Denied a Credit Card? Know How Long you Should Wait to Apply Again

It is not uncommon for your credit card application to get rejected even when your credit history looks clean. It is important to stay calm and carefully analyse the reasons for the rejection. If you are planning to reapply for the same card or to apply for another card, it is recommended that you wait for about 6 months before you apply again. This would give you sufficient time to take corrective actions and ensure that your application is fool proof and gets approved the next time.

The first step that you need to take is talk to the credit card company in order to find out the reasons for your rejection. The reason could be any of the following:

Credit card eligibility

Different credit card companies have different eligibility criteria for issuing credit cards. There may be restrictions with respect to age, annual income, employment stability, and so on. 



If your credit card application was rejected due to non-eligibility on any of those counts, it would be pointless to reapply for the same card. You need to shop around for a card that is right for you. You need to find a card that you are eligible for and apply for it.

Error in filling out the credit card application

A credit card application may get rejected due to errors in the application form. If the rejection is due to such errors, you can talk to the credit card company and re-apply after waiting for a few months.

Error in the credit report

An error in the credit report is another common reason for rejection. An old non-payment may be reflecting in your credit score. Nowadays, it is very easy to get your credit report through any of the four credit bureaus, for free once a year. If you are planning to reapply for a credit card it is important to keep track of your credit score and work towards a better score

Too many credit card or loan applications

If you have applied for many loans or credit cards, it gives the impression that you are credit-hungry. It is important to time your applications well to ensure that only one or two applications are pending for approval at any given point of time.

Employment history

If you have changed your job many times or have been in the current employment only for a short period, it could result in rejection of your credit card application. Apply for a card only after you have been in a stable job at least for a year.

Work on your credit score before you apply again

If your credit card application has been rejected due to a low credit score, it is important for you to work on enhancing your credit score. You can do this by closing some of your loans, ensuring timely payment of bills and by maintaining a low credit utilisation ratio in your existing cards.

Once you do this, you can look for the best credit card in the market and apply again. For example, Bajaj Finserv offers industry-first features with the Bajaj Finserv RBL Bank SuperCard. Enjoy interest-free cash withdrawal from ATMs for 50 days, easy EMIs and a pre-approved loan limit that can easily be converted to an interest-free personal loan for 90 days. You can also earn up to 20,000 reward points as a welcome gift.

Availing finance is easier than ever with pre-approved offers on loans and other financial products. With easy and quick processing and disbursal of funds, you can utilise your time to focus on the important things. Simply share a few, basic details and check out your pre-approved offer.

Author Bio:

Gaurav khanna is an experienced financial advisor, digital marketer and writer who is well known for his ability to predict market trends. You can find Gaurav on Linkedin.

Understanding Importance & Benefits of Home Insurance

We spend years accumulating money for creating our dream home. That is why keeping it well maintained and away from danger is usually our first thought. Most people like to add various layers of security to keep their home safe.

It can include things like having a pet dog, installing window alarms, or even fencing the compound. But one of the most critical types of safety feature that we missed out on is getting a home Insurance.

Home insurance might not be able to save you from uncertain situations. However, it can definitely extend financial assistance after the case has passed.

Whether you talk about a natural disaster or a robbery; property insurance is always a good idea to save yourself from financial loss. If you still want to know more about the importance of home insurance policy then continue reading.

1. Complete protection

One of the most significant home insurance benefits is that it covers many different types of situations. In other words, it means whether your home gets damaged due to a natural disaster, fire, or any other factor; it will be covered under home insurance in India.

This gives you total protection against any uncertainty and allows you to be peaceful. However, there are different types of policies created. That is why you need to purchase one which offers complete coverage against any unfortunate situation.

2. Household belongings

Another reason why you should apply for home insurance is that it can protect your household belongings. There are many valuable things that we collect while creating our dream home. It can include assets like large appliances, furniture, electronics and gadgets.




To keep them secure against unfortunate disasters and damage, home insurance policy is always a good idea. Even if your household belongings get ruined because of one of the situations mentioned in the policy; you would claim for the registered items.

