Due to a poor credit score or no credit history, it can become difficult to avail credit cards or loans. The only option is to build your credit rating and increase your creditworthiness.
To do so, you can to avail a credit card against FD or secured credit card and improve your credit score. Secured credit cards are issued on by pledging an FD. Thus, to approve these credit cards, issuing authorities don’t require a high credit rating, good credit history or even proof of income. On default, the financial organisation can use your asset to recover the loss due to your outstanding. Hence, these cards are easily available as they cut down the credit risk of the lenders. Secured credit cards have the following pros and cons – Pros of secured credit cards
If you need to build or improve your credit score, a credit card against FD is an easy way to do so. With a good score, you can apply for lucrative credit cards like the Bajaj Finserv RBL Bank SuperCard.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |