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Month: May 2020

Difference between Pre-qualified and pre-approved Credit Card?

Difference between Pre-qualified and pre-approved Credit Card?

Possibly the modest way to understand credit card pre-approval is to consider the three most universally used terms by credit card companies. These are pre-selected, pre-qualified and pre-approved. Although the terms are at times used interchangeably, its simple explanations are as follows. The term credit card pre-selection is used when the credit card companies most likely extracted your name and information from a mailing list and shared its marketing information with you, expecting you will engage with them. If you…

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What Are Secured Credit Cards?

What Are Secured Credit Cards?

How to start credit is a common anxiety for younger individuals. However they may be set to make their first significant buying, the absence of any credit often presents a key obstacle. Similar hurdles challenge those with the mission of rebuilding poor credit history. Luckily for both groups, a secured credit card lets each to begin (or restart) their credit journey with the objective of financial freedom. What is a secured credit card? A secured credit card is one supported…

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How does a credit limit work?

How does a credit limit work?

Credit card providers set the credit limit (maximum amount of money a borrower is acceptable to take credit). If a borrower surpasses the given credit limit, the credit card provider can enforce extra charges and penalties. Several aspects define the credit limit a provider can offers you. These may comprise your credit score, credit history, and your present financial situation, the amount of debt you are holding, your repayment credibility, and other such. Your available credit to use is not…

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5 Reasons Your Credit Score May Have Dropped

5 Reasons Your Credit Score May Have Dropped

If you practice to monitor your credit score regularly or you have subscribed for credit score alerts, then you have seen how your credit score alerts over time. While you are enthusiastic about an increase in your credit score, you would be in the same way alarmed about a drop. The credit score calculation is very composite and it can be tough to pin down the precise cause for a credit score fall. Meanwhile your credit score is built on…

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How does credit card fraud happen?

How does credit card fraud happen?

Here are few common means fraudsters can get their hands on your credit card number. A robber digs through your junk, treasures thrown away receipts or credit card statements that comprise your credit card number or bank account number, and uses that data to rack up fraudulent charges. An identity thief traps you to a click on fraudulent website where you are misled into providing your card number information. The fraudulent then uses the stealed information for fraudulent purchases. You…

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A chronology of the credit card

A chronology of the credit card

From the charge plates introduced by Dinner Club to mobile credit apps such as vCard, here’s a look back at the many iterations of the credit card over the past 150 years. 1950: Diners Club introduces the first charge card in United States of America 1958: Bank of America issues the first general-purpose credit card that offered a “revolving credit” feature 1958: American Express Company launches a travel and entertainment payment card 1969: Magnetic strip standard is adopted in the…

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Five Credit Card Mistakes to Avoid During the Corona Virus Lockdown

Five Credit Card Mistakes to Avoid During the Corona Virus Lockdown

Credit cards can be of boundless help in accessing instant credit and regulating short-term liquidity gaps, particularly during such uncertain times. However, there are some credit card blunders that one must evade under this COVID phase: 1. Opting for moratorium on credit card dues Only if you are facing the struggle to repay credit card bills, avail the moratorium. However, doing so would save you from late payment fee and adverse reporting to the credit bureaus. 2. Keeping credit utilization…

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5 Factors That Help You Choose a Right Credit Card

5 Factors That Help You Choose a Right Credit Card

There are amply of credit cards available in the market. Which one should you choose? Here are few tips to simplify your choice If you wish to build your credit history If you consider the most regarding boosting your credit score, go for a basic credit card. Every time you make payment will help increase your credit score. If you have a bad or low credit score It is a great task to get a credit card if you either…

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What is Credit Card Pre-approval?

What is Credit Card Pre-approval?

Pre-approval not all the time mean credit card approval. However, it is a good indication that your chance of getting approved is high. In most of the cases, pre-approval is when a credit card providers does a preliminary check (loan history, previous credit cards, payment history, credit health, and other such) and observes that you are an ideal candidate for receiving the card. This check could include aspects such as looking at your payment history, debt amounts and a cursory…

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Can I Change Credit Limit of My Credit Card?

Can I Change Credit Limit of My Credit Card?

Remember, you need to be as creditworthy as possible before you investigate various paths increase your credit card limit. Credit card companies will not increase your credit card usage limit unless you have established record that you are an accountable debtor. One can achieve this by making repayments as per the due date and keeping the credit card balance below the limit for quite a few months before applying for an increase. Another important factor to consider is your income…

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