How Can a Personal Loan Credit Score - Rupi Loan

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How Can a Personal Loan Credit Score

• - Rupi Loan

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Good or Bad

• A Personal Loan always plays a crucial role in
  building a Credit Score

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The Credit Score is measured out of 900 and
generally calculated mainly on five parameters

• Credit History
• Length of Credit Period
• Complete Debt Owned
• Type of loans taken
• New Debt

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One can use a personal loan to bulid a credit
rating in several ways lets us have a look ways
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Credit-builder loan- Ideal to those with little
to no other credit history

• A credit-builder loan is a loan product, where
  one needs to make fixed monthly payments for a
  particular duration.

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As you eventually pay off the amount, the lender
then successfully report each of your successful
payments to the major credit bureau, which
further increase your credit score.
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• A Good Payment History

• Making your loan payments right on time develops
  a good payment history.
• Good payment history can reflect positively on
  your credit bureau score and improve it further

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Defaulting on payments take a toll on your credit
history and so make it difficult for you to
qualify for any other form of credit in future.
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Before choosing a personal loan, compare quotes
from different lenders and go with the cheapest
possible loan. Thanks