How A Bad CIBIL Score Can Ruin Your Chance Of Getting Doctor Loan

You heard of an opportunity to take over a polyclinic facility nearby. Sadly, you have to give it a miss. You realise that you do not have enough resources and lenders are hesitant to offer loans since you have a poor credit score.

Your CIBIL score is what speaks of your creditworthiness in front of banks or other financial institutions when you apply for a loan. An individual with low or bad CIBIL score is usually denied loan sanctions. Having a bad CIBIL score can hinder your chances of availing a doctor loan.

Why Is CIBIL Score Important to a Doctor?

To expand their practice and business, you as a doctor might need financial help for it. A CIBIL score can help you get the finances you need. Having a good credit score can fast-peddle your loan application for further formalities. 



But, seeing a bad credit score, banks or other financial institutions are known to reject applications.

What Will Affect Your CIBIL Score?

● Payment dues

Lenders need to know that their money is returned to them in the time given. If you have a payment dues on your credit card, or have ongoing loans, it will tend on influencing your credit history. The CIBIL score helps lenders know how credible you are for a loan. A bad CIBIL score will lessen your chances of getting credit without any hassles.

Amount of utilization

Having many loans and credit cards reflect that you have pending dues to pay. The amounts of those also matter. It is commonly known that the amount of credit you use from what is available to you shows how you manage your funds. It is advisable that you use only 30% of the total credit available to you and pay the bill on time.

● Healthy mix of credits (secured and unsecured)

Availing too many unsecured loans reflect bad credit score. There should be a healthy balance between secured and unsecured loans in your name. This shows the lender that you have securities that you have given for a loan. It holds up your CIBIL score and assures the lenders about your credibility.

● Infrequently checked credit report

Going a long while without checking your credit scores can land you in trouble. It is possible that you may have missed some information. Checking your credit score regularly will ensure that you have no wrongly put information or any technical error. It helps in keeping your credit history clean.

● Too many debts

If you have too many debts, lenders will be hesitant about lending you money. More so, if the debts have bad repayment history. Keeping your records clean, paying your EMIs regularly and keeping a track of your credit are all ways of avoiding too many debts.

● Many recent accounts

Availing a loan when you have recently applied for credit cards or other loans reflect badly on you. It may also give the lender the impression that you are greedy. Your CIBIL score is, hence, affected and it lessens the chances of you getting a loan when you actually need one.

How To Improve Your CIBIL Score

• Pay your dues on time
• Fasten your debt repayments
• Don’t have too many unsecured loans
• Monitor your finances
• Keep your credit history clean

Conclusion

To get a doctor’s loan, your best bet is to always maintain a good CIBIL score. It is certainly a boon. Having a healthy score not only improves your chances of being approved for a loan easily but also helps you earn lower rates of interest. Bajaj Finserv offers a range of doctor loans at affordable rate of interest. You can use the credit given to you on a flexi-loan basis that saves you interest. The doctor’s loan from Bajaj Finserv comes to you in times of need.

How Your Used Assets Can Put Money in Your Wallet

Do you need to save money for something? Perhaps you want to go on a family vacation. Maybe you’re planning on moving into a larger home. Either way, you need to have the finances. 

Don’t assume that there’s nothing you can do to be more proactive about getting them, either. Your used assets may actually help you save, believe it or not. Your “trash” may just be another person’s treasure.

Organize a Garage Sale

Organizing a yard sale can be a wondrous way to quickly earn some extra cash. It can be a fantastic way to clean your home and free it of any pointless clutter as well. It can even be a fun event for the entire family. 

Garage sales enable people to speedily unload. Do you have old artwork that just doesn’t interest you anymore? Do you have clothing that’s too small for your children? Hold a garage sale on a pleasantly mild day. Be sure to advertise it in your community, too.

Sell Your Used Assets on the Internet

You don’t have to have a big yard to get rid of your used assets. That’s because you can sell your used assets on the Internet in this day and age. Internet auction websites can be excellent for people who are looking to sell or auction off their unwanted items. 




Internet classified listing websites can be just as effective and convenient. You can sell anything you want online nowadays. You can get rid of an old piano that’s taking up way too much space in your living room. You can get rid of a bicycle that you no longer ride as well.

Sell Your Old Car

Do you have an old vehicle that’s simply wasting valuable space in your garage? Why not sell it to earn some cash? There are many reputable companies that give people cash for their old cars. 

Selling your old, used car is a simple process for most people to take on. They often purchase vehicles regardless of factors such as condition, mileage, and features as well.

Head to a Pawn Shop

Do you have used jewelry that no longer captivates you the way it did in the past? You can probably sell it for cash at a nearby pawn shop. Look for reliable and credible pawn shops in your area. Pawn shops can make fine choices for people who want to rapidly get their hands on cash.

Something that’s useless to you may be gold to another person. If you need to save cash, take a look at all the things around you that you just don’t need or use.

5 Common Credit Score Myths to Consider

When it comes to credit scores and credit reports, the so-called “conventional wisdom” is full of common myths and flat-out inaccuracies. The fact is, some of the most common misconceptions can actually hurt your score. With that said, here are five common credit score myths to consider.

