Defaulted on your loan? Here's what you should do to improve your credit score
Updated : October 30, 2018 12:59 PM IST
Your credit score is a reflection of the consistency with which you have met your debt obligations over time. Your credit score and report are used by lenders to decide whether they will approve your credit application.
Having a good credit score of 780+ (Experian Credit Score) or 750+ (CIBIL Credit Score) can help you secure faster loan approvals for things you need such as appliances, medical expenses, education fees, a car or a home.
In the event that there are old credit card dues that are already overdue, it is vital that they are paid in full. If you negotiate a part-payment the lender is likely to record this as “written off” or “settled” and this may result in loan rejections
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