How is the Credit Card Annual Fee Charged?

How is the Credit Card Annual Fee Charged?

The annual fee that the credit card provider charges are unlike any interest payment you might sustain on your account. The annual fee is usually charged in a precise month of the year more usually on the subsequent month of your credit card opening anniversary or at the very initial of the calendar year or depending on the norms set by the creditor. On the other hand, some credit card providers divide the fees and assess them monthly to lessen…

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How Credit Cards Benefit Your Finances in COVID Phase?

How Credit Cards Benefit Your Finances in COVID Phase?

EMI Conversion Facility– Since a number of people are fronting cash flow issues, making purchases on EMIs could be a wise decision instead of paying in full and then making a partial payment. If you are unable to pay off your balances in full, you can get the same converted into EMIs too. No-cost EMIs on select items– Despite the lockdown, ecommerce websites are still offering no-cost EMI option on select items when you make the payment using your credit…

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Your Score Is Less Than 700. Now What?

Your Score Is Less Than 700. Now What?

Check your credit score yearly, at least to avoid surprises. And no, your credit won’t take a blow if you do this – it is considered a soft inquiry. If your credit score is lower than 700 then you should dig deep in your credit report and find out the reasons for bad credit score. Look at your credit card balances and credit utilization ratio. The closer you are to hitting your maximum limit, the more it may lower your…

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What Types of Information Can Impact Your Credit Scores?

What Types of Information Can Impact Your Credit Scores?

The two most crucial factors that affect your credit score is your repayment of the loan and how timely you pay your EMIs and card dues. If you are a month late in paying your dues, then your credit score might drop by 80 points. Next up is credit inquiries. They can affect your credit score in a major way. Typically, there are two kinds of credit inquiries, one is the soft inquiry and the other is hard inquiry. Soft…

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Ways to Rebuild Your Score

Ways to Rebuild Your Score

To get back on track and raise your credit score, you have to be vigilant about the following things: Make it a point to repay your debts and dues fully in time. A part payment specifies that you have hitches in repaying but no difficult in borrowing. Thus, do not let your outstanding debt snowball. Consider taking a personal loan to repay your outstanding credit card dues. This way you will get rid of a compounding interest and end up…

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How Does a Single Missed Payment Affect Your Credit Score?

How Does a Single Missed Payment Affect Your Credit Score?

When you miss paying your credit card dues on time, the interest added on it is compounded daily. So you can end up paying an interest of 3-4% per month depending on your credit card limit. The same applies to your outstanding amount when you pay the minimum amount. In short, if you do not clear your monthly credit card dues on time, you will see your amount blow up significantly and can increase your repayment period as well! In…

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Lay the Bricks of Rebuilding Your Credit Score after Debt Settlement

Lay the Bricks of Rebuilding Your Credit Score after Debt Settlement

The credit score is a dynamic number that keeps changing depending on your financial activities & any score above 700 is considered to be a good score. If you are in a situation of not having paid your loan amount on time & this has affected your credit score, then you must start taking measures to rebuild it: 1. Ensure timely payments of all your dues hereon. In fact, make use of the auto-debit feature on your net banking platforms,…

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Different Types of Credit You Can Have

Different Types of Credit You Can Have

Credit is available for borrowers in 3 main categories: Revolving credit: These are credit lines with a monthly credit limit. It gets renewed as soon as you clear the previous dues. A borrower is allowed to utilize as much of the credit limit as per requirement in one go or in multiple transactions. It includes credit cards & home equity lines of credit, not very common in India. Installment credit: These lines of credit have a set installment to be…

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How Long Does a Bad Credit Rating Last?

How Long Does a Bad Credit Rating Last?

Debts have a fixed period, and so do negative information that displays on your credit report. All negative information on the credit information after 7 years generally begins to value less for the credit score. Ensure that all your payments and your credit activities are opportune and steady to show constancy in your credit behaviour and in due course pushing your credit score in the direction of the good side. vCard is a Mobile Credit App (Credit Card and Credit…

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Be Aware of These Errors in Your Credit Report

Be Aware of These Errors in Your Credit Report

Credit bureaus aggregate the credit information delivered by various banks and NBFCs periodically (usually monthly basis) and record them in an individual’s credit report. This report has a comprehensive history of your loan and credit card repayment transactions, account usage and outstanding balances. It acts as a foundation for the calculation of the credit score. It is likely that the data deliberating on your credit report is not precise or not up to date. The bank or NBFC may have…

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