What is credit worthiness and how it helps in getting loans

You may have often noticed that you receive calls from bank representatives suggesting an attractive personal loan or credit card offers when you do not actually need them. Banks often go after people with an attractive credit record.

Banks conduct background checks before lending you the money. Some people even get their loan applications rejected. The reason is almost always related to their credit worthiness.

What is credit worthiness?

In simple terms, credit worthiness deals with the likelihood that a person will fail to pay back loans. The more credit worthy you are, the higher is the chance that you will pay back your loans.

The more credit worthy you are, the higher is the chance that you will pay back your loans.

Credit worthiness is measured by the credit score. This is offered by the Credit Information Bureau of India Ltd (CIBIL). This score is very important when you apply for a bank loan. The lower your score, lower are your chances of getting money as a loan. It is one of the most crucial factors in determining whether your loan application should get accepted or rejected.

This credit score depends on your past actions. If you have a lot of dues pending or a history of late payments, your CIBIL score could be lower.

 You can obtain your CIBIL score by logging on to the website of the bureau.

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What
is credit worthiness and how it helps in getting loans - See more at:
http://www.squarefeetgroup.in/web/August2015-creditworthiness-how-it-helps-to-get-loans.html#sthash.sXtvZNRO.dpuf