Top News

Most people think that a credit score is only useful for loan approval or obtaining a credit card. But the truth is that its impact goes far beyond that. Nowadays, a good credit score can impact your personal image, relationships, and even career growth. Let's explore five disadvantages of a poor CIBIL score, besides not being able to get a loan or credit card.

If you lease a vehicle or equipment, the company considers your credit score to make the decision. A good score demonstrates your trustworthiness. This can lead to benefits like better rental terms and a lower security deposit.

A poor credit score led to the breakdown of a marriage in the Vidarbha region of Maharashtra. When the bride's family discovered the groom's low score, they ended the relationship. Numerous such examples demonstrate the importance families place on credit history. This means a high score also increases trust in relationships.

If you're an entrepreneur seeking funding from investors, your credit score is crucial. When Priyasha Saluja, founder of Cinnamon Kitchen, revealed her score of 838 on Shark Tank India, all the Sharks, including Aman Gupta, were impressed. This proves that a high score increases credibility.

Some bank, financial firm, or fintech jobs also consider a candidate's credit score. This helps employers determine whether they are financially responsible. While this isn't very common right now, the trend may increase in the future.

Sometimes, clients or business associates check the other person's financial profile. A good credit score shows that you act responsibly. Warren Buffett said, "You can't make a good deal with the wrong person." The same applies to credit scores.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.