Educating Myself for My Education Loan

What if you wake up one day and no one trusts you? You can no longer buy the swankier car or that beautiful home you dreamt of. Have you ever had such thoughts? I have had, not very long ago. It was the monsoon of 2011 and India was witnessing some of the defining moments of the decade; Euphoria of India winning the Cricket World Cup, Mass mobilization against corruption inspired by Anna Hazare and Mumbai turning into a hot hunting ground for terror. Amidst all these, my heart was racing faster for my achievements of scoring 700+ in GMAT, grant of Scholarship from Wharton School and Said Oxford. I had landed in the kingdom of dreams. A dream of a joining a top 10 global MBA program bloomed.

Maroon 5 was right when they sang “Nothing lasts forever”. Before I could even climb the next ladder for my dreams, they were thrashed like the storyboard that had been tipped and jumbled, disjointing the order and twisting the timeline. Banks had refused to fund my remaining fees of 60 Lakhs for the education. I was being denied an opportunity because no one seemed to trust me.

Begging was the only form of request I hadn’t resorted to when I met Mr. Nelson, who rather than just rejecting my request, gave me a reason for not being able to help me. He told that my credit score was in the 500s, generally considered as a poor credit score, categorized as High-Risk Applicant by the Credit Bureau, and since it is one of the most important factors in the loan approval decision, no bank will consider giving me a loan with such a credit score.

I couldn’t rely on my heritage as both my parents are loan averse and had even discouraged me to apply for one. I realized that this new unknown “credit score” was standing between me and my dream. It was bizarre as I hadn’t heard of any such concept in the years of my preparation, not from any of my peers, not in any online forums, not in the coaching institutes, never. Having worked for top financial institutions and having traded in derivatives and share markets, I used to consider myself among the frontrunners in financial literacy. And, here I was not even aware of what a Credit Bureau was and what a Credit Score was, a part of the financial world which was about to change the course of my life.

On my way back home, I browsed through the internet to understand what a Credit Bureau was and why is the credit score so important. It was a sort of revelation to understand how critical credit scores are to lending and how most people like me aren’t even aware of it. I was of the view that I could find a way around this credit score and convince officials to grant me the loan, but then I knew, the only option left was to work on my credit score and park my dreams for the time being.

850. That was the number printed on my latest CRIF Credit Bureau Report. It’s an excellent credit score which is loved by every bank or lender I speak to. Today not only I am credit worthy, but I can ask for preferential interest rates on my loan. How did I get here? To unlock the trick or secret to an excellent credit score, read my next blog How I Raised My Credit Score By 250 Points.

About the Author: Subhankar Mishra works as Service Delivery Manager at CRIF High Mark, the only comprehensive Credit Bureau in India.

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmail
youtube

84 thoughts on “Educating Myself for My Education Loan”

  1. I’m not sure where you’re getting your information, but good topic.
    I needs to spend some time learning much more or understanding more.
    Thanks for great info I was looking for this information for my mission.

  2. Great goods from you, man. I have understand your stuff previous to and you are just too fantastic.
    I really like what you have acquired here, really like what
    you’re stating and the way in which you say it.
    You make it entertaining and you still take care of to keep it sensible.
    I cant wait to read far more from you. This is really
    a great site.

  3. Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something.
    I think that you can do with a few pics to drive the message
    home a little bit, but instead of that, this is fantastic blog.

    A great read. I’ll definitely be back.

  4. Con amplio camino andado en el mundo de los mecanizados de precisión, nuestra empresa de mecanizados, Mecánica Curiel, es una empresa de mecanizados establecida en la provincia de Barcelona, que lleva más de cuarenta años desempeñando una labor destacada en esta sociedad, con gran protagonismo en distintos puntos de la geografía española.

  5. Mekatec, le ofrece la posibilidad de entregarle los trabajos totalmente acabados, acortando tiempos de espera; incluyendo pintado, tratamientos de temple, cementación, anodizado, cincado… de esta manera se consigue mejorar las propiedades de muchos materiales y la resistencia a la corrosión de las piezas que les suministramos.

  6. La experiencia es el mayor valor de UNIBE Mecanizados. Ofrecemos nuestros servicios exclusivos con centro de mecanizado desde el año 2013. Si todo el proceso de mecanización se desempeña en un mismo centro de mecanizado, disminuye los tiempos de fabricación y se pueden entregar las piezas en muy pocos días.

  7. Nota común al Grupo 45 .- Este grupo comprende la confección de prendas de vestir, sombreros, estolas y otros accesorios del vestido, alfombras, mantas y otros artículos a base de pieles finas corrientes y de sucedáneos imitación de piel (peletería ficticia), así como la transformación especializada de restos de pieles. Epígrafe 4 8.5.- Actividades anexas a la industria del mueble (acabado, barnizado, tapizado, dorado, etc.). Epígrafe 474.3.- Reproducción de textos imágenes por procedimientos tales como multicopistas, fotocopias por procedimientos fotográficos y electroestáticos, sistemas de reproducción de planos, etc.

  8. Podrás cambiar tu moneda a Euros al cambio del día dentro del departamento de Servicio al Cliente ubicado en nuestros centros. Cuenta con la atención personalizada de nuestros profesionales y con un servicio de encargos, pedidos, cortes y preparaciones especiales. Retiraremos tus muebles, colchones y electrodomésticos viejos, previo aviso, sustituyéndolos por los nuevos.

