Credit score

Things to keep in mind before calculating your credit score

It is a well-known fact that credit score is an extremely crucial factor when it comes to getting your loan application accepted. However, even after knowing this fact, it is easy to commit some mistakes which hamper credit score. That is why below listed are those mistakes which you need to be very conscious of all the time and avoid them at all costs.

1. A common mistake is defaulting on the EMIs or credit card payments. When you default on your regular payments, its impact on your credit score is high.

2. For every loan application, you make the lender makes a hard query of your credit report, which cost a few points to be deducted. Thus, when you make too many loan applications simultaneously, it puts a greater negative impact on your credit score.

3. Each credit card has a maximum credit limit. Your total outstanding credit card balance against the maximum limit is the credit utilisation ratio. A ratio above 30% is not considered good, and it starts to hamper your credit score.

4. if you have too many unsecured loans, then that negatively impacts your credit score as well.

5. Not checking your credit report is another mistake people commit. When you check your credit report, it does not affect your credit score, and you have the chance to discover any red flags in the report.

Red more :
Mistakes that can hurt your credit score

Impact of credit score on loan !

Taking loans have become an essential part of life in today’s economic sphere. When you decide to take a loan, you think of signing a contract with the given terms and conditions. A credit score can be defined as belief or trust in your repaying capacity. Repaying capacity as in whether or not lenders believe you will be able to repay the debts. It thus means how well and how much time do you pay your loans and other financial obligations.

All loan providers and lenders prefer a favourable credit score because a good credit score shows your creditworthiness.

The credit score and loan are related in a very delicate manner. Both loan and credit score equally impact each other.

• If you have a low credit score, then no lender will sanction your loan.
• A good credit score assures the lenders that you will repay the loan, which in result helps in getting the loan.

Just like this, loans also affect the credit score equally.

• Timely loan payments increase the credit score.
• High loan balances hurt the credit score.

In the future, this credit score can help you function a lot in financial terms. A lender can decide based on this credit score that you are eligible for a loan or not.

My First Blog Post

Be yourself; Everyone else is already taken.
— Oscar Wilde.

This is the first post on my new blog. I’m just getting this new blog going, so stay tuned for more. Subscribe below to get notified when I post new updates.

Introduce Yourself (Example Post)

This is an example post, originally published as part of Blogging University. Enroll in one of our ten programs, and start your blog right.

You’re going to publish a post today. Don’t worry about how your blog looks. Don’t worry if you haven’t given it a name yet, or you’re feeling overwhelmed. Just click the “New Post” button, and tell us why you’re here.

Why do this?

Because it gives new readers context. What are you about? Why should they read your blog?
Because it will help you focus you own ideas about your blog and what you’d like to do with it.

The post can be short or long, a personal intro to your life or a bloggy mission statement, a manifesto for the future or a simple outline of your the types of things you hope to publish.

To help you get started, here are a few questions:

Why are you blogging publicly, rather than keeping a personal journal?
What topics do you think you’ll write about?
Who would you love to connect with via your blog?
If you blog successfully throughout the next year, what would you hope to have accomplished?

You’re not locked into any of this; one of the wonderful things about blogs is how they constantly evolve as we learn, grow, and interact with one another — but it’s good to know where and why you started, and articulating your goals may just give you a few other post ideas.

Can’t think how to get started? Just write the first thing that pops into your head. Anne Lamott, author of a book on writing we love, says that you need to give yourself permission to write a “crappy first draft”. Anne makes a great point — just start writing, and worry about editing it later.

When you’re ready to publish, give your post three to five tags that describe your blog’s focus — writing, photography, fiction, parenting, food, cars, movies, sports, whatever. These tags will help others who care about your topics find you in the Reader. Make sure one of the tags is “zerotohero,” so other new bloggers can find you, too.