Late payments, due dates, annual fees, trust and more factors continue to affect your credit score. Endorsing the three-digit label, the credit score will define your financial behaviour. I was a broker at one of the online trading platforms. I have dealt with NIFTY more than I have dealt with my own salary.
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I knew I could make money, but didn’t know-how. Soon, I realised I was in soup between the finance market crash and my survival. Today, I am well settled with my family in the heart of Bangalore city with a credit report that characterizes my financial behaviour. Currently, I hold a record of 769 credit score in hand. It wasn’t an easy journey, but it was definitely worth it.
People call me credit baba, as I was more obsessed in giving people the moment knowledge they needed while applying for an instant personal loan. I encourage people to avail loans for a better living. I am more interested in letting you know that in this ever non-promising world there are some real benefits credit score helps us with.
Not many people received my advice in the right spirit, though the others thanked me after their successful loan repayment. It is important to hold a good credit score.
I used to have my credit score of 500 – 599, which is fairly ok but didn’t help me in the long run. I choose to revert to loans when my financial state became worse at least twice in a year. I was not all that good at trading online as my ill-luck brought me nothing but lessons.
Availing loans was the only option to save my self from the credit card organizations that helped me bear my expenses. Moreover, the banks refused to lend me a loan of Rs. 50,000 for not having good credit history. I had also lost money in few shares I bought just then. Basically, both my finances and survival took a negative turn.
There was very little hope with my shares and I sold them at half the price I bought them. Yes, it was a loss out of need but saved me from money lenders. Soon, I didn’t stop, as I availed a loan from a national bank and set a certain amount for savings and I never touched the assets.
I could now rely on the interest I reaped from the deposits and made sure my survival was never hampered. The salary I received was mostly directed to credit card bills and more payments. Since my debts were sky high with Rs. 78 lakhs.
I had to use up my loan on this. The loan amount helps in eradicating the bigger problem and thus would require more attention. With these changes, my life turned out for better.
Growth in finances.
Attaining an average credit score of 700 isn’t all that hard until you fix your finances and prioritize by the expenses. It took me three years to stabilize the situation and thereafter, I repaved the loan amount on time with fewer hassles. Don’t be too curt on yourselves!
Until your score reaches an average of 700, the journey could be overwhelming at times. So take one EMI at a time and make sure you do your bit to pay it on or before the due date.
Lastly, I would like to introduce myself, Kushal Verma from Mumbai, it turns out all the loans come with interest rate. The more the interest the bigger the payment in the loan tenure. A good credit score helps you get a loan at lower interest rates and sometimes cashback offers too. Buddy Loan, one of the biggest loan aggregators offers loan screening your credit history first.