Credit score below 700 is dangerous for you

Arun Ramamurthy

Majority of people troubled with negative credit score are not aware of how to get online credit report. Credit improvement agencies make the whole process simple for you

The numerical figures of 700 and above are fast forming a superpower club that determine what job you should get, what EMI (equated monthly installments) on your loan you should pay, what should be the interest rate on your loan, your marriage eligibility, phone number eligibility and limit and much more. Whether you are planning to buy a home, a car or even a new credit card, your credit score has immense affect on your loan processing.

A credit score is a 3 digit number that shows numeric summery of your credit health. Such score is derived by credit bureaus by analyzing your credit history. The score usually ranges from 300 to 900 points and the higher score suggests more chance of getting approval of your loans. A score above 700 usually suggests good credit management. A person’s credit history is a record of how he/she has used and managed credit in the past. Every financial transaction in your life involving credit is recorded in your credit history from your payment history on your credit card, to your history on paying off your car loan, to any suits that may have been filed on you.

In other words, the lower the credit score, the least credit worthy is the person. A person’s credit score is calculated based on a complex calculation involving multiple variables including payment history, types of credit, amount owed, recency and frequency of credit activity among several parameters. In India credit scores are calculated by credit information companies such as CIBIL, Equifax and Experian.

Usually banks refuse loans to people with bad credit health. Even if you have the world’s worst score of 300 and someone still gives you a loan you’ll just pay dearly for it. If your credit score is less than 700, it denotes bad credit karma, poor financial understanding and possibly over-indulgence. But, there are many ways of improving your credit score. If you have tried your hand at fixing your credit report but have been failed to attain desired results, you can always take help of credit improvement agencies to improve credit score. There are many benefits of hiring credit improvement agencies for improving your credit score.

Most people are not aware of credit improvement process such as how to get credit report from CIBIL and how to improve credit score; credit improvement agencies can help you with all these problems. 

These firms have sufficient resources to handle your disputes. They usually have a team of experts having complete knowledge of rules and regulations governing credit improvement procedures. 

You don’t need to dedicate your important time to fix your credit report. Your hired firm will take care of all your credit improvement tasks. 

They will analyse your credit report and will suggest you the right ways to improve your credit score over a period of time. 

Also, professional firms make sure that your credit improvement process is completed without any procrastination by taking immediate action on all procedural formalities. There are many who believe to take help of professional credit improvement agency at-least once in a lifetime so as to understand all the procedures and tricks to eliminate problems with CIBIL report as well as to understand the procedure so next time, they can do it themselves.

The agency should ideally also assist you in setting up a strategic repayment plan, deals with your debtors to convince them to accept payment at lowest interest rate as the debt will be consolidated and also suggest you the most holistic ways to improvement your credit condition.

Majority of people troubled with negative credit score are not aware of how to get online credit report. Credit improvement agencies make the whole process simple for you. Credit improvement requires specialised knowledge and expertise in the field. These agencies usually have a professional credit improvement team to help clients in improving their credit scores and getting them above 700. It’s possibly the best investment of your life! But, before you hire a credit improvement agency, it is essential to do a bit of research so as to take educated and informed decision.

The writer is co-founder, Credit Sudhaar

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