Do not shop around for loans immediately after getting a secured credit card. Such loan enquiries can also pull down credit score, as they are treated as a sign of credit-hungry behaviour.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
'Try to obtain a secured personal loan or credit card by offering some collateral, such as a fixed deposit or gold.' 'Not only will this improve your eligibility, but the lender may even offer a lower interest rate.'
'Building a credit history is a gradual process that requires at least 6-12 months of consistent credit activity.'
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
If you have a CIBIL score that is below the satisfactory level of 750, make a resolution this day of spring to enhance your CIBIL score. Here are some ideas that will give your CIBIL score a boost.
'If your loan application gets turned down by one bank, do not apply immediately to several others.' 'This makes you appear credit hungry and possibly in some form of financial distress.' 'Multiple enquiries affect your credit score adversely,' advises Mohan Jayaraman.
A critical factor that can ensure easier and hassle-free access to home loans is keeping a watchful eye on your Credit Information Bureau India Ltd (CIBIL) Report and CIBIL TransUnion Score.
Those who have been handed the pink slip shouldn't make too many loan queries, advises Raj Khosla.
In order to be eligible for a loan when you really need one, it is imperative to maintain a good credit score. By having a good mix of debt and servicing it regularly, you can maintain a good credit score and be loan ready at all times.
Each enquiry could pull down the credit score by 5-10 points.
Let the festivities and celebrations begin; get yourself a credit card this Onam. Shop with it, earn reward points, make your family happy but remember to never go overboard or miss your payments, says Rajiv Raj
'You should be able to juggle them, extract the most rewards out of them, and most importantly, be able to repay your dues on time.' 'However, you shouldn't try to get multiple cards at once,' advises Adhil Shetty, CEO, BankBazaar.com.
Do you know that your application can get rejected on account of a not so perfect CIBIL score?
If used without much care credit cards can become debt traps. But there are ways to use them to your advantage, says Rajiv Raj
Here's why it happens and how you should avoid it.
Sacrifice these common misconceptions to improve your credit score this Eid
Find out how banks and lending institutions decide if you are worth their money based on your CIBIL TransUnion Score and Credit Information Report.
If you want to keep your CIBIL Score alive and kicking (healthy) make sure you steer clear from the above mentioned common credit score killers.
You may forget about your mistakes but CIBIL keeps an eye and maintains a record of each and every transaction right from your first credit card!
Your credit score is more than just a number. Here's how you can read and understand its importance.
There is no overnight solution and it requires plenty of patience and discipline to set it right
Here's the formula and it is not too difficult to implement.
Too much unsecured loan can harm your CIBIL rating.
You require a credit score to get fresh debt and you must have existing debt to get a credit score... Confused? Well, here's how they are related.
Just like optimum blood pressure, sugar and the likes are the measure of your physical health, a good CIBIL score is a measure of your financial health and you must do the needful to keep your CIBIL score at a satisfactory level.
Middle class Indians have grown up with the belief that living on credit is essentially a bad thing. You are in trouble if you think the same, cautions Rajiv Raj
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