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Source: Live Mint A credit score is an important indicator of your creditworthiness and loan repayment capacity. It also plays a crucial role in determining your home loan eligibility and the interest rates applicable to it Banks and financial institutions increasingly rely on an individual’s creditworthiness, repayment capacity, and financial integrity to mitigate the risks…
Source: Live Mint Closing a credit card might seem like a simple and straightforward financial decision, especially if you are trying to cut down on unnecessary spending or avoid hefty fines and late payment fees. However, in India, this move can immensely impact your credit score and your overall credit profile in a negative way….
Source: Live Mint To lay the groundwork for future financial goals, students need to build a robust credit score. This helps them maintain a clean credit profile and boosts their repayment capacity. A clean credit profile and strong credit score, anything above 750, helps immensely when applying for loans and new credit cards, renting apartments…
Source: Live Mint Maintaining a clean credit profile and a good credit score is essential for securing personal loans, credit cards and other similar credit instruments. Due to the recent Reserve Bank of India regulations, Indian credit card users can now cross-check their credit scores for free through the official websites of authorised credit bureaus….
Source: Live Mint India’s personal loan market is projected to grow at a CAGR of 26.55% between FY2025 and FY2032, according to a report by Markets and Data. This growth aligns with the country’s expanding credit landscape, supported by economic development. With personal loan volumes rising rapidly, borrowers must be extremely careful about opening new…
Source: Live Mint In India, credit rating bureaus generally provide credit scores ranging from 300 to 900. A credit score of 720 is typically considered a strong indicator of an individual’s financial health. It reflects responsible financial management and credit behaviour while also opening doors to various financial opportunities, such as easier loan approvals, fair…
Source: Live Mint In personal finance, the terms ‘credit report’ and ‘credit score’ are often used interchangeably, though they represent different concepts. Both serve as tools for assessing the creditworthiness of loan applicants and borrowers, but understanding the difference between them is crucial. 1. Definition, meaning and purpose A credit report is a complete and…
Source: Live Mint Lifetime-free credit cards often come bundled with a bouquet of entry-level benefits that are adequate enough to lure folks who are new to credit and first-time credit card applicants. Some lifetime-free credit cards are packed with features and benefits that are of high relevance even for customers who carry fee-only cards. These…
Source: Live Mint How subscription payments affect credit scores is a big question in India right now, with the ever-increasing consumption of digital products. This is a consequence of the ever-rising awareness of credit and debt products and the ease of using credit instruments such as credit cards, personal loans and small loans. Read the…
Source: Live Mint Knowing the factors influencing credit score while availing of loans and credit cards in India is vital. Though everyone is aware of most of the key drivers, there are some hidden factors that influence credit scores that the borrowers themselves are not aware of. These important factors impact credit scores and are…
