This again entails a thousand odd processes and acute planning down to the finest detail. In the entire procedure, buying the house at the earliest remains your top priority.
But what will you do if your loan is rejected even after providing all the credentials and documents? It is only natural to get disappointed.
This credit score is collected and collated by credit bureaus – mainly Cibil and Equifax – and they in turn get hold of the information from data furnishers that might include creditors, lenders and utilities, debt collection agencies that a person has had a relationship or experience with.
If the Cibil credit report if satisfactory i.e. you have commendable credit points, only then will the bank approve your loan. Not only in the case of loans, but also while applying for a telephone connection, applying for jobs, insurance premia, rentals and a lot more.
The Cibil score also enables the bank to find out who actually qualifies for a loan and at what credit limits. In other words, by referring to the Cibil report, they can easily analysis which customers will prove instrumental in bringing in more revenue for the bank.
If it does, then it is considered as a discouraging sign which will take dedicated effort to increase your points and bring your score to normal. Also, it is not necessary that timely repayment of loan is the only criteria to avoid being featured on the defaulters list; there are other issue too that come to play.
Credit Sudhaar is a reliable institution that helps you remain credit healthy. They have credit specialists and certified counselors whose expertise lies in interpreting your credit report, identifying the issues with the report, comprehensive analysis and then organizing a step by step plan to improve your credit health.
Maintaining a healthy credit regime can only land you on a safer side besides earning you more money in your bank account. You can also up your credit score by avoiding too much loans and credit cards because mongering for them will give an impression that you are a credit hungry person for whom ‘more is less’.