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Is your Credit Score >750?
If you feel that your current credit card is not offering you many benefits or advantages, you can look at other credit cards in the market. You should ensure that your current credit score is good and you are able to make timely bill payments before applying for a second credit card.
Make sure that you don’t cause more distress to your monthly budget and affect your credit score.
Ask yourself these questions before you apply for your second credit card;
1. Do I really need a second credit card?
A credit card is an attractive debt option. It comes to you easily and gives you access to instant credit. But if you are careless with it, it will lead you into a very bad debt trap. Interest rates on credit cards are up to 40% per annum. So give a deep thought if you really need a second credit card at this point in time.
2. Are you managing your first credit card well?
Are you able to pay your credit card bills on time or do you often make late payments? Are you overusing your credit card and struggling to make ends meet every month? Then you better refrain from applying for a second credit card. As mentioned earlier, the interest rate on credit cards is very high and missing payments is going to result in very high loan outstanding which will keep mounting.
3. Are you planning to take any huge loan in the near future?
If you have plans to buy a new car or purchase a home and want to apply for a loan with the bank, it is better to postpone your plans for the second credit card. Too many loan applications at the same time will result in hard enquiries on your credit report which is bound to reduce your credit score a bit. So it is better to concentrate on the car loan or home loan for the moment and put your second credit card loan on the backburner.
Conclusion: Obtaining a second credit card will help you improve your credit rating while also providing you with additional benefits such as a higher spending limit or rewards. But, before you apply for that second card, consider why you want a second card and if you can manage it without a hitch. Then, do thorough research to find the card that best suits your needs and your lifestyle.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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