mymoneykarma - credit score - monitor your credit report

What is a Piggy Bank? A piggy bank is not just a storage box for thousands of rupees. It symbolizes the essential habit of saving money. Putting a coin or two in a piggy bank has been fun for most of us in the olden days. However, nowadays parents are taking piggy banks more seriously because they have realized the utility and importance of piggy banks to teach children how to save money. One of the most effective ways of parenting is teaching your child the value of money. Saving money is an essential skill you need to have in your life. Buying a piggy bank for your kids at an early age and encouraging them to fill it up with money can inculcate great saving habit in your children. Ask your children to drop the coins or currency notes received as blessings from their aunt, uncle, grandparents, etc. into their piggy banks. Even if they are young, start budgeting for your kids. The best thing they can throw into a piggy bank is leftovers. How Do You Encourage Your Children to Save Mone...

How to Understand Your Credit Report: Learn About the Sections That Your Credit Report Contains Generally, your credit report is divided into these four major sections: Information on Credit Accounts: If you have been using credit for a long time, this section will cover a significant portion of your credit report - reflecting your credit history. It will include all the information from your past accounts, such as the creditor's name, payment history, the date of opened and closed accounts, etc. Personal Details: This section includes information such as name, current address, date of birth, etc. Other information such as employment history and previous addresses can also be present in the report. Hard Inquiries: When you apply for a new line of credit, the lender pulls your credit score, and that initiates a hard inquiry. This inquiry is shown on your credit report, and it remains for seven years. Here, you need to make sure that you don’t apply for new credit within a short ...

There are several ways in which you can apply for a personal loan. Some financial institutions require you to log in at their website and then apply for a loan directly from a bank or NBFC. Alternatively, you can also go to the bank branch in person to apply for a loan . How can mymoneykarma help you in getting a personal loan online? When you want a loan of any kind, you have to approach the bank or other lenders directly. That can be quite a hassle. We understand that, and that’s why we do the heavy-lifting for you. Let’s say that you want a personal loan for Rs. 1,00,000. You approach us and tell us about your requirements. mymoneykarma is partnered with various notable banks around the country like Axis Bank, SBI, and HDFC Bank, to name a few. Hence, you can compare the various loan products from all these banks and pick the one that suits you. Based on your wish, we approach our partner to give you the loan. 3 steps to a personal loan online: Visit mymoneykarma website or cli...

Benefits of Online Banking Convenience: Given a choice, who doesn’t like to save time and money?  Internet banking facility is that choice which banks provide to their customers so that the customers can enjoy banking services at their convenient time, from a convenient location. If you have an urgent requirement of transferring money to your close relative at 2am in the night, will you be able to walk into a bank then? Sadly, no. Instead, if you use online banking, you can send money instantly through the IMPS facility. You can also enjoy services like NEFT and RTGS for money transfer if the urgency isn’t immediate. Monthly Statement Tracking: Earlier, when online banking wasn’t prevalent, people used to track their account activity through passbooks; and updating a passbook involved a visit to the bank. This activity is still predominant in most of the tier III cities where people are not aware of the perks of internet banking, or they just find it risky and insecure. However,...

Check your credit report When you apply for a home loan , a lot of processes go on unbeknownst to you. For instance, just after you make the application, the bank or the lender checks out several essential criteria. These are:     A steady income     How much downpayment you can make     Your credit history But why should you check your credit report? Because, my friend, it helps you to find out anything that is suppressing your credit score. This can be anything from an unpaid EMI to a loan default. Don’t worry though! Your checking of your credit report is not going to affect it adversely. This is something called a Soft Inquiry that has no effect on your credit score. Now, back to the point: you know by now how important it is to check your credit score before applying for a home loan. But where can you check it? You can do so from the three credit bureaus namely Experian, TransUnion and Equifax. You can get a free copy of your c...

So who developed this bothersome thing called credit score? You can credit (or blame, as per your situation), Fair Isaac Corporation from the USA. It’ll be interesting to know this company is known as FICO, which is synonymous with the credit score in the USA by the same name. Probably the easiest way to increase your score Everyone is looking to increase their credit score as fast as possible. Well, while there’s no magic trick to do it, and nor is there anything to guarantee it, there is a simple and proven way to increase your score in a short time. One of the simplest ways to do so is by maintaining a history of paying all your bills and loans on time. At the same time, one should keep their debt low. Why is credit score so important? Sorry, but there’s no other way to put this difficult truth: You may or may not get new loans and credit cards. It all depends on your credit score. If you have a low score like 640, you’ll be considered a subprime borrower...