Finance Care in India - Credit Card, Credit Score, Fixed Deposits

A credit score is a three-digit number that portrays your creditworthiness to the lender. Before sanctioning you a loan, your lender looks at your credit score to evaluate how creditworthy you are and whether you will be able to pay the loan or not. It ranges from 300-900. The better the score, the more are your chances of loan approval. But are you aware if you have a low credit score , it can affect your relationships as well apart from the rejection towards loans and credit cards? 1) The rate of interest on your loan is decided based on your credit score itself. You will be offered a low rate if you have a good score and a higher one if you have a poor rating. 2) It might also influence your relationship as well if one partner is managing the total expenses, and the other is not. 3) You might not get a loan or even a credit card if you have a low or poor credit score, an especially personal loan which requires a good score above 7

A fixed deposit is one of the most loved avenues of investment among investors. They are considered better as they offer safe and guaranteed returns as compared to savings or current account. By opening an FD account, you can earn higher returns on your investment. There are two types of fixed deposit accounts: Bank FD and Company FD. Investing in company fixed deposits is better than bank deposits because they offer many benefits as compared to bank fixed deposits like: 1) You get a higher rate f interest on your investment nearly 9.00% per annum 2) They have good credit ratings assigned by top-notch credit rating agencies like ICRA, CARE or CRISIL 3) Make sure that you check the company before starting investment in FD accounts 4) In company fixed deposits, you also get several interest pay-out options like monthly, quarterly, half-yearly as per your requirement 5) Make sure that you do not withdraw before your fixed deposit matures otherwise you would have to pay

Credit cards are a quite convenient option as compared to debit cards. This is because they enable you to transact easily without the need of carrying cash in your pocket which you could not enjoy using your debit card in which you need to maintain specific savings in your account to make the transactions. Not only this, but best credit cards also come with great benefits like attractive discounts, cash back offers and fuel benefits, etc. But most of the people have lots of misconceptions about credit cards regarding their eligibility, process, approval, etc. Let’s have a look at some of the common myths: 1) Credit card application is a complicated process It is not correct as nowadays most of the enders are accepting the application online, provided that you need to be eligible to get a credit card. 2) You need to be rich to get a credit card from your lender You don’t need to be rich or wealthy to own a credit card. If you have a good credit score, you may apply fo