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FREQUENTLY ASKED QUESTIONS ABOUT THE TRANSFER OF BALANCE AND CREDIT SCORE

Here are some of the common or frequently asked questions about the transfer of balance and credit score.

1. Is it okay if I make minimum payment per month for credit score?

The limit on the balance of the credit card or the credit statement has an influencing significance on the credit score. If you do not want to pay the total amount, this shows a vital impact on the credit score. However, a certain rate of interest is charged for the credit balance against the credit card.

2. Can I use the credit card to get a housing loan or a car loan?

Yes, within 14 days one of your inquiries should be seen in the report.

3. I have not been using my credit card for a long time, does the credit score decrease?

No, there is no decrease in the credit score as well as the credit report. However, it is not advisable because the credit card issuing company may not like.

4. While doing credit card transfer, will the credit score get affected?

The rate of use in terms of credit score has to be maintained as low as possible. A high rate of use of credit card may have a declining enforcement for the credit score. But this system is only for a short period, and as soon as the balance transfer debt is paid, the impact will vanish. After the balance transfer debt is paid, the credit limit can be extended to certain point. However, a request has to be made in order to get these services. There is a guarantee on the increment of the credit limit once the balance transfer debt is fully paid off.

5. Does the credit score affect all other bank accounts too?

No, there is no record of any savings account or current account, money market, etc. in your profile.

6. Is it possible to raise the limit of the credit card?

It all depends upon your monthly income and it is categorised according to the priority which determines the limit of the credit card. The minors or the students do not get the limit of credit as there is no statement of income. There is one option to get a credit card, that is by transferring huge amount of balance in your bank account and then proceed with the application for a credit card. The company or the card issuer will provide with an increase in your credit limit, only after the verification as well as after the fulfilment of the formalities.

7. Can a credit history be created with the subsidiary credit card that I have?

Yes, of course. A subsidiary credit card can be used to build a credit history.

8. Is it true that the merchant credit card helps in the improvement of the credit score?

Yes, positive information about your monthly credit report will help to get a better as well as increased credit score. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.