Banks and NBFCs use credit score as a deciding factor when you apply for a personal loan. The lenders first check your credit score to determine how credible and reliable you are. Before approving your loan. The credit score typically ranges from 300 to 900. Moreover, the score is generated based on various factors such as your payment history, credit mix, length of the credit and credit utilization ratio. Usually, a score above 750 is known to be a good credit score and shows that you have the ability to repay your loan amount. Therefore, you must make a habit of checking your credit score from time to time to keep a track of your financial health.
You can check your online credit score using Buddy Score and get your credit report instantly. So read this article further to learn more about credit score, its importance and why Buddy Score is one of the best sites to check your credit score online.
Benefits of Having a High Credit Score
When you have a high credit score, you will have a lot of added benefits when you apply for a loan. So here are a few benefits that you will probably get when you have a good credit score:
Best Site to Check Online Credit Score for Free
Many banks and NBFCs have options to check your credit score online for free. And one such site to check your credit score online is Buddy Score. Here you can check your score using Buddy Score and get a full credit report showing your credit status instantly. So here are the steps to check your credit score.
EndNote
When it comes to loans, your credit score is the first factor that lenders will check to know your creditworthiness. So, it is important to check your credit score online before you apply for a loan to avoid unnecessary rejection. And if you find any errors in your report, report the issue to the respective credit bureau and get it corrected immediately.
You can check your online credit score using Buddy Score and get your credit report instantly. So read this article further to learn more about credit score, its importance and why Buddy Score is one of the best sites to check your credit score online.
Benefits of Having a High Credit Score
When you have a high credit score, you will have a lot of added benefits when you apply for a loan. So here are a few benefits that you will probably get when you have a good credit score:
- Low-interest rates: You can easily get your loan application approved for a personal loan if you have a good credit score above 750. The reason is because the lenders will see you as a credible applicant and will also be ready to offer low interest rates on the loans.
- Eligibility for loans: As you have a high score, you will become eligible for any loans automatically.
- Credit Cards: As credit cards do not need any collateral, you will get competitive deals and discounts on your credit card when you have a high credit score.
- Quick approval of loan: As a high score represents your ability to repay your loans on time, it will become easy to get your loans sanctioned instantly when you have a good score.
Best Site to Check Online Credit Score for Free
Many banks and NBFCs have options to check your credit score online for free. And one such site to check your credit score online is Buddy Score. Here you can check your score using Buddy Score and get a full credit report showing your credit status instantly. So here are the steps to check your credit score.
- Step 1: Visit the official website of Buddy Score.
- Step 2: Click on "Check Credit Score."
- Step 3: Enter all the required details such as your date of birth, email address, registered mobile number, and PAN.
- Step 3: Enter the OTP that you receive and get your credit score along with your credit report instantly.
EndNote
When it comes to loans, your credit score is the first factor that lenders will check to know your creditworthiness. So, it is important to check your credit score online before you apply for a loan to avoid unnecessary rejection. And if you find any errors in your report, report the issue to the respective credit bureau and get it corrected immediately.