Myth: Improve Your Score by Closing Unused Credit Cards

Many consumers believe their credit scores will improve if they close unused credit cards. The truth is, closing an unused account could hurt your score. Credit scoring models place a big emphasis on your credit utilization ratio. 

This is the ratio between the amount of available credit to you and the total credit you actually use. If you have a low credit utilization ratio, you will have a higher score. 




If you close an unused credit card, that reduces a portion of your available credit, which can increase your credit utilization ratio and lower your credit score.

Myth: There’s Only One Universal Credit Score

The truth is, there is a wide array of credit scoring models that issue countless credit scores. However, the most recognized credit score is the one issued by FICO. For example, most mortgage lenders will use your FICO score to determine your creditworthiness. 

By contrast, if you are looking for a bad credit auto loan, a lender might use the VantageScore 3.0 credit scoring model. The point is, there is not one score that applies to every consumer.

Myth: Income Determines Credit Scores

Your income has nothing to do with your credit score. Most credit scoring models do not consider your income when issuing a credit score. What does impact your score is your payment history, credit utilization ratio, age of credit and credit inquiries. 

However, if you earn plenty of income, a credit score may not matter much in terms of your buying power.

Myth: The Federal Government Runs Credit Bureaus

Although there are laws that regulate how the three major reporting agencies, TransUnion, Experian and Equifax report credit, the federal government has nothing to do with the day-to-day operations of the reporting agencies. FICO is also an independent company that has no ties to the government.

Myth: The Credit Bureaus Report Good and Bad Credit

This myth really confuses many consumers. In truth, the credit bureaus make no determination that your credit is either good or bad. The bureaus merely compile credit information provided to them by lending institutions. From there, other lenders will use the information in your credit report to determine your level of creditworthiness.

There are many other common misconceptions in the world of credit reports, so it is vital that you do your homework before applying for your next loan or credit card. Arm yourself with the facts, and do not believe everything you hear or see about credit scores and credit reports.

Crowdfunder Success Stories of 2017

The Internet is a perfect vehicle for anything that requires connection with a large number of individuals, so crowdfunding has benefited the lives of many people in the recent years. Here are some successful examples of both business and humanitarian crowdfunding campaigns in 2017.

SONDORS Electric Bike

Raised over a million dollars from more than two thousand people. 

While electric cars are slower and more expensive than their petrol-consuming counterparts, electric bikes are gaining popularity among those riders who fancy their bikes more as a transportation device than as a piece of training equipment. 

Affordable and with a thin lightweight frame, it contains a 350W motor and it can achieve the speed of up to 32 km/h.

GoHenry Children’s Money Card

Children’s money card and app aimed to help parents financially educate their children from an early age. 

The campaign was planned to raise 2 million pounds but ended up raising twice as much. The application has a parent account and a child account. 

Parents can set up regular weekly payments into their kid’s account and monitor and influence their habits by introducing and removing spending limits, restricting where the money can be spent, offering tasks as a way to encourage the kid to work for some extra cash. 

The kids can set saving goals and the app provides graphical charts to tell them how well are they following their plan. Because it is also a regular VISA card, the kids can spend money online within the predetermined rules. If the rules are broken, the application provides an explanation what was done wrong.

Roccbox Portable Oven

Another great idea based on creating a light version of an otherwise expensive and complicated product. A portable oven which produces restaurant-quality pizza in 90 seconds. 

It can also be used to prepare meat, fish, vegetables, and many other types of food. This product was envisioned by Tom Gozney of Gozney Ovens, and funded by more than two thousand people, raising in excess of a million dollars. 

However, the success didn’t come overnight. Gozney and his team experimented with different versions of the oven since 2012 before launching the campaign last year. The oven can be fueled by gas or wood. 

Its main feature, besides being portable, is its interior made of special thermal elements which contain the heat within in a way similar to a traditional stone bake oven.

Elijah DeVaughn Enrolled into Harvard

Kids who grow up in neighborhoods like Compton, California have very little chance to enroll into prestigious universities. But Elijah DeVaughn didn’t give up his dreams and thanks to a humanitarian fundraising campaign . 

They collected $21,000 dollars and managed to get into the university which produced many Nobel Prize laureates, US presidents, and world’s foremost scientists. The crowdfunding is still underway, raising money for his books, clothes, and other ongoing schooling expenses.

Startup Stock Exchange

An innovative approach to both crowdfunding and investing in the share market. The funds are converted into stocks, providing the holder better liquidity than the usual equity crowdfunding ventures, since the stocks can be sold at any time. 

Companies like SSX are using this new investment product to find their place in the business dominated by major online trading platforms like TD Ameritrade, CMC Markets, and others.

PopSLATE 2 – Smart Second Screen for iPhone

Designed for iPhone 6 and 6+, popSLATE offers a unique full-screen e-ink display, e-reader, easy access wallet, reduced battery usage, touchscreen, dashboards, newsfeeds and many other features. 

The model is an improved version of the original popSLATE which was released in 2015. 

The second model had much more success than the first, mostly thanks to the crowdfunding campaign on Indiegogo, which raised more than a million dollars.

