- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Things to Avoid to Get Credit Cards Easily
- Existing level of credit exposure
- Bad Credit History
Factors That Affect CIBIL Score Calculation for Credit Card
There is a list of factors that affect the CIBIL Score calculation for the approval of credit cards to individuals.
- Pay Your Credit Card Dues Timely: You need to always make sure that you have made all your credit card dues at the proper time. If an individual has not made their dues on time, then their CIBIL Score comes down.
- Longer Duration of Borrowing: The longer you have borrowed the money and repaid it on time, the better it is for your CIBIL Score. If an individual has borrowed for a longer time and then repaid the amount at the proper time, then the CIBIL Score of that individual is better than the CIBIL Score of that individual who has borrowed for a shorter time and repaid it on time.
- Maintain Not More Than Two Credit Cards: If an individual has more than two credit cards, lenders do not like it. Lenders usually prefer borrowers who have one or two credit cards. So it better to close the credit cards if you have more than two of them.
- Keep Your Credit Utilization Rate Low: Maintaining a low credit utilization ratio is important if you want to have a good CIBIL Score. The best credit utilization ratio is around 30%. If an individual has maintained a proper credit utilization rate, then it is sure that the CIBIL Score of that individual is good.
- Proper Mix of Credit: It is not only important to have a credit card, but it is also important to have a loan. Because credit card is an unsecured loan, you also need to maintain a loan account. This will enable you to maintain a proper mix of credit.
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Creditseva will help you in get to know that what is the ideal CIBIL Score you should maintain? So that your credit card application is not rejected. You will be given complete guidance as to how to maintain a good CIBIL Score and stay credit healthy by keeping a check on your credit score and credit report at regular basis.
Important Considerations While Using Credit Cards
- Charges for Withdrawal: An individual should very well know what the charges for withdrawing would cash from the ATM using a credit card.
- Interest Rate during A Default: When an individual has defaulted on a credit card payment, then the interest rate that is charged is high and this amount will get deducted from the fixed deposit of that individual. If you make defaults on a frequent basis, then the credit card limit can also be reduced and your credit card could also get rejected.
- Fees for Joining: It is usually observed that individuals are told that the fee for joining is nil. This is not always true because sometimes initially the joining fee is not charged but it is charged after the individual uses the card for one year.
- Annual fee: This fee sometimes varies and is fixed sometimes.
- Charges for Different Purposes: When the cheque for the payment of a credit card payment is bounced, the payment gets delayed. For such instances, there are some charges that are charged in advance.
Minimum CIBIL Score That An Individual Should Maintain to Avail a Credit Card
Broadly speaking, various banks have various limits for CIBIL Score so that the individuals are provided with credit cards. It is usually seen that the minimum CIBIL Score that should be maintained by an individual to avail a credit card is 700.
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