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Credit Score
A credit score, such as a CIBIL score in India, ranges from 300 to 900 and summarises your borrowing history: whether you pay on time, how much of your credit limits you use and how long you have had credit. Most lenders prefer scores above 750.
Why It Matters
A good score can mean lower interest rates for years; a few missed payments can follow you for years too.
In India
Two people applying for the same home loan can be offered rates a full percentage point apart purely because of their credit scores.