What is a Good Credit Utilization Ratio?

What is a Good Credit Utilization Ratio?

The general rule of thumb with credit utilization is to stay between 30-40%. This is applicable to every individual card and your entire credit utilization ratio. Anything higher than the above-mentioned percent can cause a dip in your credit score as creditor relates this to a credit hungry behaviour. This does not mean that one cannot ever cross 40% of the credit utilization on any card. The impact on credit score is more only if high utilization seems to be…

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When Should I Opt for No Cost EMI?

When Should I Opt for No Cost EMI?

The following are few scenarios when you should go for no cost EMI: You want to buy a lavish or prevalent product which now is further than your budget. You do not want to spend at a time or do not have enough money to make an upfront payment. You are getting a worthy deal by going for an additional discount. You want to start building your credit history and credit score by opting for a short swift consumer durable…

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What to do After My Credit Application is Rejected?

What to do After My Credit Application is Rejected?

You cannot do anything to change these decisions immediately, however, once you have identified the reasons behind your lender’s decision you can move on to make a plan to overcome it. Say your credit application was rejected due to several pending loans, then your first motive is to clear them and then move onto the next steps. Make sure that you clear bigger loans first and reduce your credit utilisation ratio, you can then move on to smaller loans with…

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How Do You Earn Reward Points?

How Do You Earn Reward Points?

You can earn points by merely making use of the card for your general purchases. The rewards program plans and procedure differ from one creditor to another,as well as from one credit card to another. The reward points begin from 1 point for every Rs. xx. The base value of xx is reliant on on the kind of card. The points earned can reach up to 2X, 3X or even 10X liable on the card, the sort of transaction and…

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Why Are Credit Scores Significant?

Why Are Credit Scores Significant?

When you apply for a home loan or credit card at a bank or a Non-Banking Financial Company (NBFC), the creditor examines your credit score first to define if you are eligible to avail the loan. Your credit score acts as the primary impression for the creditor, the higher the score, the improved the probabilities are of the loan or credit card being approved. Having a low score is not a worthy position to be in since it places you in a…

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Where Does the Credit Score Have Influence?

Where Does the Credit Score Have Influence?

Credit Approvals “Are you a trustworthy applicant who will pay back that amount you are going to borrow?” is the chief thing the creditors would want to know. With your credit score,the banks or NBFC will be able to effortlessly access your credit worthiness and can approve or reject your application. Approval for Housing Loan A good credit score will make certain that you get approved for a new housing loan. A good credit score can benefit you obtain a loan…

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What Do You Get For Your Reward Points?

What Do You Get For Your Reward Points?

Banks or NBFC offer a number of means to redeem once you have gathered adequate points. Catalogue – You can select from a range of products accessible across categories such as home, accessories, fashion, dining, health & beauty, electronics, books, entertainment, hotels & dining, and many more. Redemption Vouchers – You can redeem your points for a range of vouchers online or from the lender’s partners. Cashback – You can receive cashback for your points. The amount you receive will be credited to…

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Possible Reasons for Loan Rejection

Possible Reasons for Loan Rejection

Lenders have their parameters set and they adhere to those while evaluating credit applications. 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 as compared to the size of loan applied 3. Inaccurate application details 4. Job instability 5. Number of pending loans too high 6. Not eligible based on age, nationality, education qualification…

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When Should I Prefer an Unsecured Loan

When Should I Prefer an Unsecured Loan

The generic question you get was when you need prefer an unsecure loan. The following are various aspects that you need to keep in mind when you are in plan to go for an unsecured loan:  If you require a speedy financial assistance with a minimal amount of paperwork.  If the loan amount you need is moderately less.  You do not have an asset that you can mortgage to avail loan vCard is a Mobile Credit App (Credit…

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When Should I Prefer a Secured Loan?

When Should I Prefer a Secured Loan?

The following are various to consider factors that you to evaluate when you prefer going for a secured loan:  Understand your calculate repayments by means of home loan eligibility calculators.  You get to select between a fixed and variable rate (Home Loan) and choose to pay nil for the first term of the loan.  You have superior financial flexibility and extra savings possibilities. vCard is a Mobile Credit App (Credit Card and Credit Line) which allows UPI Payment…

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