The Modi Effect & The Fastest Ways To Get A Credit Card⚡💳💰
Hey-lo money maestros!
How are you? I hope you had a chance to do a nice thing for yourself this weekend. If you didn’t, even if the thing that makes you happy is as simple as indulging in your favourite food while watching your favourite show, DO IT! Now that we’ve made plans to make you happy, let’s also try to make your CIBIL score happy!
What I was up to: Life’s gonna be crazy until Niyati comes back in full force but for now, I have her company on Thursdays and I’m so glad! That aside, over the last weekend, I was catching up with my cousin who just graduated from college and landed her first job. We were reminiscing about the good old days when I was clueless about adulting and navigating the financial world. As our conversation turned towards financial milestones, she told me about wanting to get a credit card, and how she has been facing rejections.
Spoiler alert: 3 ways to get a credit card ahead!
Market ka haal: While the market was pretty neutral last week, the market reached an all-time high a couple of days ago. There was a considerable amount of selling leading to the market ending on a negative note on Friday, However, there's nothing much for us to worry about since Sensex is above 62K levels and the future kinda looks bright and shiny to me. There is some volatility in the market due to geopolitical nuances but PM Modi's visit to the states can potentially deliver a strong message about India's readiness to cascade into the coming dedace as a resourceful powerhouse and this should nudge the market in the right direction.
The best part about the last few weeks is that with the numerous rate hikes the RBI did over the past six months, inflation is now well under control and this time around the repo rate wasn't increased much to our favor and prices won't mostly be increasing as much in the future, not at a scary pace, at least!
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Humara Gyaan: I know many of you and/or the people you know are slowly getting acclimatized to the idea of building your credit score with a credit card and I am super proud. However, many of you might be facing rejections left, right, and centre so here's what can help:
1. Applying for a credit card at the bank with your salary account 🏦
The bank where you have your salary account usually has a working relationship with your employer and will be open to offering you the lowest or mid-level credit card.
Now what to do if this gets rejected, you ask? Here's an even better option:
2. Getting a secured credit card 🔐💳
Open a Fixed Deposit with your bank and apply for a secured credit card. When you do this, a percentage of the FD gets fixed as your credit limit and you can begin building your credit score real soon!
3. Buying electronics 📱💻
This is certainly not the best option, but if your credit card gets rejected and you do not have enough cash to open a Fixed Deposit, you could go shop for some consumer electronics in instalments and pay it on time to give the bank an indication that you are a good candidate for a credit card.
As daunting as credit card rejections are, building a solid credit history is absolutely worth the trouble. So, go ahead and take that step towards establishing your creditworthiness and enjoy the perks that come along, but make sure to stay disciplined with your spending and payments. As always, I am here to guide you on your journey to financial well-being, any time, I am literally just a DM away!
Cheers to unbeatable credit scores ;)
Sayali ♥
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