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Importance of credit score for house wives - Case study

  Wed, Feb 08, 2017     written by : CSF-Team
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Shilpa Jain, 35 had just celebrated her 10th marriage anniversary. Her husband, Rohit was the sole breadwinner of the family and took care of all the financial aspects. Shilpa never gave any importance to the fact that she should also have a good credit score. For her (like most housewives), financial independence just meant having a separate bank account. She did not have any credit cards in her name.

The only add-on credit card that she possessed did not help her in creating a credit history.The home loan was also in the name of her husband. Out of ignorance Rohit also did not pay attention to this aspect that his spouse should have an independent credit score. He assumed that one needs to worry about the credit score only when one is looking to apply for credit.

Unfortunately Shilpa learnt the importance of credit score the hard way when Rohit met with a major accident. He had to undergo an emergency surgery and Shilpa thought of taking a personal loan to cover for the mounting medical expenses. But since most leading banks only lend to people who have shown some good credit behaviour in the past, Shilpa could not get approved anywhere. This was despite that she had asked his brother to be co-borrower for meeting the income eligibility. That's when she heard about personal loan without CIBIL score from one of her friends. It was indeed a blessing in disguise. On searching for bad credit personal loans she found that indeed there were many bad credit personal loan lenders who were willing to offer loans at good rates. With fast loan processing Shilpa was able to arrange for funds for her husband's surgery.

It took 6 months for Rohit to fully recover from his surgery. The second blow came when Rohit realized that he missed paying his credit card bills in the last 6 months. His name showed up in the defaulter's list and his credit score plummeted. When Rohit wanted to apply for an auto loan he found it hard to get approved. If Shilpa had a good credit score, she could have become a co-applicant and helped in securing good interest rates. But since that wasn’t the case Rohit wondered how to get personal loan with low CIBIL score and that’s when Shilpa told him about bad credit lenders who help people get out of their financial difficulties.

The value for good credit cannot be overstated. Building a financial profile is as important as taking insurance if you wish to secure your future. One may not need a credit currently but one should always be prepared to deal with emergencies. A housewife with no credit history will find it impossible to qualify for a loan whether she needs it to buy a car or pay for medical expenses. So start by applying for a credit card in your name. If the bank is reluctant to issue you a card since you do not have any income source, you can consider taking a secured credit card. Use the card regularly and pay your bills on time. If you had a credit card prior to your marriage do not close it. Instead inform the credit agency about the name change so that your credit history gets carried forward. Being aware of the importance of credit score is the first step for housewives in their journey to build an impressive credit score.

In times when the credit score is not so good there are always Bad credit personal loan lenders who come to your rescue. They look beyond the credit standing of an individual but they would either require you to provide a guarantor or collateral to cover up for the risk that they take. So whether you have a bad credit history owing to mistakes in the past or whether you are in the process of building credit from scratch bad credit personal loans are a solution to all your woes.