If you’re planning to apply for a loan soon, it’s the perfect time to learn more about credit. Achieving your financial goals begins with understanding the ins and outs of financial mobility and preparedness. In this article, you get to know the basics of credit scores, and how a good credit standing can help you and your family reach your dreams.
What are credit scores and
why are they important?
Your credit score is one of the factors that many financial institutions and banks look at to assess your eligibility to borrow and your capacity to pay back loans. The higher it is, the more likely you are to get approvals, better offers, lower interest rates, and more flexible payment terms. People with high credit scores are given these rewards to encourage good credit behavior, and to nurture a mutually beneficial partnership that paves the way for bigger financial opportunities.