From lower interest rates to faster loan processing - 5 key benefits of a creditworthiness above 700 | Mint

If you are planning to raise a loan – secure or personal -, one of the first things to do is find your credit rating. This is a three-digit number that reflects your creditworthiness, ie your ability to repay a loan you entered into. Higher the creditworthiness, it is better for a borrower. And lower the creditworthiness, the harder it becomes for a borrower to collect a loan. What if your creditworthiness is exceptionally high – says 700 or higher? In such a scenario, you will probably be in a very comfortable position to negotiate a good agreement with a bank. The money shooter may agree to offer loan at a lower interest rate 6 key benefits of good creditworthiness I. Low interest rates on loans: Banks usually consider you a low risk. So there is more likely to get loan – in person, home or car – at a lower interest rates. Another of even 1 percent can help you save a significant amount of money. Ii. Low Cost for Processing: Since your score is high, you are in a better position to negotiate for lower fees or costs with lenders. Iii. Easy approvals for loans: High credit values ​​increase the possibility of rapid and hassle -free approvals for loans and credit cards, usually with minimal documentation. Iv. High Credit Limit: You can get a higher credit card limits or larger loan amounts, as borrowers have a confidence in your repayment capacity. V. Pre-approved loans: Banks can even give you pre-approved personal loans or immediate overdraft facilities, even with minimal documentation. VI. Credit card offers: It is likely to access premium credit cards with better benefits, cashback, access to lounge and other benefits. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. First published: 29 Apr 2025, 09:05 IST