Credit Score is a three digit summary of creditworthiness and is important to avail credit from banks and other institutions. All financial institutions check your credit score to take lending decisions. A credit score is evaluated based on transactions related to credit accounts and settlements.
A credit score ranging from 300-500 is considered to be a bad credit score. A low credit score generally results from late payments or long standing dues. A bad credit score indicates poor financial health. The banks may reject the loan application of borrowers with low credit score. It may also lead to the person getting blacklisted.
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SEE ALSO: 10 Credit Score Myths
SEE ALSO: Credit Score Calculator
A credit score in the range of 700 and above is considered as good and lenders sanction loans and credit cards. With a credit score in this range, banks are willing to negotiate lower interest rates. A good credit score helps get loans sanctioned quickly. A good credit score also gets better interest and terms on loans.
To increase your credit score instantly, use Experian boost that helps improve credit score by keeping track of payments of utility bills and mobile bills. Experian boost helps reflect a positive credit score and the services are completely free of cost. This helps customers with poor credit score improve and get access to loans and credit cards.
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