Always remember about your loan arrears, loan repayment date or selected EMI. Delay in loan repayment lowers the borrower's credit score. It is a good idea to use your credit card wisely and limit your expenses.
You must not exceed the credit limit know the importance of Financial planning Today. A good credit score is like a way to make financial life go smoothly. Various credit reports say that 6 out of 10 people apply when young people apply for credit cards, car loans, and other loans.
How Timely repayment of loan is a Good idea
Payments should be made in a timely manner to improve the effective credit score due to debt arrears.
If you have not made some payments in the past and are now in a position to repay them i.e timely repayment of loan results is a good idea to pay the arrears immediately. How to reduce personal debt! Ways to pay debt off faster
When you spend from your credit card, even if you have the opportunity to pay the minimum amount required to continue the use, pay the total arrears or the maximum amount you can pay for that month.
- Money saving tips: Want to save money? Follow these 7 principles
Is it good to pay credit card bill before due date or pay minimum due credit card
If you pay a minimum charge of 5% of the bill amount, you should be prepared to pay 3% to 4% interest per month on the remaining amount.
It is also a good idea paying credit card bill before due date and make to have the bank automate the payment for your credit card bill. Using credit card is good or bad learn Art for Credit card bill payment
This will not bother you even if you have forgotten the payment due date.
Is it bad to apply for multiple loans what happens too many loan Applications
If a bank rejects your personal or home loan application, the loan should not be applied immediately to that bank but also to another bank.
This is because other banks will also find out why the previous bank rejected the applicant's loan. You need to limit your loan applications.
Otherwise your credit score will be further damaged. If you do not need to buy a credit card, it is better not to apply for a loan.
Credit Score Check and what is a good credit score CIBIL
Check your credit score online periodically. There are many platforms available online to check credit score for free. It will help you to know how your financial health is and know how to overcome your financial problem very easilly. Appropriate actions can be taken to adjust the credit score accordingly.
What is Credit Consumption Ratio
It is advisable to use only 30% of the credit card limit. Exceeding this will have an impact on the credit score. It is not advisable to take out loans with various apps or lending institutions when rejecting personal loan by credit card. Identify the difference between a bad loan and a bad loan.
If you've missed Home Loan EMI then what happens if home loan emi not paid?
Income Expenditure and Profit formula for earnings
Reconsider expenses based on your career or current income levels. Expenditure and profit formula is control spending where possible. If you have any debt, pay it regularly.
With a good financial history you can easily get loans. Discipline and intelligence are essential to achieve your long-term goals and financial stability.
Credit card balance transfer to bank account free
Check balance transfer credit card offers if you have trouble with money or holding two many credit cards can transfer the balance from one card to another.
Do not make a habit of credit card balance transfer to another credit card make it when there is urgency of money or don't have cash in hand or use shifting too often. This can be the beginning of getting stuck in a debt trap.
