What is the primary function of a credit score? Option: "To gauge an individual's spending habits", "To reflect an individual's overall wealth", "To determine eligibility for government benefits", "To assess a borrower's creditworthiness"

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What is the primary function of a credit score?

"To gauge an individual's spending habits"

"To reflect an individual's overall wealth"

"To determine eligibility for government benefits"

"To assess a borrower's creditworthiness"

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What is the primary function of the CIBIL Score?

"To track an individual's spending habits and provide personalized financial advice"

"To determine an individual's eligibility for government subsidies"

"To evaluate an individual's creditworthiness and repayment capacity"

"To assess an individual's investment portfolio"

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What is the primary reason lenders check borrowers' CIBIL scores?

"To evaluate their creditworthiness"

"To verify their employment history"

"To assess their investment portfolio"

"To determine their eligibility for rewards programs"

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Why is maintaining a good credit score important?

"It eliminates the need for saving money"

"It guarantees approval for any loan"

"It simplifies the process of getting a high-paying job"

"It influences loan approvals and interest rates"

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

"Employment History"

"Credit History"

"Credit Score"

"Savings Account Balance"

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What significantly influences credit score calculation?

Income level plays a crucial role in determining creditworthiness.

Credit history length demonstrates a track record of credit management.

Payment history is a primary indicator of responsible credit behavior.

Number of credit cards held influences credit utilization and diversity.