If you want
to take a home loan, your credit score is a very important factor that
determines your eligibility for a home loan. Credit score is determined based
on an individual’s credit history. It is very important to maintain, a
good credit score will help you secure any loan with quite an ease. The average
credit score is said to be about 750 and anything below 750 is a bad credit
score. A good credit score will get the applicant a lower rate of interest when
it comes to home loan and also help you in getting a higher loan amount. If you
have a good credit score, your home loan application will approve
quickly and readily.
Best
Tricks to maintain a good credit score!
Here are few steps listed
below to maintain a good credit score for loan approval.
- Make payments on loans and credit cards on time
- Do not default on loans and credit cards
- Keep your credit card balance low
- Do not close old credit cards
- Do not apply for multiple loans and credit cards at once
- Maintain a balance of secured and unsecured loans
- Opt for collateral loans whenever possible
