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Bad Credit may affect you financially. The following are some of the disadvantages of having a bad credit score :-
1. Your Loan applications might be rejected:-
Banks/NBFCs see borrowers with poor credit as high risk, which means they will be less inclined to lend you the money you need.
2. You will be charged high interest rates if you application is approved:-
If you get approved for a loan, you will mostly end-up being stuck with a really high interest rate.
3. Starting your own business might be a Challenge:-
Many new businesses need the assistance of a bank loan to get started. With a low credit score, banks will be less likely to approve your loan application, even if your business idea is a great one.
The following factors are to be considered in case to improve your Credit Score:-