While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
BoB's offer of a lower home loan rate to customers with credit scores of 760 and above makes it incumbent on everyone to pay heed to this all-important number.
If you score well in your credit report with anything between 700 and 900 points, your demand will be easily processed and approved.
How to use the credit card is more important that the credit limit of the cards or how many you possess.
There are organisations who help individuals to improve their credit health.
An individual with a score above this level will not only enjoy easy access to credit, but will also benefit from lower cost of loans, points out Arun Ramamurthy, founder and director, Credit Sudhaar.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
Being a guarantor for a freinds loan can cost you a dear.
If variation is over 50 points, write to the bank and bureau immediately to correct the discrepancy
Also build a contingency fund equal to 9 to 12 months of expenses.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
Banks and insurers are beginning to reward customers who show exemplary conduct with lower prices and penalise those who behave poorly by imposing higher costs.
Before applying for a home loan, make sure you have not been delinquent in the past six months at least.
It is absolutely difficult to retain a healthy credit report if you have a history that shows your inability to cover up debts and repay loans regularly.
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