A credit score, also known as a CIBIL score, is a three-digit number that indicates how well you have managed credit in the past, such as a home loan, personal loan, or credit card. It is essentially a calculation of your borrowing capacity based on previous credit usage.
Simply said, your credit score advises lenders about your borrowing reliability, likelihood of default on new loans, and other things. When you apply for a loan or credit card, the lender bank or NBFC carefully examines your credit score and history, which are recorded in your credit report.
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