In continuation to our previous blog, “CRUCIAL POINTS THAT HAVE A LASTING AFFECT ON YOUR CREDIT SCORE: APLUS CAPITAL”, here we discuss the other prime factors that have an influence on your Credit Score.

We start by understanding a faultless credit report and slowly move down to other key issues.

MAINTAIN A FLAWLESS CREDIT REPORT: Credit score is crucial for deciding your credit risk, with your loan application completely dependent on it. In fact, banks often reject loan applicants who have a poor credit score or at times go to the extent of charging higher interests from such loan seekers. Therefore, if you plan to apply for a loan, try to seek your credit report at the most 2 months in advance. This will give you ample time to correct any flaws in your report that may have been generated either from your end or from your bank’s end, which can include spelling errors in your name to getting any settled payments…A “closed” tag. Such changes nearly take one month or more. Financial pundits advice loan seekers to revisit their credit score records on a regular basis so that any fallacies or changes in them can be made well in time. Most of these correction applications can be moved online, thanks to the customer-friendly Credit Bureaus websites. You can follow the instructions on these websites and resolve your issues…from anywhere.

NON-EXISTENCE OF CREDIT HISTORY STAINS YOUR CREDITIBILITY: With your credit score depending on factors like…loan repayment history, Credit Utilization limit, Credit responsibility behavior…a person with no credit history faces more problems to get a new loan than someone who has availed a credit card or a loan in his past. Having no credit score places you in a zone…where the lender himself cannot decide your repaying capabilities. As a result, lenders take help of your existing income and your employment to find their answers. If they feel after their evaluation that you can repay a loan they sanction it, otherwise, your application gets rejected. New credit seekers should always keep themselves ready to face such dicey situations.

USE CREDIT LIMIT JUDIOUSLY: Regular use of credit cards affects your credit card limit and silently highlights that the user is heavily burdened by debts and needs frequent credits for maintaining his expenses. Lenders strongly avoid such borrowers as they measure the net worth of a loan seeker by subtracting liabilities from assets. Therefore, always use your credit cards judiciously.

APLUS CAPITAL, a fast growing financial business enterprise says, “Loans and credit cards have become a new way of life for the common man…to especially deal with sky-rocketing inflation rates and healthy lifestyle. Today, everyone looks forward to having a good lifestyle that cannot be achieved with empty pockets. Times have changed and loans and credit cards have made it achievable by maintaining a good financial discipline. You can take personal loans or home loans via APLUS CAPITAL…with its readily available loan services. We will leave no stone unturned in making your lifestyle better and more enjoyable for you.”

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