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Free Credit Scores In India


wealthymattersBefore a bank/other financial institute extends a loan to a potential borrower, it needs to take a decision on whether the person would be able to repay the interest and principal or default and how much  risk is involved in lending money to this person. Banks and other financial institutions rely on many factors to take this decision on credit-worthiness – including the person’s income and household income , the person’s other loans and EMIs, the person’s previous repayment history and defaults if any, etc.

In the past, the banks had to collect all this information from a potential borrower before analyzing it. But now, they make use of   credit reports and credit scores. A few years ago, the only credit reports and credit scores available were from CIBIL. At the time, I wrote about interpreting the CIBIL CIR and improving the Credit Score and How a Good Credit Score improves one’s chances of securing a loan on better terms. Link. Link.Link. Read more of this post

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AmEx, AmEx, AmEx All The Way


wealthymatters.comThere are credit cards and credit cards. If you have an income, sooner or later some or other company will offer you one. And if you are a good credit risk, sooner or later, you will be offered upgrades to cards with higher credit limits and privileges. But when it comes to luxury, I have found none better than the privileges offered by the AmEx cards. For example, these credit cards don’t just offer you discounts on eating out at the food court in malls but privileges at the Taj, Oberoi, Trident and Preferred Group of Hotels, complementary access to leading golf courses round the world, free access to VIP lounges at airports,24hr concierge services and special health and wellness benefits on Max Healthcare, Fortis Healthcare and Texas Medical Concierge etc. So if you are looking for a card to get deals on world-class lifestyle services, AmEx is the way to go. Read more of this post

Mistakes To Avoid When Looking For Home Loan


Home Loan ChecklistBuying a home is one of the biggest decisions we can make in life. It is our single largest commitment in our lifetime. However, for people who are not financially ready, the process of obtaining the right type of home loan from banks is always a challenging task. If you can’t get proper financing, you may end up paying thousands in interest payment alone to the banks. If you will not take time to avoid these mortgage mistakes or if you have not been educated on what you should be doing to take control of your destiny as far as getting a home loan is concerned, you will end up losing your hard-earned money in the process.

If you are planning to invest, structuring a mortgage financing correctly is an even more difficult task because this may mean the difference between profit and loss. Below are the most common home loan mistakes that you need to avoid. Also check this checklist for home buyers by the Department of building and housing NZ. Read more of this post

Decoding your CIBIL CIR


wealthymatters.comIf you have just bought your CIBIL credit report and need some help understanding it or if you are considering forking out for one and want to know what you will get,the following write up is for you:

Here is the information found on a CIBIL CIR:

Payment history

Days Past Due (DPD) appears in the account(s) section of your CIR. It appears with one other piece of information — the month and year of payment. DPD indicates by how many days a payment on that account is late that month. Anything other than ‘000’ is considered negative by a lender. Up to 36 months of this payment history (with the most recent month displayed first) are provided in this section. Read more of this post

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