Importance of Credit Score

  • The credit score works as a first impression for the lender, the higher the score, the better are your chances of the loan being reviewed and approved.
  • After an applicant fills out the application form and hands it over to the lender, the lender first checks the credit score and credit report of the applicant.
  • If the credit score is low, the lender may not even consider the application further and reject it at that point.
  • If the credit score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy.