π¨ 5 Credit Score Myths That Are Costing Indians LAKHS!
95% of Indians believe these lies about CIBIL scores. The last one will shock you!
Let's bust these myths that banks don't want you to know π
MYTH #1: Higher Salary = Higher Credit Score β
REALITY: Your income has ZERO direct impact on your credit score
A person earning βΉ25,000 with a perfect payment history will have a better score than someone earning βΉ2 lakhs who defaults on EMIs!
Credit score = Credit behavior, NOT bank balance π‘
MYTH #2: Checking Your Credit Score Hurts It β
REALITY: Checking your OWN score is a "soft inquiry" - it's 100% FREE and doesn't affect your score
Only when LENDERS check (hard inquiry) it might drop 1-5 points temporarily.
Check monthly = Smart financial habit! β
MYTH #3: Closing Old Credit Cards Improves Your Score β
REALITY: This is FINANCIAL SUICIDE! π
Closing cards:
Increases your utilization ratio
Shortens credit history
Reduces available credit
Keep old cards active, even if you don't use them much
MYTH #4: Settlement vs Paid in Full - Same Thing β
REALITY: HUGE difference for your financial future!
"Paid in Full" = Hero status with lenders β
"Settled" = Red flag for 7 years β
Banks prefer borrowers who honor full commitments. Settlement = higher interest rates on future loans!
MYTH #5: Zero Credit History is Better Than Bad Credit β
REALITY: No credit = No trust with lenders
Banks need to see HOW you handle credit, not IF you avoid it.
Start small
Get a basic credit card
Pay in full monthly
Build positive history gradually π
π° THE REAL COST:
Believing these myths costs Indians:
Higher loan interest rates (2-5% extra)
Loan rejections
Lower credit limits
A 750+ score vs 650 score = βΉ2-5 LAKH savings on a home loan
π― QUICK ACTION PLAN:
β Check score monthly (free!)(I personally use gpay)
β Keep utilization below 30%
β Never miss EMI/credit card payments
β Keep old cards active
β Mix of secured/unsecured credit
Knowledge = Money in your pocket! π°
Found this helpful? π RT to save someone from these costly mistakes!
Follow @CardsavvyIndia for more credit card secrets that banks don't want you to know
What credit myth fooled you the longest? Comment below! π
@threadreaderapp unroll
β’ β’ β’
Missing some Tweet in this thread? You can try to
force a refresh
π§΅ After my last thread went viral, Iβve been flooded with questions! Hereβs your complete guide to the Yes Bank Kiwi RuPay Credit Card β from cashback tiers to real user tips . Letβs dive in! π
π The Kiwi card is a Lifetime Free RuPay credit card by Yes Bank, tailor-made for UPI lovers. Scan & pay anywhere with UPI, and get credit-card-style cashback on every transaction. No annual fees. Ever.
πΈ 1.5% base cashback on all UPI spends (minimum βΉ100 txn)
π³ 0.5% on non-UPI spends (POS, e-commerce)
Great for everyday small transactions at vendors, tea stalls, groceries! π
From just 7-8 cards to 70+ options in 2 years! π
Here are the TOP 5 UPI credit cards that actually give you REAL cashback on every QR scan π₯
Thread with exact benefits & which one to pick π
π UPI CREDIT CARD REVOLUTION:
π‘ Game Changer: Pay via UPI, get credit card rewards
π― Perfect For: Daily spends at local shops, vendors, restaurants
β‘ Why Now: Every merchant accepts UPI, finally get rewards!
The future of payments is here! π±
π #1 KIWI CREDIT CARD - UPI King
π° Up to 5% cashback on every UPI QR payment!
π³ Cost: Lifetime Free + βΉ999/year Neon membership
π― Milestone System:
βΉ50k spend: 3% cashback + lounge access
βΉ1L spend: 4% cashback + 2 lounge visits
βΉ1.5L spend: 5% cashback + 3 lounge visits