Is Your Credit Score may Affect your Home Loan


Yes, a credit score plays an important role when you apply for home loans. Usually, you need to have a credit score of above 700 to get a home loan from your lender. No lender would be willing to lend you if you do not have a decent credit score. Do you know why does your credit score drop? There are several reasons for the same:


1) When you make too many applications for credit cards or loans

2) If you fail to pay your credit card outstanding dues

3) If you do not make timely payments of your loan EMIs

4) If you over exceed your credit limit to meet additional requirements

You can improve your credit score by following these steps to apply for a hassle-free home loan in the future:

1) Make sure you keep checking your credit score and report regularly to fix errors if any

2) Do not apply for a credit card or loan if you have been rejected earlier. You can apply after a gap of 6 months

3) Always pay your credit card bills and loan EMIs on time

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