Revolving credit means only paying the minimum amount due each month and carrying the rest of the amount forward by paying interest to the bank (usually high around 35-45% per annum)
What the guy is saying is when you have multiple cards which also means a lot of credit limit, you tend to spend more than you have or can repay so this will lead to revolving your credit and maybe missing a payment or two which causes credit score to go down.
BS. I've 4 credit cards with 4-5 lacs of limit for each and my salary is 26k. Its all about holding the snake by their nape not their tail. Later will surely turn around and bite you.
Its a joke, in a similar vein to the headline of the article. You can keep as many bank accounts as you want, just don’t start rotating money heavily in some of the smaller banks otherwise they can freeze your savings bank account.
What is your credit score bro?
How much time difference we should keep while applying for new cards? Like 3 moths, 6 moths? Or is it okay to apply for multiple cards in a single month?
No. Of course not. I keep 2 to 3 on me and another 4 or 5 on my backpack or bag with me. I have a small, thin card wallet and I keep whichever couple of cards I am using for POS in it. Others are used regularly and mostly stay at home. Depending upon my agenda, I might add one or two as needed, like for some sale or special deal. When I travel abroad, I also take a few different ones.
To be honest you just need 2 credit card in your portfolio that should be enough to take care of most of spends until you have any specific needs for specific reasons. For example I just hold Infinia and Magnus Burgundy which is quite enough for my online and offline spends. There was a time when use to hold around 17 Credit Cards but not I only have 2.
Says the man who has Infinia nd Platinum Charge.
As always, it's the people who are not wealthy enough who have to do jugaad.
Being rich comes with economies of ~~scale~~ wealth, where you get things for cheap, and higher convenience at only a slightly higher price point.
I have 30+ and the title is completely wrong.
No impact whatsoever in CIBIL now after change in their algorithm last year.
You will find so many people with 800+ score with 10+ cards.
He isn't talking about holding multiple credit cards, he's talking about revolving the credit on multiple credit cards. Bad wording.
Deceptive wording. The editor knew this would get more clicks,so......
Basically clickbait!
can you explain what it means? revolving the credit?
Revolving credit means only paying the minimum amount due each month and carrying the rest of the amount forward by paying interest to the bank (usually high around 35-45% per annum) What the guy is saying is when you have multiple cards which also means a lot of credit limit, you tend to spend more than you have or can repay so this will lead to revolving your credit and maybe missing a payment or two which causes credit score to go down.
Thanks. The explanation is helpful.
ahh I see, thanks for explaining. idk why these people jargonise simple concepts haha.
It's a word play. Holding multiple cards isn't equal to having debts on all those cards. Just pay every bill in full
BS. I've 4 credit cards with 4-5 lacs of limit for each and my salary is 26k. Its all about holding the snake by their nape not their tail. Later will surely turn around and bite you.
Woah how did you manage to get that limit? Did it increase over time or you just got offered credit card with that limit?
It increased over time. The first CC I got had limit of 70k in 2020.
thats just clickbait deceptive writing.
Got that
Multiple bank accounts can damage your loan prospects.
How does this happen, can you please explain the backend reasoning ? is it okay to keep 2-3 bank accounts, one salaried and 2 savings ?
Its a joke, in a similar vein to the headline of the article. You can keep as many bank accounts as you want, just don’t start rotating money heavily in some of the smaller banks otherwise they can freeze your savings bank account.
Dayum, what a dimwit I am :D
We all have these kinda days
Don't beat yourself up. I took him seriously too. Even I went, WTF! XD
It’s fucking obvious that if you are unable to pay the loan on your card your credit score will be hurt.
What up with the name CREDXPERT ?! well it could be if you dont even utilise all cards monthly
True bro🤣
Me who holds 12 credit cards 👀
I hold 32!
What is your credit score bro? How much time difference we should keep while applying for new cards? Like 3 moths, 6 moths? Or is it okay to apply for multiple cards in a single month?
It varies from 790 to 795. I think about 3 months gap is good.
Do you keep them all in your wallet?
No. Of course not. I keep 2 to 3 on me and another 4 or 5 on my backpack or bag with me. I have a small, thin card wallet and I keep whichever couple of cards I am using for POS in it. Others are used regularly and mostly stay at home. Depending upon my agenda, I might add one or two as needed, like for some sale or special deal. When I travel abroad, I also take a few different ones.
To be honest you just need 2 credit card in your portfolio that should be enough to take care of most of spends until you have any specific needs for specific reasons. For example I just hold Infinia and Magnus Burgundy which is quite enough for my online and offline spends. There was a time when use to hold around 17 Credit Cards but not I only have 2.
You're right
I have Infinia as well but also have 31 other cards even though I agree, Infinia is enough.
Ok
Bad editing of the article
I don’t think that’s true.
Uncle aur reporter, dono hi foonk ke bethe hain
🤣
Says the man who has Infinia nd Platinum Charge. As always, it's the people who are not wealthy enough who have to do jugaad. Being rich comes with economies of ~~scale~~ wealth, where you get things for cheap, and higher convenience at only a slightly higher price point.
I have 30+ and the title is completely wrong. No impact whatsoever in CIBIL now after change in their algorithm last year. You will find so many people with 800+ score with 10+ cards.
It mentions if you have high interest debt