. The pain of getting your credit rejected because of your low credit score when you desperately are in need to money can cause you serious mental damage. Well, this is only with the loan part.
Have you ever given a thought, if credit score is only important while availing a loan? Is it important in any other way? If you are in the perception that your credit score only matters while applying for a credit or any other credit line, you’re mistaken. A credit report is slowly and gradually becoming an integral part of our life and sooner or later our lives will start revolving around it.
A credit report is a numeric representation of how you’re doing financially and apart from your future lender there will be many other third parties who would be interested knowing your financial status and how you’re doing financially.
Here are the other ways a good credit score can help you,
To get married
Yes, nowadays there are families and relatives who consider checking your credit report to understand whether you are financially worthy or not. A cibil report will give them a clear picture on how many lines of credit you hold and if you are making all your payments on time for the same. This will give them a clear picture if you’re an eligible bachelor who is worthy of getting married.
To land on your dream job
As we all know, when we apply for a job there are different types of background verifications conducted to check your past with your previous employers. Checking your credit report has also become one of the key criteria’s to check if you are job worthy. This type of verification is specially conducted by corporate companies who have large financial account to assign to the candidate. If the candidate is not self independent financially, how can he manage the company’s funds?
To get your dream home
As we all know luxury comes with a price. If you are one with liberal thoughts, you will know by now that renting makes more sense than buying a house. While you are in the process of getting a house on lease and the rent is quite high because it’s in the prime location. The house owner may ask for a cibil report just to verify if you can manage your funds properly and if you can deliver rent to the owner on time.
Like these, you credit score can help you in many ways apart from availing a loan. You can still get a personal loan with no cibil score, but the interest rates are quite high as compared to market standards.
Believe it or not, a credit score plays a very important role when it comes to many things in life. you will have to maintain it for any surprises life might throw at you.