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Credit Card : Review

Discussion in 'Hangout' started by Ravi, Jan 29, 2013.

  1. ansal11

    ansal11 Esperto

    Messages:
    1,373
    Noida
    Being a Banker, I can defo comment on this.

    Having a number of credit cards does not affect your Credit Score. But it does affect the "availability " of fresh credit if you need one. So its kinda long term affect, rather than short term.
    3 people like this.
  2. amogh

    amogh Staff Member Janitor

    Messages:
    1,377
    Pune
    Grande Punto 1.3
    Thanks man ! My relationship bankers from ICICI & Axis tell me that the bank checks "credit utilised" on existing credit cards when I apply for a loan.

    Eg: I have 5 credit cards with a combined credit limit of 10 lakhs.

    - If I have utilised 5 lakhs out of those 10 lakhs it will go against me and my application might get rejected
    - If I have utilised 50k out of those 10 lakhs, it won't affect my application
  3. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,244
    Chennai
    Linea 1.3
    Credit is also given based on repaying capability of a person. The thumb rule is that his/her total monthly EMI payment should not exceed more than 50% of this gross monthly income. If one have more loans and pay more EMIs, he/she is less likely to get credit.
  4. Ganges

    Ganges Esperto

    Messages:
    3,123
    Driver Seat _/
    :
    Grande Punto 1.3
    Need help to select dial a EMI option for HDFC bank ?
    I have policy of 50000,the bank people have coverted it into 6 months of EMI(upon my request) at free of cost,though i was buying this new policy :) i thought this wil be for every year,recently came to know that it was free for only first year.Now i want to again avail this EMI option.From the website (dial an EMI) found for 6moths @ 16.2% pa interest rate.

    Is it worth 'dial an EMI' option ? and at the end of the tenure ,upon 50K how extra amount i will be paying with this interest rate ?
  5. punto_emotion

    punto_emotion Esperto

    Messages:
    1,245
    Bangalore
    Grande Punto 1.3
    For 6 months duration and for a loan amount of 50k @16.2% pa compound interest, you would be repaying appx 54,000 at the end of 6 months. So @4,000 would be towards the interest. Check for any processing fees as well and is the interest applicable on reducing balance. If it's on reducing balance, then interest pay out would be lesser.

    Sent from my Nexus 7 using Tapatalk
    Last edited: Jun 2, 2014
    1 person likes this.
  6. Ganges

    Ganges Esperto

    Messages:
    3,123
    Driver Seat _/
    :
    Grande Punto 1.3
    Thanks punto_emotion,if it is reducing then interest might end up with 1000 rupees less. :)

    i think its better i spread my hands towards my beloved friends :D
  7. punto_emotion

    punto_emotion Esperto

    Messages:
    1,245
    Bangalore
    Grande Punto 1.3
    ^^ You are welcome ! Yes, if its on reducing balance, total interest component might be @2.5-3k. As said earlier, do check for any additional charges like processing fee.

    Sent from my Nexus 7 using Tapatalk

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