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Credit Card : Use Wisely

Yeah! It is a powerful plastic card with you as you go for shopping at your favorites stores in town would be one of the most convenient ways for you to buy stuff, you should also remember that convenience may not always be the issue. 

In fact, it is very easy to get into credit card debt, but consolidating a huge balance is not a child's play. Many people have no idea how to approach credit card consolidation and what options there are available for them. I know that finance may not be your strong point. But if you have got yourself a credit card or planning to apply for one then it is important to understand few things about it.

Your past will surely come to bite you when int comes to the credit card records. It is important that you have a clean chit when it comes to past financial transactions. Pay your bills or EMI on time. If you own a credit card do not delay in the payment as much as possible.

It's wise to check your credit profile each year to make sure there are no errors in your file that could compromise your creditworthiness.

Your credit score may influence the interest rate that you pay and help determine whether the lenders consider you a good candidate for a loan. Obtaining your credit score may cost a small fee, but it may be worthwhile if you are considering financing a major purchase such as home or car.

Age plays a major role in your available loan tenure especially if you are closer to your retirement which is typically assumed to be 60 to 65 years. You can apply with your son or daughter as a co-applicant which will help you increase your loan eligibility and tenure.

Banks plays an important role for your employment and job stability. constant job shifts may affect worthiness. if one company declines you a credit card then you can approach another one since different companies take different factors into account when deciding whether to grant credit or not. If you are turned down by the credit bureau of information, contact the bureau for advice in terms of what action needs to be initiated.

Under the National Credit Act, credit card companies, will look for your disposable income instead of your disposable income instead of your earnings to decide about your eligibility. Disposable income is the amount of money left after all your expenses have been paid.

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