what is credit score and why it is important for housing loan ?

The higher the credit score, the greater the chances of getting housing loan approvals. Knowing the score and knowing when it increases or decreases, and the educational content benefits those who want to understand their credit and the impact it can have on their consumption goals. 

This makes it easier for you to organize your accounts, too. It is a complex formula that considers several factors described in your credit score report, such as: payment history: if you have an outstanding balance on your credit card or a non- companies, banks and financial institutions use a system that collects information from public records or data from credit protection agencies. The more you know what makes up your credit score, the easier it will be to keep that score high.

Generally, public and negative registration information, such as: financial backlog, application of bad checks, lawsuits, bank debts, age, participation in companies, etc., counts for the punctuation. any debt collection or insolvency registered against you, your credit card limit, how long you have credit? Number of recent requests made on your credit report: a high number means that after being refused by a creditor, you have asked the other, who in turn will request your credit report These factors all do not impact in the housing loans and  credit score in the same way. 

The credit card balance is not the only accounts that influence your credit score for housing loans approval. Loans, balances and lines of credit also impact your debt level. Having too much debt can cost you creditpoints and make it difficult to pay monthly. The lower your debt, the easier it will be to maintain a good credit score. The most important factors are your payment history if you have already declared insolvency and the volume of outstanding balances. Five key information is used to calculate your credit score - your payment history, your debt level, your credit age, your credit mix, and recent credit.

Most lenders would consider anyone with excellent credit as very low risk. If you are looking for credit, here's what you can expect: You may be able to get high credit limits on the credit card. Many lenders can offer you more attractive interest rates. Many lenders can offer special incentives and rewards that are targeted at their most valuable clients.