Unable to get a loan? Build a proper credit history with secured card

First-time borrowers should start a fixed deposit and get a credit card against it


Sarbajeet K Sen

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The Reserve Bank of India (RBI) said recently in its monthly bulletin that lenders find it difficult to extend credit in the absence of borrowers having a credit history. A good credit history has emerged as a significant factor for lenders while making lending decisions.

“Your credit history is one of the most important factors banks and non-banking financial companies (NBFCs) consider while processing your application for a loan or a credit card. A strong credit history that displays responsible behaviour with credit can help you get offers for loans at low interest rates. With a healthy credit history and a high credit score, you can also borrow a higher amount, though factors like existing debt and current income also

First Published: Aug 10 2023 | 11:29 PM IST

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