Does your Credit Score matter? Or, put it another way, if you have a terrific income, and a clean income-tax record as proven by your Form 16, does some number between 300 and 900 really make a difference to a bank's decision on whether to lend you money and at what rate of interest?
It's not just individuals like you who take loans. So do commercial entities, such as Private & Public limited firms, Partnerships, Trusts, Hindu Undivided Families and Self Help Groups. And, just like you, they too need their credits records and scores to be evaluated.
Let's say you've been unfortunate enough to let your credit card lead you into a debt trap. Just to refresh your memory, a debt trap is a situation where you have to keep borrowing to return your earlier loan.