ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -“A high credit score means that you will most likely qualify for the lowest interest rates and fees for new loans and lines of credit, ” McClary says. And if you’re applying for a mortgage, you could save upwards of 1% in interest.

Detailed explanation-2: -A strong credit score-760 and above-may give you important financial advantages, including access to more options, lower interest rates, and more lender choices.

Detailed explanation-3: -For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

Detailed explanation-4: -FICO® Scores☉ are used by 90% of top lenders, but even so, there’s no single credit score or scoring system that’s most important. In a very real way, the score that matters most is the one used by the lender willing to offer you the best lending terms.

Detailed explanation-5: -According to credit information company, TranUnion CIBIL’s website, the closer your score is to 900, the higher are the chances of your loan application getting approved. Generally, a credit score of 750 and above is considered to be a good score.