{"id":5559,"date":"2014-06-28T12:19:07","date_gmt":"2014-06-28T06:49:07","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=5559"},"modified":"2014-07-04T12:39:13","modified_gmt":"2014-07-04T07:09:13","slug":"who-says-750-is-a-good-score","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/personal-finance\/who-says-750-is-a-good-score\/5559","title":{"rendered":"Who says 750 is a good score?"},"content":{"rendered":"<p><em><div class=\"list-content\">This article is a contribution towards our financial literacy series. It has been written by a specialist in credit and debt counseling &#8211; Satish Mehta, Founder and Director of www.credexpert.in.<\/div> <\/em><\/p>\n<p><a href=\"http:\/\/www.fundsindia.com\/content\/jsp\/registration\/login.jsp#SignIn\"><img loading=\"lazy\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2014\/06\/rejected_stamp-300x216.jpg\" alt=\"Rejected rubber stamp\" width=\"300\" height=\"216\" class=\"alignleft size-medium wp-image-5562\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2014\/06\/rejected_stamp-300x216.jpg 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2014\/06\/rejected_stamp-1024x739.jpg 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2014\/06\/rejected_stamp.jpg 1664w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>810! This was the credit score of an investment banker from Hyderabad. Wow, isn\u2019t it?\u00a0Rightly so, Mr. Investment Banker kept bragging about it to his colleagues, until one day, when his home loan application was rejected!<\/p>\n<p>How, why and what next?\u00a0He always repaid his EMIs on time and has been a good borrower throughout his credit life cycle. More so, he kept hearing that 750 and above is considered to be a good credit score.\u00a0Then what went wrong? He was way above this cut off, wasn&#8217;t he? So where is the catch?\u00a0Why was his application rejected?<\/p>\n<div class=\"blog-highlight\" style=\"width:300px\"><a target=\"_blank\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/lp\/rmgp.do?ref=blog-button\" style=\"color:#000; text-decoration:none; font-weight:normal\">Buy <span style=\"color:#ff0000; font-weight:bold; text-decoration:underline;\">24 Karat<\/span> Pure Gold Online <\/a><\/div>\n<p><strong>Let us list down the possible reasons:<\/strong><\/p>\n<p><strong>Repayment capacity:\u00a0<\/strong>It is said that your repayment capacity will decide how much loan you get. But, it is equally true that your repayment capacity will decide if you get a loan or not. So, for example, if your salary package is not adequate, the loan application could be rejected.<\/p>\n<p><strong>Over borrowed:<\/strong>\u00a0If you already have a high outstanding balance on your loans and credit cards, then how would you repay an additional loan? Banks utilize the \u201cFixed Obligation to Income ratio\u201d to determine the extent to which you are leveraged. Here, the bank takes into account your existing EMIs along with the proposed EMI. Higher the ratio, lower is the chances of approval of your loan application.<\/p>\n<p><strong>Property documents not clear:\u00a0<\/strong>This is applicable only in the case of a home loan. Not all types of properties fall into the category of acceptable security for a home loan. May be in case of technical specifications or legal issues, your application could be rejected.<\/p>\n<p><strong>Damaging remarks on credit report:<\/strong>\u00a0\u201cSettled\u201d or \u201cWritten off\u201d remarks are \u201cdamaging\u201d remarks. In its true sense, it can damage your image of being a good borrower. Don\u2019t be surprised if banks maintain a distance from you. The bank would not like to take the risk of lending to you after you have warned them about your credit behaviour.<\/p>\n<p><strong>Guaranteed a loan:\u00a0<\/strong>Agreeing to be a guarantor for a loan, could back fire on you sometimes. Your liability as a guarantor is no less than the liability of the borrower himself. If the borrower chooses not to repay, either willfully or due to genuine reasons, your future loan applications are surely gone for a toss.<\/p>\n<p><strong>Company profile:<\/strong>\u00a0Availing a loan could be easier if you have been working for a well established company. If you are employed in a smaller company, despite a higher designation, your application could be rejected.<\/p>\n<p><strong>Job stability:<\/strong>\u00a0Your job stability can affect your loan application too. The bank will check if you have job hopped too often.\u00a0The longer you are at the same job, the more secure it seems. Hanging on to your job for at least 1 year would be advisable. This is also one reason why banks insist on salary slips or bank statements of the past 6 months. The bank would get confidence that you are receiving and will continue to receive your salary needed to pay back their loan.<\/p>\n<div class=\"blog-highlight\" style=\"width:300px\"><a target=\"_blank\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/lp\/rmgp.do?ref=blog-button\" style=\"color:#000; text-decoration:none; font-weight:normal\">Buy <span style=\"color:#ff0000; font-weight:bold; text-decoration:underline;\">24 Karat<\/span> Pure Gold Online <\/a><\/div>\n<p><strong>No ITR or Form 16:<\/strong>\u00a0Banks insist on at least 2 years of Income tax returns being filed. So, if you cannot produce the latest 2 years ITR, there are possibilities that your application might get rejected \u2013 this in spite of a score of 810.<\/p>\n<p>In the case of Mr. Investment Banker, he agreed to guarantee a loan for his friend years back, not foreseeing the chances of facing a rejection.\u00a0So 810 is good but\u2026.don\u2019t forget all these other aspects.<\/p>\n<p><strong>ABOUT THE AUTHOR<\/strong><\/p>\n<p><em>Satish Mehta is the Founder and Director of www.credexpert.in &#8211; a credit and debt counselling company that provides end to end customized counselling to individuals by handholding them through their credit life cycle.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>810! This was the credit score of an investment banker from Hyderabad. Wow, isn\u2019t it?\u00a0Rightly so, Mr. Investment Banker kept bragging about it to his colleagues, until one day, when his home loan application was rejected! How, why and what next?\u00a0He always repaid his EMIs on time and has been a good borrower throughout his [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[188,66],"tags":[193,187,185],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who says 750 is a good score?<\/title>\n<meta name=\"description\" content=\"Your loan applications might be rejected even if you hold a good credit score. 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