You have been working for 10-15 years. You kept applying for various credit cards over the years depending on your expense preferences at a particular time. As a result, you have accumulated too many credit cards. You do not even use all the cards. You have not used some of them for a couple of… Continue Reading
Looking for your first credit card, but your card application keeps getting rejected due to inadequate credit history or some other reason? There is a simple and quick way to get around this problem if you have some money in your bank account. I am talking about a bank FD backed credit card. And in this… Continue Reading
Certain banks offer you a lower rate of interest on loans if your CIBIL (Credit) score is good. The definition of ‘good’ is subjective but anything above 750 or 800 is a good credit score. Why would a bank offer a lower rate of interest with borrowers with a good credit score? Habits don’t die… Continue Reading
10%? 30%? 40%? I don’t think there is a crisp answer to this. Clearly, lower the better. Let’s first understand what is credit utilisation ratio and how it is calculated. Then, we get down to what is a healthy credit utilisation ratio and the different ways to improve the ratio. What Is Credit Utilisation Ratio?… Continue Reading
Has your credit card application been rejected? If yes, do you know the reason? The banks usually do not tell and just reject the application. If you have recently started working and had applied for your first credit card, a reason for rejection could be the lack of credit history. Also known as ‘No Credit… Continue Reading
Can you spend beyond the sanctioned limit on your credit card? Let us say the sanctioned credit limit is Rs 1 lac. Can you do a purchase transaction of Rs 1.25 lacs? Or can the total unbilled transaction add up to more than Rs 1 lac? Apparently, you can. You can spend beyond the sanctioned… Continue Reading
Struggling with credit card debt? You make small payments on your credit card every month, but the debt just does not seem to go down. Why Does This Happen? Because credit cards are the most expensive debt in the formal finance sector. The interest rate ranges from 36% to 45% p.a. While you may be… Continue Reading
A good credit score is important. It can provide you with access to a wider range of credit facilities and help reduce the cost of credit. Going forward, your credit score may play an important role in non-financial matters, say employment or taking a house on rent. Fair enough but what are the factors that… Continue Reading
Credit scores are becoming more and more important. Your credit score reflects your credit worthiness. A good credit score can not only improve the odds of approval of your loan application but can also lower your loan interest rate. Not just that, but a good credit score can be helpful in other aspects of life… Continue Reading
Every lender claims to offer the “Best Personal Loan”. Fair enough. “Best” is anyways subjective. No one knows what aspect of the personal loan the bank is referring to. Well, according to you, what shall be the features of the “Best personal Loan”? In this post, let’s find out. While we are discussing the “best”… Continue Reading