According to your creditworthiness, a lender can predict whether you’ll be able to pay back your debts on time or whether you’ll be approved for new credit. Before granting you any new credit, creditors will consider your creditworthiness.
Creditworthiness is based on a number of variables, including your credit score and repayment history. When determining the likelihood of default, certain lending organizations additionally take your available assets and total liabilities into account.
Your creditworthiness demonstrates to a lender your suitability for the loan or credit card application you submitted. The company bases its conclusion on your prior credit management behavior. They take into account your complete credit record, credit score, and payment history in order to accomplish this.
Your credit score, which evaluates you on a numerical scale based on your credit report, also assesses your creditworthiness. Your creditworthiness is high if your credit score is high. On the other hand, a low credit score leads to poor creditworthiness.
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