Credit Score Not Enough: Credit Report Crucial for Loan Approval

• A good credit score (750+) alone doesn't guarantee loan approval; banks thoroughly check your detailed credit report.
• Credit Score is a 3-digit summary of creditworthiness, while Credit Report is a comprehensive record of your borrowing history.
• Credit Report details personal info, all loans/cards, payment history (delays, defaults), and credit inquiries.
• Banks use the report to assess money management, repayment ability, and risks like recent defaults or excessive inquiries.
• Timely payments, avoiding over-utilization, and regular credit report checks are vital for easy loan approval and better terms.

Why It Matters: Credit score is a quick indicator, but the credit report tells the full story; both are vital for loan approval.