In Banking Sector, there is no standard process defined to Cancel Credit Card. As a result, most of the times credit card user end up with low CIBIL score due to unintentional payment default. I also suffered in past, thankfully i noticed before it impacted my CIBIL Score. Credit Card is both a blessing and a curse depending on how you use it. Some people have habit to experiment with credit cards. Trust me, it is most dangerous game. They apply for new credit card when they receive new offers and cancel credit cards which are not in use. This habit can cost you heavily if process to cancel ... Read More
Online Shopping – 11 Tips to Save Money
Online shopping has caught the fancy of many Indians to save money. Infact many analysts are terming the year 2014 as "Breakthrough" year for Online shopping. Valuation of some of the top e-commerce companies surpassed valuation of mid-sized FMCG companies. Profitability of e-commerce companies is still a distant dream. In order to gain Market Share and Mind Share of the customer, offering Deep Discounts seems to be the survival tactics. In many cases, online products were sold at below manufacturing price. The funding received by these e-commerce players are being utilized to offer discounts ... Read More
Low CIBIL Score – Check your Credit Utilization
Low CIBIL Score is now synonyms to Loan or Credit Credit Card Rejection. There is a common perception that Low CIBIL Score is only due to default or delay in payment of credit card bill or loan EMI. It is not 100% correct. Low CIBIL Score has very strong co-relation with overall credit eligibility. "Credit Eligibility" means max credit that a person can avail and "Credit Utilization" is actual credit availed. It is important to maintain a fine balance between credit eligibility, credit requirement & credit utilization. Optimum distribution of credit is essential depending on your current ... Read More
CIBIL Score and Credit Card Limit
Credit Card Limit is basically "Spending Limit" allowed on your credit card. Credit Card is riskiest business for any bank. The default rate is very high on credit cards as it is totally unsecured credit extended to customer. Now a days banks are extra cautious while issuing a credit card. A credit card is issued only after due diligence. Every credit card has different credit limit depending on risk profile of the customer. Credit card limit is decided based on income, current loan portfolio, expense pattern and overall risk assessment of customer by the bank. Banks pull out CIBIL report of a ... Read More