Why Building Credit Score is Important?

 

Building a healthy credit score will always benefit you in the long run. Whether you need a loan to renovate your home, launch a new business, or get married and start a family, a good credit history will go a long way toward getting your loans approved and meeting your financial goals faster and more efficiently.

Let's start with some basics on how you can improve your Experian Credit Score

What is Credit?

To make it simple, credit is a facility that allows you to borrow money from banks and other lending institutions. The amount you can borrow is determined by the bank or lenders. Going further, your Experian credit score will determine how creditworthy you are in the eyes of the moneylenders. The higher your Experian credit score, the better are the chances of getting approval on your loan with desired interest rate.

How can you build your credit profile?

Apply for a credit card if you don’t have one already   Make a credit card application with the same bank where you have a salary account   Go for no cost EMI options instead of pre-payment for durable goods

Select the BNPL (Buy Now, Pay Later) option   Make full and timely payments on all your credit dues (loans and credit card dues)   Regularly review and check your Experian credit score

You can be more credit aware and achieve your financial goals if you start building your credit profile today.

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