A credit score is a three-digit numerical term that represents the creditworthiness and ranges from 300 to 900. Before approving your loan application, lenders look at your credit score. A decent credit score is undoubtedly beneficial with any loan or credit application.
Is 800 a good credit score, if you're wondering? Then the reaction is a big yes! An 800 credit score is excellent! Only a limited number of individuals attain and retain such a good credit score on a regular basis. A credit score of 800 falls into the excellent category. Your credit score is used by lenders to determine whether you apply for financial products such as credit cards and grants, as well as to determine your interest rate.
An excellent credit score is one that ranges from 750 to 900 points. Applicants with such a credit score are preferred by banks, NBFCs, and other online lenders. With this credit score, you should be certain that you will be approved for every credit product.
The RBI has approved three credit rating agencies in India to issue credit scores: CIBILTM, Equifax, Experian, and CRIF High Mark. They give you a three-digit score that ranges from 300 to 900. To accept a loan, most lenders need a credit score of 750 or higher. Any score over 750 marks you as a good, low-risk borrower, and banks are willing to lend to individuals with such a clear credit background.
1. A high credit score means you'll be able to get credit much more easily and on much better terms.
2. Your loan or credit card application would be handled even quicker. The clearance is done in a couple of days, if not hours, if you have a high score.
3. Since the bank/credit card provider is assured that you can repay the loan on time, they will give you a lower interest rate.
4. A high credit score can also lead to a longer loan term.
5. A individual with a good credit score will also be liable for a significantly greater loan sum, as banks are more assured that the loan can be repaid on time and in full.
It's a good idea to try to get the highest credit score you can. It can take several years or more to reach an 800 credit score, depending on where you start. You would have a few years with only good payment experience and a diverse selection of bank accounts to illustrate that you can handle multiple forms of credit cards and loans.
Trinity Credit Solution will help you boost your credit score so that you can be selected for loan deals with more attractive terms and conditions.
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