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Possible Reasons for Credit Card Rejection

Possible Reasons for Credit Card Rejection

Credit card providers have their own parameters set and they adhere to those while evaluating credit application requests. The reasons for rejecting your loan will be listed in your adverse action letter. The 6 most common reasons behind the rejection of credit application can be as follows: 1. Low credit score 2. Low income; every credit card provider has a fixed amount set as a minimum salary eligibility for the applicant 3. Inaccurate application details 4. Job instability 5. Number…

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Credit Card Information Fraud

Credit Card Information Fraud

Here, breached or compromised information is used to gain access to bank accounts, loan applications, and other tools to defraud lending institutions. Here are the types: Web Scraping – Here, fraudsters scrape the internet, mostly social media platforms or websites where people register themselves, to gather an individual information. Account Hacking – Hacking – A serious offense, fraudsters hack into an existing genuine bank account and apply for a loan through that account. Loan Phishing – Here, fraudsters send an…

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What Should I Be Wary of When Consolidating Debt?

What Should I Be Wary of When Consolidating Debt?

Consolidating your debt isn’t an easy fix. While it’s often a smarter way to manage your debt and could help you pay off your debt sooner, you do have be aware of the fine print. Things to look out for: Check that your new interest rate is lower than what you are currently paying; otherwise you may end up finding yourself in more debt. Don’t forget to take the fees and charges into consideration. If you have organized a balance…

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Pros and Cons of Credit Card Debt Consolidation

Pros and Cons of Credit Card Debt Consolidation

The following are various advantages and disadvantages of credit card debt consolidations; please have a look before taking a decision. Pros Below are the advantages of credit card debt consolidation: Honeymoon rates Lower interest rates Less fees Cons Below are the disadvantages of credit card debt consolidation: If misused, you’ll grow debt Post-honeymoon interest rates could be higher Post-honeymoon fees could be higher vCard is a Mobile Credit App (Credit Card and Credit Line) which allows UPI Payment to any…

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What is Debt Consolidation and Why Should I Do It?

What is Debt Consolidation and Why Should I Do It?

Credit card debt consolidation is when you combine your multiple existing credit card debts into one to better manage your repayments and minimise the amount of fees and interest you’re paying. This is usually done through a debt consolidation personal loan or a balance transfer credit card. However, you should ensure the consolidated debt’s interest rates and/or fees are not higher than what you were paying on your previous debts.

What are the Pros and Cons of Using a Credit Card to Buy a Car?

What are the Pros and Cons of Using a Credit Card to Buy a Car?

Pros of Using a Credit Card to Purchase a car The following are various pros of using a credit card to buy a car: No car loan pre-approval is required Earn major rewards points 0% interest introductory offers make repayments easier Car not used as security on loan Cons of Using a Credit Card to Purchase a car The following are various cons of using a credit card to buy a car: Serious risk of debt Interest rate surcharges Maxing…

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Can I Buy a Car with a Credit Card?

Can I Buy a Car with a Credit Card?

Short answer: Yes, if your credit limit and budget allow it. But is it the right financial decision to make? There are several things to take into consideration when it comes to using your credit card to make a potentially expensive purchase, including: The risk of growing debt. First and foremost, you need to consider that making an expensive purchase on a credit card that you cannot pay back right away (and that’s earning high interest) is a sure-fire way…

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Do Credit Cards Come With a Risk of Credit Card Fraud?

Do Credit Cards Come With a Risk of Credit Card Fraud?

To an extent, each person with a credit card is at risk of being a victim of credit card fraud. Your credit card itself can be stolen, or a thief can steal your credit card confidential information from a outlet or merchant you have shopped with. Luckily, if your accountability for fraudulent credit card purchases is low, you still need to report these charges rapidly. How to avoid it: Monitor your credit card regularly and report a missing credit card…

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Confusing Credit Card Terms

Confusing Credit Card Terms

Despite the fact credit card terms have become a lot clearer thanks to the Credit Card Act of 2009, there is still is a lot of misperception with credit card offers. A single credit card can have numerous different interest rates and knowing which rate applies can be unclear. Misunderstanding your credit card terms can have thoughtful consequences – like augmented fees or interest rates or loss to your credit. How to avoid it: Understand the diverse types of balances you can…

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Risk of Ruining Your Credit Score

Risk of Ruining Your Credit Score

Credit cards providers have a major impact on your credit score. Use your credit card sensibly, and you are on the way to a great credit score. On the other hand, if you make a error – like miss a payment for 30 or more days –your credit score will take a hit. The more you mess up, the more your credit score will decrease. How to avoid it: The best way to build and defend your credit score is to pay…

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