Archive | Credit Card

What is a Good Credit Utilization Ratio?

What is a Good Credit Utilization Ratio? – For those who didnt read my previous article on what credit utilization is,ill sum it up in a single para here.Credit Utilization¬†is a ratio between the balance amount you have spent on your card and the total credit limit you re allowed to spend.This total credit limit […]

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How Late Can I Make My Credit Card Payment?

How Late Can I Make My Credit Card Payment?- It happens to the best of us,and often unintentional,but we all have had late payments done on our credit cards.How late can you actually pay that minimum due on the card,and are there any other consequences to it,other than the statutory¬†fees and penalties? Most often than […]

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Why you should not close credit cards

Why you should not close credit cards – Most of us are faced with the daunting decision of closing our credit card at some time in our lives.It is a choice we cannot make easily without seeing the pros and cons of it.We have to check if it will it affect our credit score inversely […]

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How Closing Credit Cards Affect Your Credit Score

How Closing Credit Cards Affect Your Credit Score – I heard this millions of times when i worked for credit card collections – the card user would tell me that “they would take a scissor and cut that card up”. As a collection agent,my job was to call up customers who defaulted on thier payments […]

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What is the Credit Limit on a Credit Card?

What is the Credit Limit on a Credit Card?- Its the maximum capped amount that you,as the card user are allowed to spend.If your credit limit is $1000,then you can swipe your card for purchases upto a maximum of $1000 at grocery stores,gas stations,restaurants etc.It is highly recommended that you do not use the entire […]

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What It Means to Max Out Your Credit Card

What It Means to Max Out Your Credit Card – In technical terms a maxed out credit card is one that has a credit utilization of 100%.In simple layman’s terms,this happens when you have spent the entire credit available to you and have reached the credit limit on the card.You have a full balance and […]

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Understanding Credit Utilization

Understanding Credit Utilization – Ever wondered why your FICO score is not as much as you thought it would be?A greater credit score would allow you to take bigger loans in future for a house or for refinance if you ever decided to.In order to do this,you need to have an impressive credit report. I […]

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retail credit card drawbacks

Drawbacks of Retail Store Credit Cards

Drawbacks of Retail Store Credit Cards – Retail store cards are easy to get and sometimes have some benefits like discounts on store purchases and easy issuance of credit, that might lure you to apply for one,but before you do that, think about the drawbacks of the card as well.There are a few disadvantages of […]

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How to Qualify for a Credit Card

How to Qualify for a Credit Card – Getting your first credit card is a tricky thing.It wont be hunky dory,but there will be verification,documentation and most important pre checks on your financial position before the card issuer can decide if you qualify for the card or not.Just like taking a loan,the card issuer needs […]

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What is a Credit Card Issuer?

What is a Credit Card Issuer? – Simply put,a credit cad issuer is a financial institution that gives the consumer a certain amount of credit that can be validated with an electronic card.The credit amount along with sensitive card holders information is digitally stored and each time a purchase transaction is initiated by the card […]

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