Outlook Money
Your credit score is one of the key considerations for lenders when applying for a loan.
A credit score above 750 is deemed to be a good score, suggesting you have paid all your past loans on time.
Anything between 600 and 750 is considered average rating, which can still help you get a loan.
A score below 600 is deemed to be a poor credit rating; considered untrustworthy for a loan.
A good credit score post-retirement can help seniors access funds for unforeseen emergencies.
A high credit rating can help you get a loan for your business.
House renovation or relocation can cost a lot of money, so a good credit score will help access funds for such tasks.
Compiled By Himani Verma