Every individual has specific goals and desires. You may have them, too, and want to fulfil each one. Typically, you may consider saving and investing to fulfil your goals and desires. This is an incredible way to go about it, however, it is very time-consuming. If you are looking to fulfil your goals and desires on a timeline, you can consider obtaining credit to meet them.

Using your Credit Card or opting for an online Personal Loan apply are two viable credit options you can explore. Both let you readily borrow a lump sum amount at a competitive interest rate for a flexible tenure. The amount you will be able to borrow primarily depends on your eligibility. Several factors determine your eligibility. A credit score can affect your eligibility.

What is a credit score? Why does it matter?

A credit score is a three-digit summarisation of your credit score. It indicates your credibility as a borrower. A high credit score means you are credible. The bank may see this as a green flag and approve your credit request. A lower score portrays you as an unreliable borrower before the bank, making them hesitant to provide you with credit. Simply put, you should try to have a high credit score as it will work in your favour.

Why should you check your credit score regularly?

Banks check credit scores when you apply for a Credit Card or Loan with them. You should also make it a point to do a CIBIL score check occasionally. Doing so is necessary and advantageous for the following reasons:

• Financial health awareness

Most doctors recommend a full-body checkup at least twice a year. This way, you can assess your overall health and identify areas of concern that need to be addressed. Similarly, you should check your credit score from time to time to be aware of your financial health. This would ensure that a financial mess does not build up with time.

• A chance to improve

As mentioned, it is always better to have a higher credit score. It may help you borrow a significant amount at a competitive interest rate, ensuring you can meet your requirements hassle-free. When you do a CIBIL score check regularly, you get a chance to improve your score. You can work towards making a bad score into a good score or to make a good score into an excellent one.

• Explore new credit opportunities

Suppose you checked your credit score, and it turned out to be excellent. In that case, you can reach out to your bank for a Credit Card upgrade, which means better benefits.