Repossession Company Worker Raises Funds to Return an Wlderly Couple’s Car

Jimmy Ford has been working as a repo man for twenty years. When he had to repossess a 1998 Buick from the Kipping family, a couple in their eighties, and heard their story, he felt he needed to do something about it. 

In the most unusual act of kindness, he started a crowdfunding campaign and managed to raise 28000 dollars for the return of their car. 716 people contributed, and it took five months to raise the whole sum.

Heirlooms and Income: How to Decide Whether to Sell an Antique

If you inherit antiques from a parent or grandparent, you may have no idea what to do with them. While some items may have sentimental value, others may seem like little more than junk that takes up space in the attic. Here are some strategies to deal with your newly obtained possessions.

Does the Item Have Sentimental Value?

If you received a lamp, stamp book or record player that brings back memories of your parent or grandparent, you should keep that item. These are the things that can bring you joy on a dull day or that can help you preserve your family history and pass it down to your own children and grandchildren. 

It may also be worthwhile to see if something has sentimental value to another family member who would like to have it.

Does an Object Have Financial Value?

In the event that no one wants an art collection or set of old Pepsi bottles, it couldn’t hurt to see how much it might be worth on the open market. 





Even if you only get a few hundred dollars, it is often better to sell to a collector who will appreciate them and help others learn about their history.

Would a Museum or Charity Accept Them?

A museum may be willing to take in an old gun, flag or anything else that may be interesting from a historic perspective. Charitable organizations could also take antiques from you and use them to raise money for their missions. 

In addition to knowing that you did something nice for someone, the donation could result in a tax write-off. In some cases, a museum will buy items, but you may not get full market value for them.

Old Coins Could Be Worth Keeping

Coins that are made today are made of different materials than those made before 1960. Therefore, they could be harder to replace after being sold or donated. Furthermore, silver coins have the potential to appreciate in value. 

If you are given an antique coin collection, the sentimental, historical and monetary value that they hold should be enough to convince you to take care of them.

Antique items are often stereotyped as boring and not worth keeping. However, in some cases, they could hold significant sentimental and monetary value. 

Ideally, you will hang onto anything that you or another family member have a strong connection to. Anything else that you receive can then be donated or sold to someone who will appreciate it.

Ways to Get the Most from A Bajaj Finserv Credit Card

Bajaj Finserv, the popular non-banking financial company (NBFC), offers a range of credit cards in association with RBL bank. These Bajaj Finserv RBL Bank Supercards are packed with different rewards and benefits.

These Bajaj Finserv credit cards are unique, and can be used to meet all your purchases. From withdrawing cash to converting your credit limit into a loan, these cards are a rewarding way to pay for yourself. The low annual and joining fees also make them pretty affordable.

How to use Bajaj Credit Cards in a better way?

Despite having credit cards, many people do not use them optimally. People either end up in debt or use their cards too less, which doesn’t provide them all available benefits. You can avoid both using your credit card to build credit, and to save and earn money.

You can make the most out of your Bajaj Finserv Credit Cards in some of the following ways:

1. Choose your Rewards Carefully 

All Bajaj Finserv Supercards come with great rewards. So, you need to choose the card offering rewards according to your taste. For example, if you are a frequent movie goer, the Bajaj Finserv RBL Bank Platinum Choice FYF Supercard would be great for you, as it offers special discounts on movie tickets. 



Similarly, if you like going on road trips, the Bajaj Finserv RBL Bank Supercard offers a waiver of Rs. 200 per month on fuel surcharge across petrol pumps.

2. Ensure Lower Interest Rates and Costs

While all Bajaj Finserv credit cards boast of an affordable interest rate, only a few have the reduced and almost nil joining fee, like the Bajaj Finserv RBL Bank Platinum Choice FYF Supercard. In fact, with the Bajaj Finserv RBL Bank Platinum Plus Supercard, you even get a welcome gift of 4000 reward points.

3. Don’t Be in A Hurry To Get A Card

While choosing your Bajaj Finserv Supercard, don’t be in a hurry to pick one. In fact, do not purchase any credit cards on a spur-of-the-moment decision. Take some time to compare all the features, benefits and rewards from all the different Bajaj Finserv Supercards, and pick the one that suits you best.

4. Avail the Credit Limit to Loan Benefit

The Bajaj Finserv RBL Bank Supercards offer an opportunity to convert their credit limit into a loan once a year. With this, you can get instant cash for up to 90 days and repay it easily in 3 EMIs. You can avail this and get money for any timely monetary support that you may need.

5. Be Sure of The Safety Features

Being cautious about your credit card is the smart thing to do, especially since an unsafe credit card could put your bank account at risk. The Bajaj Finserv Supercards all have inbuilt safety features like ‘In-Hand’ security and ‘Zero-fraud liability cover’. Ensure that your Bajaj Finserv credit card has these features- or some similar others- for better safety.

If you keep the above tips in mind, while choosing your Bajaj FInserv credit card, you can make better use of it. Additionally, don’t forget to pay back your EMIs on time to ensure the best experience with your credit cards. Lastly, remember to use your credit cards wisely.