New Delhi, April 17 -- A credit score of 550 is generally considered poor in India. Such a score significantly impacts an individual's access to credit instruments such as credit cards, personal loans etc.

That is why clearly understanding the implications, pros and cons associated with this score and taking proper steps to improve the same are important for an individual's financial prosperity. This particular write-up is dedicated towards discussing these important concepts in detail.

In an exclusive conversation with Mint, Atul Monga - CEO & Co-Founder, BASIC Home Loan stated that, "When a borrower has a low credit score, lenders often reject their loan application or approve it with much higher interest rate compared to borrowers wi...