3. Damage assistance

Another benefit that encourages people to purchase home insurance is the damage assistance. Most insurance providers give you coverage against such situations in their basic policies. If your home gets damaged due to a flood, fire, or something similar, then you will be able to get financial assistance in return.

It will make sure that you do not suffer extensive financial loss, due to the damage caused to your home. It even gives you an opportunity to get all the damages fixed using the money provided by the insurance company.

4. Medical assistance

Imagine that you have guests over and a natural disaster strikes your house. Under such a situation, if any of the guests get injured; then you can also pay their medical bills, with the help of your home insurance.

Since the guests have injured themselves on your property, it becomes your liability to pay for the medical treatment. This additional financial load can easily be reduced with the help of a home insurance policy.

5. Detached structures

The last reason why home insurance is of great importance is that it covers damage costs for other architectures as well. If there is damage made to someone else's property due to your home; you will be able to pay for their maintenance with your home insurance.

This will keep you away from having to go overboard with your budget. Besides, home insurance will even reduce your liability against damages caused to others. It provides you with a sense of security, to cover unexpected expenses.

The Bottom Line

Home is one of the most valuable resource you possess. It not only offers the solace and security for you and your family but it is also a long term financial investment. To protect your home you should consider vital things while buying home insurance plans . These policies will make sure that the efforts gone into creating your home do not go waste.

Should You Still Have Life Insurance After Retirement?

We tend to hear most about life insurance when you’re a young adult up until before retirement. What about after retirement though, do you still need life insurance then?

The importance of life insurance as a young adult is quite apparent. You want the protection for your loved ones in case you unexpectedly passed away. Your policy would then quick in to cover your funeral expenses, and additional costs your family would have, as well as the loss of income if you had any dependents. 

Your life insurance coverage provides that peace of mind for those you would leave behind.

Tina Thompson of Burialinsurancepro.org mentions" many people's final expenses and funeral costs could cost anywhere from $10,000 to $20,000. Having a burial insurance policy in place to address these concerns is usually the most efficient way to cover the costs. 

 Seniors would have lots of highly rating insurance companies to choose from including Lincoln Heritage, Mutual of Omaha, and Gerber Life Insurance company. These policies would pay out to your named beneficiary at the time of your passing, and could then be used to cover any types of expenses and debt."

When it comes to after retirement, it’s no longer a question of do you have life insurance. Instead, it changes to should you have life insurance? Depending on your financial situation and where you are at in life upon retirement, that will help determine if you should continue with your life insurance coverage. 

It is not a one-size-fits-all kind of answer. If your friends still have life insurance after retirement, that doesn’t mean you should have it too, and vice versa.

Do You Have Debt?

A common goal for retirement is to reach your golden years without any debt. Upon retirement, although you have different payouts still coming in through the government and your workplace pension plan, it still will not be as much as what your actual income was. So, the idea of being debt-free so that you can use your money how you want to during retirement, that sounds very appealing.




Unfortunately, that is not the case for everyone. In 2016, the average debt amount for a family who’s head of the household was 75 years or older was over $36,000, which is significantly higher than the last look in 2010. With that amount of debt, it can make retirement quite tricky.

If you have debt upon retirement, then life insurance may still be something to consider. If you were to pass away suddenly, someone would still have to pay your debt. That burden would fall onto your family. Your life insurance policy would help to cover the cost of any remaining debt.

Do You Still Have Dependents?

Just as your financial situation is significant in determining if you should still have life insurance, so too is it if you have any dependents. If your spouse or if you have children who still need help from you, then having life insurance after retirement is a good idea.

It’s important to remember that when you get life insurance, you are getting it more for your family, not yourself. So, if you have members that rely on you to support them, your insurance policy would benefit them greatly if you suddenly passed away. However, if you have no dependents whatsoever, you can consider terminating your policy.

