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How Credit score affect quality of life

A credit score is a three-digit number that portrays your creditworthiness to the lender.
Before sanctioning you a loan, your lender looks at your credit score to evaluate how
creditworthy you are and whether you will be able to pay the loan or not. It ranges from 300-900.
The better the score, the more are your chances of loan approval. But are you aware if you have
a low credit score, it can affect your relationships as well apart from the rejection towards loans and
credit cards?



1) The rate of interest on your loan is decided based on your credit score itself.
You will be offered a low rate if you have a good score and a higher one if you have a poor rating.

2) It might also influence your relationship as well if one partner is managing the total expenses, and
the other is not.

3) You might not get a loan or even a credit card if you have a low or poor credit score,
an especially personal loan which requires a good score above 700 to qualify as it is unsecured.



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