Question

what is credit explain it importance

Answer 1

credit is very important aspect of buying a home. A lender wants to make sure the borrower will pay back the money.In order to determine if an individual is a good credit risk, a lender looks at four things,called the 4 C's of credit -capital,capacity,credit,history,and collateral.
while the credit cards can play a role in establishing your financial record,credit by itself is better defined as a bank's trust in u to repay a loan.having a line of credits means a bank believes u will give back the money u are borrowing to make a purchase.

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Answer 2

according to India indian people have bank account . there are different types of account like debeat card as well as credit card also is there and the importance of credit card is we can save money in a bank that money we take out by using credit card at all over India and while we keeping money in bank we will get interest then our money will increased.