Ever wondered why lenders keep talking about your credit score? Banks use it to answer a simple question. Can you repay on time? Your CRIF score is one of the numbers they look at. It is a 3-digit score that shows how you usually handle credit. The higher your score, the easier it becomes to …
Want to know the difference between a consumer CIBIL score and a commercial CIBIL score? Many people are unsure which one applies to them and how it affects their chances of getting a loan. In simple terms, a consumer CIBIL score is for individuals, while a commercial CIBIL score is for businesses. Both are based …
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Understanding the features of CRIF vs CIBIL is essential if you are planning to get a loan. CRIF and CIBIL are both credit bureaus that generate your credit report, which includes your credit score and other factors related to your creditworthiness. Whenever you apply for credit, lenders check these reports and scores to assess the …
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Having an accurate credit report is very important for maintaining a healthy credit score and getting easy access to loans and credit cards. Lenders rely on your CRIF High Mark credit report to assess how you manage credit. Even small errors can affect approvals or delay your application. Which is exactly why checking your report …
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Knowing the charges for credit card cash withdrawal is a must before you use this facility. Cash withdrawal via a credit card can be an ideal way to access funds when you are in need, but it comes at a cost applicable from the date you make the withdrawal. This charge also differs from the …
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EMV cards have gradually replaced metal strip cards. A primary reason for this is that they come with stronger encryption to protect your card details during the transaction. While metal strip cards encode your details in the strip on the back of the card, these cards store your details in an EMV chip. Read on …
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Think of a credit appraisal as the immediate response to your loan application. Financial firms, be it a bank or NBFC, run this check to see if you qualify for credit, be it a loan or a credit card. This process helps them understand your repayment ability and thereby, the risk they will take on …
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Knowing the 5Cs of credit is crucial as lenders use this as a framework to assess the creditworthiness of a borrower. These 5Cs refer to the following: With a possibility of credit risk looming over the creditor, lenders evaluate a prospective borrower’s financial standing before approving a loan. Each of the 5Cs of credit mentioned …
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Financial institutions like banks offer prepaid credit cards to help you go cashless without being exposed to any debt. Unlike regular credit cards, prepaid cards require you to transfer funds into the card account before you can begin using them. You can then pay online or offline until your balance is exhausted. One of the …
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Virtual credit cards (VCCs) are digital copies of regular credit cards offered by issuers upon your request. These cards help protect your card details, especially when making online transactions. This is especially important in recent times due to the increase in fraud, hacking and fake websites impersonating genuine e-commerce platforms. When you generate a virtual …
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