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Financial food for thought
A home is one of the costliest assets that an individual owns during his/ her lifetime. Given the rate at which real estate prices have increased in the recent past, it is no more possible for commoners to purchase a home out of their own funds. Hence the need for a home loan.
Good credit can make many of your life's financial situations easier and pocket-friendly. For example, with good credit, you can get approved for a mortgage or auto loan, and possibly qualify for the best available interest rates and terms. A good credit score can also affect how much you pay for insurance, and whether a utility company asks for little or no deposit before starting a service for you.
Credit is essential to aid many activities in life, as savings might not be enough to meet each and every need. Through credit, you can not only buy bigger assets like a home or vehicle but easily pay in installments without hurting your day to day finances.
The knowledge of credit score is quite common nowadays. There is a lot of awareness and interest among the individuals to know and build their credit scores. Everyone looks to have the perfect credit score that can make credit easily available as and when required. Having easy access to credit can help you own assets like house, vehicles, fund your entrepreneurial ambitions or sail through periods of emergency.
We study history to understand and learn from our past so that we can improve our future. Similarly, credit history has a bearing on our present and future. All our actions in the past concerning our credit behavior are recorded and presented as a three-digit number ranging between 300-900. This is the credit score. We are aware that higher the number, better the credit score is.
There is no short-cut to gaining a good health. It requires time and meticulous effort to achieve it. The similar strategy applies when it comes to your credit health.
5 Commandments for Reaching Financial FreedomFinancial freedom is a phrase that attracts different connotations. To some financial freedom means getting out of debt, while to others it would mean saving enough money for the future. No matter who you are or what financial freedom means to you, it needs a lot of focus and intent from you. This article is for people who want to stay out of debt or who want to start saving for their future.Commandment 1: Plan
How to Get a Mortgage with Bad CreditA mortgage loan is given against the mortgage of a residential or commercial property. If you own land or property, then you could mortgage it with the lender to raise funds. The property's market value is assessed and the loan is given as a certain percentage of the property's current market value. This could range anywhere from 40% to 60% the current market value.This product is a secured loan since the loan is secured against your p
Are you nervous about being a first-time home buyer? Moreover, are you planning to apply for a home loan but are worried about your credit record? A home loan is a significant financial commitment on the part of the customer and a significant long -term investment by the lender. Having bad credit is a big barrier in the way of being approved for a loan and it is wise to take steps to improve your credit record right away.
Is it possible for a first-time buyer to get a loan wit
The beginning of the year always seems a good time to start good new habits afresh. We usually focus our new intentions on our physical and mental health – but what about our financial health? You don’t have to wait for the next January 1st to make a resolution to pay attention to your financial health and create financial goals for yourself. It is never too late to take stock of your personal finances, take steps to improve your financial health, and remove the stress
You do not have to wait for January 1st to make resolutions to improve your finances! Any time of the year is a good time to start taking concrete steps to organize your personal finances. The state of our finances is one of the biggest contributors to stress, and you can start to remove some of that constant anxiety by following the practical tips below.
Simple ways to improve your finances
1. Write down your financial problems and goals. Writing them
Your first step should be to study your credit report and identify the reasons for your low score. This could include administrative errors, late or missed payments or a high credit utilisation rate.
Lenders will see your low score as a reflection of faulty credit behaviour and might be unwilling to offer you a high credit limit.
It is ideal to have a score of 750 or above to qualify for loans or credit cards. If your score is less than 750, it is advisable to increase your score before applying for a credit card/loan.
Improving your score by just 50 points higher will make your loan/credit card application process much faster and easier.
Credit score has taken a non-negotiable position in the world of credit. There can't be much possibility of availing credit on competitive interest rates and favorable terms with bad credit scores. In India, the 4 credit bureaus that issue credit reports are CIBIL™, Equifax, Experian, and CRIF High Mark.
What steps should I take to improve my credit score?
How can I achieve and maintain a good score?
What is the process to check credit history?
As you probably already know, there is no quick-fix solution for increasing your credit score overnight. Just like treating a sugar problem takes months of medication, a strict diet and exercise plan, improving your score takes the same amount of discipline and consistency.
Planning to apply for a home loan? Check your credit report first.
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