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.
63 thoughts on “Educating Myself for My Education Loan”
great points altogether, you simply received a new reader.
What might you suggest in regards to your put up that you simply made some days ago?
Heya i’m for the primary time here. I found this board and
I to find It really useful & it helped me out a lot.
I hope to provide one thing again and aid others such as you aided me.
Excellent way of telling, and good paragraph to take data about my presentation subject,
which i am going to deliver in university.
Pretty! This has been an incredibly wonderful post.
Many thanks for providing these details.
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
If you are going for most excellent contents like me, just pay a visit this website every day because it offers feature contents, thanks
I travel all around the world for work, and it used to be really lonely. Now I can go onto Tinder and have a date lined up in a new city before I even get out of the airport!
I am genuinely grateful to the holder of this web site who has shared this wonderful paragraph at at this place.
Awesome things here. I am very satisfied to see your article.
Thank you a lot and I’m taking a look ahead to contact you.
Will you kindly drop me a mail?
I visited many sites however the audio feature for audio songs present at this site is
Great article. I am experiencing some of these issues
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.
What’s Taking place i’m new to this, I stumbled upon this I have found It absolutely useful and it has aided me out loads.
I’m hoping to give a contribution & assist other users like
its aided me. Good job.
Comments are closed.