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Business
How Can a Personal Loan Credit Score - Rupi Loan
How Can a
Personal
Loan Credit
Score
- Rupi Loan
Good or Bad
A Personal Loan always plays a crucial role in
building a Credit Score
The Credit Score is measured out of
900 and generally calculated mainly on
five parameters
• Credit History
• Length of Credit Period
• Complete Debt Owned
• Type of loans taken
• New Debt
One can use a
personal loan to
bulid a credit rating
in several ways lets
us have a look ways
Credit-builder loan- Ideal
to those with little to no
other credit history
A credit-builder loan is a loan
product, where one needs to
make fixed monthly payments
for a particular duration.
As you eventually pay
off the amount, the
lender then successfully
report each of your
successful payments to
the major credit
bureau, which further
increase your credit
score.
A Good Payment History
● Making your loan payments right on
time develops a good payment history.
● Good payment history can reflect
positively on your credit bureau score
and improve it further
Defaulting on payments take
a toll on your credit history
and so make it difficult for
you to qualify for any other
form of credit in future.
Before choosing a personal loan,
compare quotes from different
lenders and go with the cheapest
possible loan.
Thanks…
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