A bad credit score affects a lot more than your credit. But your credit worthiness affects a lot more than your buying capacity on credit or your ability to borrow money. It can affect whether you get a job or your insurance payment or how your personal relationships work. Young Indians, with poor credit scores face hurdles along their way and ultimately it takes a toll on their buying abilities. At its heart a credit score is a mathematical prediction of your ability to pay your debts. Financing a home continues to be impacted by your credit history. Though there are certain ways to get a home loan with poor credit score, most of the time holder of a low credit score is shut out of the market unless a large down payment can be ponied up.
Young people have just started out in life, so to match the criteria and achieve a good score becomes a bit complicated and hence your abilities are at stake. A bank demands your stability in your job, the time period, whether self-employed or working for a company, any assets in your name all these things add up to boost your personal credit score, so to manage this is a herculean task.