ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Usually a higher score makes it easier to qualify for a loan and may result in a better interest rate or loan terms. Most credit scores range from 300-850. Learn how to access your credit scores for free.

Detailed explanation-2: -Soft inquiries do not affect your credit score and can be useful for those with no credit or bad credit. If you have bad credit and don’t want your score to be negatively affected, then a soft inquiry loan might be the right option for you. It’ll keep your credit safe in the long run.

Detailed explanation-3: -If you have a good credit score, you have a much better chance of qualifying for the best interest rates, which means you’ll pay lower finance charges on credit card balances and loans. The less you pay in interest, the sooner you’ll pay off the debt, and the more money you’ll have for other expenses.

Detailed explanation-4: -Your credit score gives no indication of your spending habits. You could be overspending, even to the point of living from paycheck to paycheck, and still have strong credit. Your credit score doesn’t measure your assets. You can own nothing and have excellent credit.