Credit Scores: A credit score is an indicator of a person’s ability to manage debt. Four or five organizations provide this credit score. This credit score is very important in anyone’s financial life. Credit score ranges from 300 to 900. 300 is the minimum score, 900 is the maximum score. than 650.
A credit score is an indicator of a person’s ability to manage debt. Four or five organizations provide this credit score. This credit score is very important in anyone’s financial life. Credit score ranges from 300 to 900. 300 is the minimum score, 900 is the maximum score. A score above 650 is a good credit score. This score is the criteria for banks to give us loans and credit cards. A credit score above 750 makes it easier to get a loan. The interest rate will also be low. If we don’t pay back our debt in a disciplined manner, and if we don’t pay our credit card bills by the due date, our credit score will go down. If this is the case, many people are doubting that even if the job is lost or the salary is low, the score will decrease. According to experts, credit score has nothing to do with salary and employment.
Not Salary.. Financial Discipline Matters Even if your salary is Rs.15,000 or less, it doesn’t matter to credit agencies. It is important that you pay the loan installments regularly. If the credit card bill is paid by the due date, the credit score will improve. Whether you are getting a salary of Rs.. If you do not follow discipline in debt management, your credit score will go down.
Employment and unemployment do not affect the credit score
Whether you are employed with a regular salary, self-employed, or living at home after losing your job, none of these factors affect your credit score. Also, how much money you have in your bank account.. how much money you have invested.. how much insurance policy you have. These factors also do not affect the credit score. Even water bill, electricity bill etc. which you pay regularly will not affect the score. However, banks are likely to look at your savings, salary, etc., along with your credit score while getting a loan from banks. Apart from that, the above mentioned factors do not have any effect on the credit score.
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