We looked at two significant factors that help determine if you should still have life insurance after retirement. In the end, it comes down to what your personal situation is like and if you want to continue having the additional monthly expense. There are different options of coverage that could be more suitable for where you’re at in life. Learn more here about other life insurance policies and if it suits your family’s needs.

6 Steps to Successfully Managing Your Personal Finances

If you regularly feel frustrated by your financial situation, you are in good company. Across many income levels, people commonly feel as though they do not have enough money to accomplish their goals. At times, they may not even have enough cash on hand to cover their bills. Paying down debts can seem challenging, and it may feel as though you can never get ahead financially.

Regardless of your income level, it is reasonable to live within your means and to achieve financial goals. However, you must approach financial management strategically in order to do so. These are essential steps for successful financial management.

1. Create a Budget

Managing your money properly without a budget is an impossible feat for most people. A budget tells you how your income is allocated each month. It enables you to find areas to cut back on, and it may help you to determine if you can afford to buy an extra pair of shoes or head to the movie theater tonight.

Budgeting may sound simple enough, but many people struggle in this area. Ensure that your budget is based on accurate numbers rather than hopeful numbers. Use your spending history to ensure accuracy. In addition, reconcile actual income and expenses regularly so that you always know where you stand financially.

2. Trim Down Spending

One of the many benefits of living on a strict budget is the ability to identify areas to reduce spending in. Financial stress often occurs when your spending is very close to your income level or if it exceeds your income level. Most expenses can be trimmed with proper effort, so there may be plenty of wiggle room to work with. 




For example, you may be able to refinance your home mortgage or move to a more affordable rental home. You can make energy efficiency improvements around the house, shop for better rates on Internet and smartphone service, prepare more affordable meals at home and more. With effort, you may be able to reduce regular monthly spending by hundreds of dollars or more.

3. Plan for Short-Term and Long-Term Goals

Your budget gives you the ability to allocate regular contributions for savings and investments. By doing so, you may meet your short-term and long-term goals. For example, you can plan a short-term goal of taking a vacation or getting orthodontic braces for your child. A common long-term goal is to save for a comfortable retirement.

You will never reach these goals without saving money regularly. Therefore, you need to adjust your budget to include regular allocations of funds for each of your short-term and long-term goals.

4. Take Advantage of Modern Technology

Many years ago, personal financial management involved manually logging income and expenses through a handwritten ledger. You may have had to wait for a monthly bank statement or call a customer service phone number regularly to reconcile numbers and to ensure that you did not make a mistake.

Technology has thankfully improved. Banking apps can tell you immediately what your balances are, if transactions have posted and more. You can also use Excel to prepare a fixed budget as well as to keep a running budget for income and expenses. Excel is a part of the Office 365 suite and is available to everyone.

5. Save Regularly

Part of your budget should include a small allocation of funds to a savings account on a regular basis. Healthy personal finances include a well-funded emergency fund. This account may be used to pay for unexpected expenses, and it can help you to avoid relying on credit cards in a time of need.

Many people wonder how much money they need in their savings account. There is not a fixed answer that is right for everyone. Depending on your financial situation and life circumstances, you may feel more comfortable if this figure covered three months of your regular income, six months of regular expenses or another amount. 

For example, if you live in a large house and would need to pay an expensive deductible if you file an insurance claim, you may need more money in savings than a renter may need. You may also feel more comfortable having more money on hand if you are concerned about getting laid off soon, if you live very close to your means and would struggle if even a small unexpected event occurs and more.

6. Focus on Debt Reduction

High debt balances can erode financial security. They can also inflate monthly expenses and prevent you from saving and investing more. Reducing and ultimately eliminating debt is essential for smart financial management. The first step to take for effective debt reduction involves living within your means and avoiding taking on any new debts.

After you have accumulated a healthy sum of money in an emergency savings account, you may then contribute additional funds toward debt reduction. Concentrate any additional funds available to a single account, and focus on this account until the balance is paid in full. You can then move on to your next account. Debt elimination may take years in many cases, so avoid feeling discouraged by slow results.

