Key Points
The credit score is one of the most important factors when it comes to access to credit as it can make the difference between having or not having financial security..
Your credit score is a tool that banks and other financial organisations use to assess your creditworthiness and ability to make on-time loan repayments..
So, if you are looking to buy a new home, apply for a new credit card or buy the latest gadget on EMIs, it's your credit score that will determine whether you are eligible for purchasing any of these products on a loan or not..
Utilising your emergency fund or readjusting non-critical expenses to create an extra buffer for timely payments can help mitigate the impact on your credit score..
By understanding the importance of credit scores and adopting prudent financial practices, individuals can pave the way for better credit opportunities, favourable terms, and financial security..