  9. Hay que tener en cuenta que son equipos muy compactos y no pueden montar vasos muy voluminosos … Además en esas potencias tan altas en las que dan servicio a viviendas grandes seguro que hay que complementarlo. Necesito una solucion, la maquina funciona muy bien y el tecnico que viene no sabe porque le pasa esto, porque cuando a venido el no da el fallo.. a ver si me puedes ayudar por favor. El 20 de noviembre, vino el técnico a limpiar la caldera, pero la cosa empeoró.

  10. Howdy just wanted to give you a quick heads up. The words in your content seem to be running off
    the screen in Safari. I’m not sure if this is a formatting issue
    or something to do with web browser compatibility but I
    figured I’d post to let you know. The design look great though!
    Hope you get the problem resolved soon. Many thanks

  11. Reparamos cualquier avería en su aparato Fagor en Madrid, aunque no seamos el servicio oficial de la marca, adaptandonos a su situación y dando un trabajo rápido y eficiente en las averías sus aparatos asegurando un óptimo resultado. Este grupo, fundado en 19 7, es uno de los principales fabricantes de electrodomésticos de línea blanca y pequeños aparatos electrodomésticos y cuenta con aproximadamente 45.000 empleados.

  12. Hey There. I found your weblog the use of msn. This is an extremely smartly written article.
    I will make sure to bookmark it and come back
    to learn more of your useful info. Thank you for the post.
    I will definitely return.

  13. Descargar facebook
    Unquestionably believe that which you stated. Your favorite justification seemed to be on the net
    the easiest thing to be aware of. I say to you, I certainly get irked while people consider worries that they just don’t know about.
    You managed to hit the nail upon the top and defined
    out the whole thing without having side effect , people
    could take a signal. Will likely be back to get more. Thanks descargar
    facebook

  14. Admiring the time and effort you put into your
    website and in depth information you provide.
    It’s nice to come across a blog every once in a while that isn’t the same out of date rehashed information. Wonderful
    read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.

  15. Hey I am so grateful I found your blog, I really found
    you by accident, while I was browsing on Bing for something else, Regardless I am here now and would just like to say cheers for a tremendous post and a all round exciting blog (I also love the theme/design), I don’t
    have time to browse it all at the minute but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back
    to read much more, Please do keep up the fantastic job.

  16. Woah! I’m really digging the template/theme of
    this site. It’s simple, yet effective. A lot of times
    it’s hard to get that “perfect balance” between usability and visual appearance.
    I must say you’ve done a amazing job with this.
    Additionally, the blog loads extremely fast for me on Safari.
    Outstanding Blog!

  17. Hi! Quick question that’s completely off topic. Do
    you know how to make your site mobile friendly?

    My site looks weird when browsing from my apple iphone.
    I’m trying to find a theme or plugin that might be able to correct this issue.
    If you have any recommendations, please share.
    Appreciate it!

  18. I absolutely love your blog and find nearly all of your post’s to be precisely what I’m looking for.

    Do you offer guest writers to write content for you?

    I wouldn’t mind creating a post or elaborating on most of the
    subjects you write related to here. Again, awesome website!

  19. I am really enjoying the theme/design of your site.
    Do you ever run into any web browser compatibility issues?

    A couple of my blog visitors have complained about my
    website not working correctly in Explorer but looks great in Opera.
    Do you have any tips to help fix this issue?

  20. Hey there just wanted to give you a quick heads up. The text
    in your content seem to be running off the screen in Safari.
    I’m not sure if this is a formatting issue or something
    to do with web browser compatibility but I figured I’d post
    to let you know. The design and style look great though!
    Hope you get the problem resolved soon. Kudos

  21. Hey I know this is off topic but I was wondering if you knew of any widgets I
    could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite some time and was hoping
    maybe you would have some experience with something like this.
    Please let me know if you run into anything. I
    truly enjoy reading your blog and I look forward to your new updates.

  22. You actually make it appear so easy together with your presentation but
    I to find this matter to be really something which I believe I might by
    no means understand. It sort of feels too complex and extremely large for me.
    I’m having a look ahead in your next submit, I will try to get the cling of it!

  23. Fantastic items from you, man. I’ve understand your stuff previous to and you are simply
    extremely wonderful. I really like what you’ve obtained right
    here, really like what you’re saying and the way
    in which in which you assert it. You’re making it enjoyable and you continue to care for to stay it sensible.
    I can not wait to read much more from you. This is really a wonderful
    site.

  24. Hey there! I know this is kinda off topic however , I’d figured I’d ask.
    Would you be interested in exchanging links or maybe guest authoring a blog article or vice-versa?
    My site addresses a lot of the same subjects as yours and I think we could greatly
    benefit from each other. If you might be interested feel free to send me
    an e-mail. I look forward to hearing from you! Great blog by the
    way!

  25. Do you have a spam problem on this website; I also am a blogger,
    and I was curious about your situation; many of us have created
    some nice procedures and we are looking to swap methods with other folks,
    please shoot me an e-mail if interested.

  26. I have been browsing online greater than 3 hours lately, yet I never found any interesting article like yours.
    It’s lovely value sufficient for me. In my view, if all website owners and bloggers made just right content material as you probably did, the internet can be a lot
    more helpful than ever before.

  27. I’m not sure where you’re getting your information, but good topic.
    I needs to spend some time learning more or understanding more.
    Thanks for great information I was looking for this info for my mission.

  28. Hello There. I found your blog using msn. This is a
    very well written article. I will be sure to bookmark it and come back to read more of your useful information. Thanks for the post.
    I will certainly return.

  29. I’m extremely impressed with your writing skills as well as with
    the layout on your weblog. Is this a paid theme or did you customize it yourself?

    Anyway keep up the nice quality writing, it’s rare to see a great
    blog like this one these days.

Leave a Reply