What does having no credit score mean?
A credit score is a three-digital numerical rating given by the three credit bureaus from – Experian, Equifax, & TransUnion to borrowers. That is known as a credit score. Scoring models range from 300 to 850; where, a credit score is crucial- because, with a good credit score, you can get a lower interest rate, credibility, & loan in any amount with ease. What if you don’t have a credit score? There are two reasons for not having a credit score. The first one is you have never opened a credit account. Secondly, if you do not have any credit score, it means you are not qualified for a loan or credit score. For this, you need proper guidance for “How to Get a Good Credit Score?” Importance of Credit Score:
Credit score is the key to quick financial access. Low interest rate on credit cards & loans Get loan approval on higher limits Easier permissiveness for rental houses & apartments
Best Ways to Increase/Build Credit Score
Track your credit score. It is a must if you want to keep an eye on your credit report or score. Take loans within your limit & then manage your credit report smartly.