Credit Cards: How do they affect your credit score and loan eligibility?
2 weeks, 3 days ago

Credit Cards: How do they affect your credit score and loan eligibility?

Live Mint  

Credit cards are a great way to save smartly on your transactions and earn exclusive rewards and discounts on your favourite brands. Credit cards may affect your credit history and also impact your credit score as well as your future loans. Aim to utilise only 30-40% of your credit limit to maintain a low credit utilisation ratio, which is vital for a good credit score.” “A high credit score enhances your chances of securing loans with favourable terms, such as lower interest rates and higher amounts, while poor management—like missed payments or frequent credit applications—can harm your score and reduce loan eligibility. Impact of credit cards on loans Loan approvals:When you apply for a loan, the lender always considers your credit score to evaluate your credit worthiness. If you have been using a credit card with a decent limit and have been regular in repayments, your credit score will hopefully increase, hence, it increases your chances of getting a bigger loan.

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Credit Cards: The hidden costs of missing a payment you should know
2 weeks, 5 days ago

Credit Cards: The hidden costs of missing a payment you should know

Live Mint  

As a credit card user, there might be instances where you forget to pay your credit card bill on time. Late payment fee A late payment fee is a charge levied on credit card users who fail to pay their bills on time. Minimum due amount Some credit card users feel paying the minimum due amount will not incur any …

Credit Card Dues: 5 key benefits of paying on time for better financial health
3 weeks ago

Credit Card Dues: 5 key benefits of paying on time for better financial health

Live Mint  

Making timely credit card payments is a way to ensure financial security and provides benefits beyond the mere avoidance of late fees. Avoid paying costly interest charges: With yearly interest rates sometimes ranging from 35% to 40%, credit cards generally have some of the highest rates in the financial industry. Increased credit limit: Banks may increase the credit limit if …

Credit Score: How late payments can ruin your financial reputation
3 weeks, 3 days ago

Credit Score: How late payments can ruin your financial reputation

Live Mint  

A credit score is very important while applying for credit cards or loans as it plays an important role in determining your eligibility. Let us understand how late payments can affect your credit score. Understanding late payments Lenders provide you with some time within which you are expected to pay back the loan or the credit card bill. Impact of …

How does your credit score impact personal loan approval and interest rate?
3 weeks, 6 days ago

How does your credit score impact personal loan approval and interest rate?

Live Mint  

If you have decided to apply for a personal loan, then your credit score will play an important role in determining your eligibility for the loan as well as the interest rate which you will get. The credit score plays an important role in understanding your creditworthiness and also influences the interest rate which you may get against your loan …

Why is your credit score important and how will it impact your future?
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4 weeks ago

Why is your credit score important and how will it impact your future?

Live Mint  

Your credit score is an important number that influences every aspect of your life financially. A high credit score tells lenders that you are not very much of a risk, which translates to more favourable loan terms and lower interest rates. Loan limits: A good credit score can also mean a higher amount to be loaned, helping you access more …

Why isn’t your credit score improving despite clearing dues on time?
4 weeks ago

Why isn’t your credit score improving despite clearing dues on time?

Live Mint  

A frequent credit card user must know that a good credit score is a key factor in determining your creditworthiness. However, paying your credit card dues on time does not guarantee a good credit score. A low credit utilisation score indicates poor credit usage habits and a high credit utilisation score signals high debt, which may reduce the chances of …

Credit Cards: Don’t make these 7 credit mistakes—Protect your financial future
1 month, 1 week ago

Credit Cards: Don’t make these 7 credit mistakes—Protect your financial future

Live Mint  

Your credit score is an important indicator of your creditworthiness, ability to repay loans, and overall financial health. Similarly, if you don’t pay the credit card outstanding on time, the high finance charges and interest rates on credit cards can derail your financial planning journey. Apart from helping you build or boost your credit score, credit cards can give you …

Credit Card: Can you build a personal brand with it? 6 key things to know
1 month, 1 week ago

Credit Card: Can you build a personal brand with it? 6 key things to know

Live Mint  

A credit card can be an incredibly useful tool to build your personal brand by helping you develop a reputation of credibility, financial responsibility, and exclusivity so long as it aligns with your brand. Travel and rewards: Many credit cards offer access to unique experiences, like events, VIP lounges, or priority bookings. Credibility: If part of your brand includes credit …

9 Little Ways You Can Improve Your Credit Score (Without Paying Off All Your Debt)
3 months ago

9 Little Ways You Can Improve Your Credit Score (Without Paying Off All Your Debt)

Huff Post  

Natalia Gdovskaia via Getty Images When it comes to your credit score, small things can add up over time. “Having a high credit utilization ratio shows that you’re close to maxing out your credit cards, and can significantly lower your credit scores,” Alev noted. “The length of your credit history plays a significant role in your score, so keeping long-standing …

Credit Score: 7 effective steps to follow to maintain good credit history
9 months, 2 weeks ago

Credit Score: 7 effective steps to follow to maintain good credit history

Live Mint  

By following responsible financial habits, you can build and maintain a strong credit history, which will open doors to better loan terms, lower interest rates, and greater financial opportunities in the future. One can take a number of steps which include paying bills on time, keeping credit card balances low, keeping track of credit score and opting for secured credit …

Beyond Three Digits: The Role of Credit Scores in Loan Approvals
1 year, 1 month ago

Beyond Three Digits: The Role of Credit Scores in Loan Approvals

The Quint  

How to Maintain a Good Credit Score? Pay installments on time Regular payments of installments are very important to maintain a good credit score. Avoid multiple enquiries in the short term Every time you apply for a loan or credit card to banks or financial institutions, there will be a credit enquiry recorded in your name. If you pay the …

Credit score vs credit report: The differences that matter
1 year, 3 months ago

Credit score vs credit report: The differences that matter

Live Mint  

Your creditworthiness, as evaluated by your credit score and credit report, holds significant importance when seeking loans or credit cards. The pivotal factors influencing your credit score encompass: Payment history: The foremost determinant of your credit score is your track record of timely payments. The precise factors considered in this calculation may vary depending on the credit scoring model in …

10 valuable benefits of using a credit card
1 year, 9 months ago

10 valuable benefits of using a credit card

Live Mint  

Among various financial products available in the market, credit cards are one of the most underrated financial products for their benefits. Base reward points, accelerated reward points, spend-based offers Credit cards offer you reward points on most transactions. These cards offer various benefits like: A travel card may offer discounts, reward points, etc. Free memberships Some credit cards offer free …

5 factors that have an impact on your credit score
3 years, 6 months ago

5 factors that have an impact on your credit score

Hindustan Times  

Want to get a credit card? If you have a good credit score, lenders will have more faith in you and will approve your loan applications and credit card applications without much of a hiccup. While you may have worked really hard towards building a good credit score, it can all come tumbling down if you owe a lot of …

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