Debt Counselling: Sanjay Agarwal

I have two credit cards and the billing cycle is the same for both. Due to this, I sometimes find it difficult to fully pay the amounts. May I ask a bank to change my billing cycle?

For all credit cards, the billing cycle is monthly in nature and there's a gap of two-three weeks between billing and payment due dates. Generally, banks allow a change in billing cycle at least once in the lifetime of a credit card. However, billing dates are necessarily once a month when the card payments must be made. Since you have two cards, you will have two payment dates each month, on which you will need to pay.

I have two credit cards. I want to transfer the balance to one and surrender the other. But, my bank is not permitting me to do so. What can I do?

You have not mentioned whether both cards have been issued by the same bank or are from two different banks and which bank is not permitting you to do this. If they are from the same bank, both accounts are linked and treated as one in bank's records. In this case, transferring balances to one card makes no difference to you, since the dues and credit limit remains the same irrespective of their decision. However, if these are of two different banks, balance transfer will depend on the underwriting decision of the bank on whose card the balances are to be transferred. They will decide this based on your overall credit profile, credit score, your own repayments and their comfort in extending further credit to you. It is their discretion and not your right. You could try doing this with both banks and hope one agrees.If you have been a good customer, no bank would like to lose you and will request not to close your card account with them. But, this can only be a request and they can't insist on it.

My bank says my credit score is not good and so, my two-wheeler loan is getting rejected. How do I believe the bank? Can I ask for a copy of the credit score?

There are four credit bureaus operating in India and most of them either provide the credit score or credit report or both. These bureaus are CIBIL, Experian, Equifax and High Mark. Borrowers can obtain their credit report/score from any one of them by paying a nominal fee. You could visit their websites to know the entire process.

The views expressed are expert's own. Send your queries to yourmoney@bsmail.in