Wrapping Up

Effective financial management can improve your life in countless ways. Each of these tips can have a profound effective on your personal financial health and security in different ways, and their cumulative results may be life-changing in some cases. Begin applying these steps to your financial management efforts today to benefit from their transformative effects.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Contact Jasmine @JazzyWilliams88

Credit Score in the Dumps? How to Uncover it’s True Potential

A less than ideal credit score can limit your ability to make larger purchases. There are things that you can do now that will help to improve your credit rating. Here are some of the steps that you’ll want to take in order to uncover the true potential of your credit score.

Schedule Your Payments

Late payments work against your credit score. One solution that will help you to avoid having late payments is to schedule your payments. There are online tools that will help you to achieve this goal. 

The caution with automatic payments is that you’ll need to ensure that you have enough money in your account to cover your expenses. Missed or delinquent payments are just as detrimental to your credit score as late payments.

Stop Revolving Debt

You may have heard the term revolving debt used and wondered what it meant in relation to your situation. This is more commonly seen with the type of debt that you collect by using credit cards. The balance that you carry on these cards adds to your debt load.



If you have too much debt, you’re considered higher risk and this can lower your credit score. Paying off your high interest loans and limiting your use of credit will help to get your credit score back on track.

Learn the Tricks

As with anything, there are tricks that you can learn that will help to improve your credit score. Work with a fast credit repair company so that you can learn these tricks a little faster. 

For example, overextending yourself can lead to you having trouble paying your debt down. You may find yourself making minimum payments and accumulating more debt in order to eliminate your other debts. Over time, this can cause your credit score to drop.

Apply Judiciously

Every time that you apply for credit, it counts against your credit score. This may not seem like such a big deal until you want to apply for something that really matters. Applying for credit judiciously will help you to get the things that you really want. 

It will also serve to improve your credit score if you can show that you can handle your financial situation without having to take out more credit to get it done.

A good credit rating can quickly be lost and take a lot of time to rebuild. Consider these tips if you want to get your credit score back in shape.

Can Your Money Make Money? How to Save for Retirement through Investing

If you have started planning for retirement, you may have already estimated your financial need for the future. This estimate may be based on a projected budget in retirement as well as the use of online retirement calculators. 

If you are floored by the huge amount of cash that you need to save between now and your desired retirement date, you are in good company. The good news is that your money can actually make money for you when you invest it wisely. These are some of ways that your cash can multiply over the years.

Interest

Today’s savings accounts have fairly low interest rates. In some cases, they barely keep pace with the rate of inflation. However, when you stash at least some of your money in a savings account, your bank will make regular interest deposits in your account. 

You will notice that your account balance grows slowly over time as a result even if you do not contribute any additional money to it. Because the rate of return on a savings account is low, however, you should also consider putting some of your money in these other investment vehicles.

CDs

The rate of return on CDs varies by financial institution, the term length and the amount of money that you invest. You will generally enjoy a higher return when you buy a CD with a longer term and a larger investment. 




However, if you cash out the CD prematurely, you may lose money. Therefore, only buy CDs with money that you know that you will not need until the end of the term.

Dividend Stocks

While stock prices fluctuate dramatically, the stock market in general has trended upward over the decades. With all stocks, you profit when you sell them at a higher price than what you purchased them for. This is only one way to profit from stocks. Some companies may a regular dividend on their stock. 

A quarterly dividend is most common, but this varies. You can request dividend reinvestment, which means that you will buy additional shares of the same stock with the dividend that you receive. You can also receive the dividend as cash in your investment account.

Real Estate Investments

Real estate investments can also be lucrative, and rental property is among the most common way to profit from real estate. Real estate investors make money through property value appreciation, and this can be realized when the property is sold or when the investor takes out a cash-out refinance loan. 

If the property is income producing, the investor generally will receive monthly cash flow. Another way to benefit financially from real estate investments is through tax deductions.

As you can see, there are numerous ways for your money to make money for you. A smart idea is to fund your savings account with a reasonable amount of money, and this can serve as an emergency savings account. You can then purchase other investments to create a diversified, balanced portfolio.