What is the primary factor that determines the eligible loan amount for an applicant?

"Credit History" "Employment History" "Credit Score" "Savings Account Balance"

Which organization is widely recognized for its credit scoring system in India, often used synonymously with credit scores?

"Equifax" "Experian" "CIBIL" "CRIF High Mark"

What is the recommended practice for individuals to stay informed about their credit health?

"Regularly checking credit reports" "Applying for multiple loans" "Ignoring credit card statements" "Contacting credit bureaus only when applying for loans"

What is a significant advantage of maintaining a good credit score?

"Guaranteed loan approval" "Lower interest rates on loans" "Waiver of loan processing fees" "Access to exclusive credit card offers"

What action is recommended for individuals with outstanding credit card balances?

"Ignoring the balances" "Paying the minimum amount due" "Paying off the balances as soon as possible" "Requesting a credit limit increase"

What should individuals do if they find inaccuracies in their credit reports?

"Ignore the errors" "Dispute the errors with the credit bureau" "Apply for new credit to offset the errors" "Wait for the errors to be corrected automatically"

What is the impact of having no history of loans on an individual's creditworthiness?

"It enhances creditworthiness" "It has no impact on creditworthiness" "It makes it difficult for lenders to assess repayment capacity" "It automatically results in a high credit score"

What is the consequence of consistently missing payments on credit cards and loans?

"Improved credit score" "Reduced credit limit" "Negative impact on credit score" "No effect on creditworthiness"

What is the recommended approach to credit card utilization?

"Maximize credit card usage for rewards" "Maintain a low credit utilization ratio" "Ignore credit card limits" "Use credit cards only for emergencies"

What is a potential risk associated with being a joint applicant for a loan?

"Increased credit limit" "Shared responsibility for repayments" "Improved credit score" "Reduced interest rates"