Are you a credit worthy person?

Aug 23, 2007 Personal Finance

Came across an article which said that going ahead, banks and financial institutions are going to strictly consider age, salary and similar criteria to determine the credit worthiness of an individual.

Efforts towards consolidating credit information had been going on since the formation of CIBIL around 7 years ago, and it now seems even the number of credit cards you hold and the fact that you use one card to pay off another (balance transfer) could lower your credit rating.

I’m surprised why they think a person with multiple cards becomes less creditworthy. As long as the cards are used judiciously without any defaults or huge outstanding compared to income, there should not be a problem. Secondly, as far as balance transfers are concerned, the card issuing companies are the ones promoting this feature, with numerous calls and leaflets !

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Comments (4)

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Hiten Desai

The intention seems nice, but we have a long way to go before coming anywhere close to the system followed in the US. The Indian authorities often tend to dish out such proposals at the drop of a hat, and that too replete with half baked ideas !
Hiten Desai

The intention seems nice, but we have a long way to go before coming anywhere close to the system followed in the US. The Indian authorities often tend to dish out such proposals at the drop of a hat, and that too replete with half baked ideas !
deepanjali

Your blog is nice. I think you should add your blog at BlogAdda and let more people discover your blog. It’s a great place for Indian bloggers to be in and I am sure it would do wonders for your blog.
deepanjali

Your blog is nice. I think you should add your blog at BlogAdda and let more people discover your blog. It’s a great place for Indian bloggers to be in and I am sure it would do wonders for your blog.