Credit Score

Creditworthiness is how “worthy” one is of using credit. If a lender believes that the borrower will respect all debt obligations promptly, the borrower is considered being creditworthy. For a borrower to evaluate his/her creditworthiness, it could be challenging and may result in a conflict of interest with the lender.

A credit card/loan balance transfer can be either positive or negative, depending on how you utilize it. While it can improve your credit score through debt consolidation and better credit utilization, it can lower your credit score due to shorter credit history and adding a hard inquiry to your credit report. However, it helps you to pay off your debts quicker at lower interest rates.

In today’s internet age, data breaches have become more prevalent. Whether it is Facebook or Target, many giant organisations have fallen victim to periodic hacking that has resulted in data leaks, especially the private information of individuals.

A credit score is a numbered rating that credit rating agencies offer you, based on the knowledge they hold on your credit report. Knowing the way to build your credit score is vital if you would like to enhance your possibilities of getting approved for credit.

A secured credit card is secured by collateral that the customer places with the bank against approval for the card. People who do not have a good credit score or those who have never applied for credit earlier can use a secured credit card.

Debt consolidation can help in lowering monthly payments and improve credit score. However, the key to successful debt consolidation is to stick to a plan while paying down your debt.

Have you ever wondered about the science behind your credit card limit? Why do people of the same age and same income get different credit limits? Have you ever wondered why your friend was able to get a high credit limit while you were approved only for a smaller limit on the same card? In this article, we walk you through the basics of credit limits and shed light on how credit card companies determine the credit limit. Let’s get started.

Business loans are essential for any business operations especially if it is ready to expand or has many market opportunities available to explore. While availing a business loan may sometimes be tricky, especially if it’s a new business, there are many ways in which it can be easily sought.

Remember the first time you got a credit card? It would possibly have been one of the most financially liberating experiences for sure! The small pleasure of purchasing things you always wanted or buying subscriptions which otherwise seemed overpriced.

The Covid-19 pandemic saw various relief measures being approved by the RBI to ease the financial burdens of individual borrowers. These measures were then implemented by banks and other financial institutions to reach each and every eligible borrower.

Imagine logging into your credit card account portal and seeing a negative balance! It may alarm you and you may have questions such as how did this happen? Why do I have a negative balance in my credit card account?

A healthy credit report and score increases your probabilities of securing a loan/credit card at the best possible interest rates. According to credit data analysis of top credit bureaus, 70% of loans and credit cards were approved for people who had a credit score of 750 and higher.

Loan settlement is often mistaken as loan closure. But they are not the same. Loan closure is when you pay off all your EMIs on time and complete repayments as scheduled. In this case, the lender closes your loan account on payment of the final EMI and issues a NOC (No Objection Certificate).

Finding an account classified as collection on your credit report can feel intimidating. Having a collection account not only impacts your credit score but leaves behind a negative mark on your credit report

How Long Does It Take for a Repossession to Come off Your Credit?

Though loan restructuring and refinancing may sound similar, they are two different processes that are often mistaken as the same. In this article, we explain the similarities and differences between these two processes, so you can take the right decision for your loans.

Modern times require modern solutions. Likewise credit card companies are finding innovative ways to get customers to repay their outstanding credit card bills. As a result of the financial stress caused by the Covid-19 pandemic and the subsequent lockdowns, customers held off paying their outstanding credit card bills.

A credit score is a 3-digit number ranging between 300 and 900 that is calculated and provided by credit rating agencies like Equifax, CIBIL™, Experian and CRIF™.

As the Covid-19 pandemic continues across the country, at CreditMantri, we're doing our best to help our customers and readers during this unprecedented crisis. We have compiled several articles to help our customers keep their credit on solid footing during this ongoing global pandemic.

Personal loan lenders gauge an individual’s ability of loan repayment by verifying his or her credit score. Credit score acts as a summary for one’s credit history, total credit borrowed, how the repayment was made, and several other factors.

Rahul is an IT employee with a promising career. He is credit-savvy, uses his credit card regularly, and has paid off a two-wheeler loan and a consumer durable loan. He even takes personal loans to purchase the latest smartphone or go on an expensive holiday with his friends.