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3 Things to do When You have a Low Credit Score

What to do if your credit score gets reduced considerably? A low credit score can result in rejection of loan applications and can increase your interest costs. But wait; there is no reason to panic or stress. Your credit score can be fixed and that too, without any cost. All you need is to follow a disciplined approach of constant improvements and assessment. Therefore, we have come up with some of the absolute ways of preventing your credit score from reducing it further and improving it with time: Avoid taking any kind of Loans Your net worth lies in the assets you have minus your liabilities. Reduction in credit score is usually comes with a reduction in your net worth. Therefore, do not reduce it further by taking any kind of loan. Keep a fixed target as far as your credit score is concerned and then eventually apply for an instant loan or a personal loan when your credit score hits 720. So if you are looking to get instant short-term personal loans, make sure that your credit score is high. Minimize Credit Card Expenses The utilization of credit card is a significant part of your credit score. With an increase in your utilization percentage, your credit score decreases. This is because financial institutions assess you as credit hungry and they usually avoid giving more loans or credit cards to you. Hence, it is advisable to move your credit card expenses to your debit card until and unless your credit score improves.

Ways To Save Money For Home Loans And Purchase A Place

When you are trying to get a home, planning is the most important thing to consider. Just like researching a lot before finally jumping for credit card offers, it is mandatory for you to look through all the available homes loans from banks before you can finally get one. Home loans are solely dedicated to anything to do with the home. Whether you are planning to buy one or just want to get your old home renovated for a new look, you need home loans. Now, there are some ways for you to save money to repay home loans when the time comes or to purchase a place. These steps are easy for you to choose and follow. Proper budget it always in: When you are trying to buy a home using the loan, budgeting is the most important point to follow. This method will help you to analyse the present income-expenditure patterns and can focus on your true financial position. It further helps you to eliminate and identify some of the discretionary expenses, as well. House ownership mainly involves various types of costs. Some of the basic examples are property taxes, loan repayments, down payments, interior designing, maintenance, insurance and stamp duty, to name a few. For any of these services or all, you need a strong budget. Sometimes you can ask banks or private lenders to help you out, or you might want to get your hands on the savings accounts. If you fail to fix your overspending mentality before trying to buy a place, then you won’t be able to protect yourself from any cash flow issues later one. Tracking your pattern: It is rather important for you to track expense and income patterns, which are ready to offer a realistic picture of what you can afford to repay on a monthly basis. It solely depends on the other living expenses you have. After you have understood complete of what you need to borrow, you can always start looking for your dream place.

3 Things You Should Avoid Doing with a Personal Loan

Those who say that money does not buy happiness do not mean that money is not important. Undoubtedly, you need to be a bit crazy while chasing money in your life, but you should always attempt to maintain a healthy financial life. Today short term small personal loans are the new rage as you can easily get a short-term loan; thanks to online lending platforms. However, you should be watchful of some things that you usually overshadow when applying for short term small personal loans. Although this might be to meet some of the immediate requirements, there are certain instances where a short term small personal loan should not be used. So let us have a look at few of the circumstances where you should not think of using a personal loan: Taking Loans without comparing A golden rule when availing a personal loan is to look for all the loan offers, not just settling with the first offer. With numerous personal loan options available, it is very important for you to compare several loan offers before finalizing a lender. Doing so will help you know more about the interest rates and provides you the leverage of negotiating for your best personal loan option. Do not apply at multiple institutions simultaneously Applying for a personal loan means that you are in need of money. But you must not let lenders know about how much you are in need of a personal loan. And one of the ways lenders come to know this is if you apply at multiple institutions for your personal loan. And if they come to know it, your loan application is more likely to get rejected.

Listen Up People with Bad Credit. Here’s how you can get a Loan!

So what do you do if you do not have a good credit score and need urgent cash? What is the best deal you can get? Low credit score is a nightmare for the individuals applying for any type of loan as their chances for rejection is always high. The principal reason for your application to get turned down is that a person with a bad credit score is more likely to default the payment in the future. But with the rise of Fintech market in India, you can avail instant loans for bad credit also. Yes, it is true because even if you have a bad credit, there are ways to get a loan. Though you might not be able to get the ideal loan by yourself, you might be able to get the loan with a co-signer with a healthy credit score. Moreover, you can also work to enhance your credit score so that your chances of getting a loan increase in the future. Some of the tips to avail instant loans for bad credit include: Analyze your Credit Reports Check your credit reports to find out what you owe currently. Make sure that there are no incorrect derogatory marks on your credit reports before applying for a loan. If at all there are false negative marks, contact that particular credit reporting company generating the report along with the information provider to get the errors removed. Do not get discouraged with your bad credit score, rather a little bit of work might help put your score in god shape. Enhance your Credit Health

Are You Ready To Invest In Unit-Linked Insurance Plan

Unit-Linked Insurance Plan, also known as ULIP, is primarily a hybrid product. It helps in providing investment and insurance to noteworthy investors. It is somewhat different from life insurance policy but has its variations in features and benefits to concentrate on. This policyholder helps in providing financial protection with quality insurance coverage. It is further a part of the premium paid, which is then channelled into market linked form of assets. He helps in saving long-term goals in the best manner possible. Such long-term goals can be any of your needs, right from buying a house to funding education for your little ones, and more. If ULIP is best for you or not: ULIP always sounds like a great deal, but you need to be aware of some things before deciding whether it is the best option for you or not. Going for the combo approach: Other than investing in ULIP, you can sometimes try to invest money in mutual funds and get a suitable life cover though term insurance plan. Thanks to this combo-approach, you are likely to enjoy better control cover costs and flexibility. But, this approach has its sets of cons as well. For the primary stage, it can be easily stated that not all are able to select the mutual fund schemes. They further forget to evaluate different other aspects like risk-adjusted returns and more. Moreover, on MF deals, you don’t have to invest on a regular basis. This can hamper long goals as investors like to exit or divert funds for any immediate requirements.

Considering Other Investment Options If PPF Rates Fall

It is a known fact that no other debt instruments can be considered as secure and attractive as the public provident fund. But what will happen if PPF falls? You need to check out on the other options to consider during such instances. Recent studies have indicated that PPF is one of the most noteworthy investment instruments in this current Indian market. The interest rates of this investment term have fallen at a consistent rate over a couple of years. It was static to 8.7% from 2013-2016 but then dived right into 8.1% during this period of 2016-17. Now, this has given rise to a dilemma on whether people should invest money in PPF or not. Alternative options to consider: No one wants to concentrate on other investment plans other than PPF as it helps in covering healthcare and other sorts of insurances well. But, if the market is not going according to the plan, then looking for some other alternative plans is what you might have to concentrate on. So, it is always a clever deal to think far ahead in future and check out on the alternative options, if needed. Fixed deposit: You can try concentrating on FD, which is a tax saving alternative to PPF. If you are up for secured investment plan, this one is meant for you. Right now, the bank’s FD is offering an interest rate of around 7% with a lock-in period of 5 years. The interest income from FD is taxable, and if you can return the percentage as mentioned, you might end up with the effective return of just 4.23% per annum. Debt mutual funds: