Whenever you want to get loans, you have to see to it that you meet all the required eligibility criteria. And one of the most important criteria is your credit score. So when you apply for a personal loan, lenders will first check for your credit score to know if you are a credible borrower. The reason is because it indicates whether you have made your loan repayments without defaulting. It typically ranges from 300 to 900 and if you have a high credit score of above 750, you can get loans at low interest rates. Therefore, you have to frequently check your online credit score using Buddy Score to track your credit behaviour.
So read this article further as it will help you understand why it is important to have a good credit score and how to check your credit score online for free using Buddy Score.
Advantages of Having a Good Credit Score
- Low-interest rates: Lenders will be ready to offer personal loans at comparatively low-interest rates if you have a high credit score.
- Eligibility for loans: It becomes easy to apply and get personal loans easily as you will become automatically eligible when you have a high credit score
- Credit Cards: You can get great deals on your credit cards with attractive offers when you have a high credit score.
- Higher loan amount: A high score represents that you have the ability to repay your loan without defaulting. So, lenders will be ready to offer you higher loan amounts.
- Quick approval of loan: Lenders will approve your loan instantly without taking much time as you will be seen as a low-risk borrower.
Steps to Check Your Credit Score Online
You can easily check your credit score online for free using Buddy Score and get your credit report to keep a track of your financial health. So here are a few steps to check your credit score online using Buddy Score.
- Step 1: Visit the official website of Buddy Loan and select "Check Credit Score."
- Step 2: Enter the required personal information such as date of birth, email address, registered mobile number, and PAN.
- Step 3: Enter the OTP that you received, and you will get your credit score and report instantly.
EndNote
Credit score plays an important role when you are applying for a loan. And as personal loans are offered without any collateral, lenders give importance to credit score and use it as a deciding factor for loan approval. Therefore, you must check your score frequently and maintain it above 750 to be eligible for loans.
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