Check Experian Free Credit Score Online Before Applying for a Car Loan
My
friend Deepak Chopra was busy tasting the roadside snacks with his family
members. All of a sudden, a flashy car went past him and he was awestruck the
moment it happened. He made up his mind to buy a car of that grandeur. As
Deepak was earning big, he applied and was pretty confident of an approval.
He
was almost celebrating till the news of rejection came to haunt him big time.
The effect of the news was so severe that for a few days he could not sleep
with ease. He was left wondering as to what led to the rejection. When he
raised this query to the lender where he applied for a car loan, the answer
that came was a poor credit score. The poor score was a result of constant
default on the payment of credit card dues in the past. Deepak didn’t check his
credit score before applying for a loan.
But
you better not commit the mistake of Deepak and instead check your score before
submitting an application. And if you wondering where to check your credit
score, there’s none better than doing so at Experian, widely regarded as the
world’s most prolific credit information company that generates credit scores
as well as reports to individuals with a credit history. You can check the
score free at Experian at the same time. So, let’s know more about Experian Free Credit Score.
How to Check Your Experian Credit
Score?
All
set to check your score online? Visit the official website of Experian, answer
a few personal and credit-related queries before clicking on ‘Submit and
Continue’ button. The details will be verified online for authentication. Post
which, you can create a login by choosing a User ID and Password of desired
length, character, numeric and alphabet. You can thus login to check your
Experian score free once a year. Anything beyond will incur a cost of ₹500 or
more.
How Much Experian Score Should You
Have for a Car Loan?
Experian
score, which ranges from 300-900, must be above 700 or so for an approval on
the basis of credit score. Other factors such as income and repayment potential
would also be considered for an approval.
How to Improve Your Experian Credit
Score?
Improving
a credit score means you have had a record of servicing a debt, be it a loan or
a credit card. If you have created the blots by not showing any discipline at
the time of repayment, chances of a poor credit score are immense. Well, there
are ways by which you can get your score move up. What are those? Let’s read
on.
Don’t Commit Default at All - If you have defaulted on
the loan payment, the score can come down rapidly. Intentionally or
unintentionally, failing to pay the dues dent your score. Unnecessary spends
have taken almost everyone under their grip and are held accountable for the
delays and defaults in payment. You first need to keep a firm lid on it so that
you can save enough for a timely repayment. Maintain this habit for a fairly
greater period will help increase your score over time.
Don’t be Extravagant in Credit
Applications
- One can apply for too much and that too within a short period of time, hence
letting their credit score go for a toss. This extravagant behaviour lowers the
credit score drastically as it indicates that you are going all out for credit,
come what may. It is a credit-hungry impression that you should avoid creating.
Show Discretion
in Utilizing Credit Limit - With credit cards what happens is shopping galore, which
takes out a lot of credit limit and makes credit bureaus like Experian believe
that default is just around the corner. This impression further culminates into
a poor score. That’s why a shopper must use his/her discretion while spending
via credit cards. Don’t flaunt as most do. Know your spend limits and adhere to
the same. You should utilize more than 50% of the credit limit offered on a
credit card.
All these steps can help you reach a level that would
prompt lenders to accept your car loan application.
Check Experian Free Credit Score Online Before Applying for a Car Loan
Reviewed by Internal Eseo
on
March 26, 2018
Rating:

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