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  1. Manoj
  2. Finance, Insurance
  3. Thursday, February 07 2013
Hi
My score is 628 i came to by cibil report
i have paid all the dues 3-4 months back.
what are the possible ways to increase my cibil score or to get loan?

Manoj
Admin Accepted Answer
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Hi Manoj,

- Pl introspect, Why is the CIBIL Score Low
- Have you made any settlements or late payments in the past, how recent are those and what was the amount
- What has been the delay pattern of those payments
- do you presently have any active credit cards or repayment tracks
- how many recent inquiries have you made with banks for loans and whats the status of those

once you answer this - can let know the ways to increase CIBIL Score
  1. more than a month ago
  2. Finance, Insurance
  3. # 1
Manoj Accepted Answer
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Hi,

Yes, i have done settlement towards my ICICI credit card, and have made full payment towards my citibank credit card.
and have paid all the amount to my personal loans too. delay pattern was too long as in i have made payment against all the accounts after 1 yr as i was not employed.
I am not holding any credit card and any personal loan or any kind of loan now.
I had applied for personal loan from HDFC 3 months back, loan got rejected stating that due to settlement on credit card, where i have taken loan from hdfc bank and have paid full amount towards hdfc personal loan account.
Please help.
My Pan number is AJHPG4002A.

Thanks!
  1. more than a month ago
  2. Finance, Insurance
  3. # 2
Admin Accepted Answer
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Hello Manoj,

Seems, your cibil report is completely despaired.
It may take a year or so to get it back to some hopes, but the credit report can be improved only if you have some funds to take collateral loans against it and improvise your credit score by making timely payments

Will suggest
a) Take credit card against FD from a bank (despite low CIBIL, banks provide Insta Credit Cards having 75% credit limit against FD amount) - Use it as you would have used in regular pattern and ensure to make timely payments for same

b) If the above delayed payments was not intentional, but due to any technical issue from bank side, make a set of the correspondence documents (if any)

c) you also need to take a secured or unsecured loan against a FD or asset as collateral

Once the timely payments starts happening and a seasoning of 12-15 months happen, you may see a improvement in CIBIL
Though 12-15 months may see long, but to our view - once cibil improved and you have all future intention to repay on time - its possible that basis the recent track record and a apt justification of previous default, you may get a new loan sanction (without any asset as collateral)

This will help you in further building your rating and may be another year or so post same, you may see marked improvement helping you to take loans at ease

Disclaimer - to our personal view, may be or may not be the above information or scoring model could be adopted by banks to fund
  1. more than a month ago
  2. Finance, Insurance
  3. # 3
kasture2010 Accepted Answer
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Hi,
my cibil score is 710.
I think it's low due to delayed the repayment of personel lons at ICICI bank & Saraswat Bank. but finally I closed with panalty amount. not setteled. & I have done FD & taken Cradit card now c card repayment is regularly.
please suggest how to improve my score to 800+

Sanjay Patil
  1. more than a month ago
  2. Finance, Insurance
  3. # 4
Admin Accepted Answer
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Hello,

Are those delayed payments recent or towards the end of closure. Has the delayed payment string has reached 90 DPD (days past due the original date) or more
Is the limit on your new credit card more than the amount borrowed than previous cards

Well, it all is a factor of algorithm of CIBIL - basis the previous delays, current payment stream, outstanding payments, usage history
If all remains well - you can expect a increase in CIBIL score - there is no definite time frame, however - basis some profiles - it may taken anywhere from 12 months to 24 months for regaining the good cibil score
  1. more than a month ago
  2. Finance, Insurance
  3. # 5
sidhu Accepted Answer
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Sir,
I had taken education loan 6 years back for my engineering studies. But after my studies it took a long period to get my job. During that period interest towards the loan gets delayed. ow i am placed in one of the leading bank and i applied for 1 car loan with HDFC. Whether education loan will reflect in CIBIL score??please reply.
  1. more than a month ago
  2. Finance, Insurance
  3. # 6
Admin Accepted Answer
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Yes, it will reflect in CIBIL
For more info - Banks share repayment details on monthly basis with CIBIL, Individual & company-wise which is sorted basis Name, PAN Number, DOB in case of Individual / Incorporation Date in case of company and Address.

Details share are:- amount borrowed, repayment string, outstanding amount etc This amount is then collated and punched and CIBIL automated system computes a score basis borrowings of the individual. This is applicable on all type of cards, loans of secure / unsecured lending

So - yes - if you have taken a loan before - its much likely that the repayment will reflect in CIBIL and if not paid well on time may impact scoring too.
  1. more than a month ago
  2. Finance, Insurance
  3. # 7
Sanjay Accepted Answer
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Hi sir,

i have past due on my HDFC Bank credit card. It almost one year i did not pay any amount to the same.
Could you please advise what should i do as i know my CIBIL score has been down.

If i choose to pay my credit card outstanding amount without any settlement....is that a right decision to opt.
Or would you like to suggest me something else.
  1. more than a month ago
  2. Finance, Insurance
  3. # 8
pravalika Accepted Answer
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hi,

my cibil score is 650.
in month of april i hv applyed for a pl in fullerton it get rejected,i asked the bank person whats reason he told that mam ur cibil score is 650 only it
should be 760 for loan process,sir i missed my vehicle emi 2704 march and april month and i have a hdfc credit card with limit of 30000,due to
sum other reason i used that in hospital,im making my payments before due date now my card has 7500 limit,sir i want to apply for a personal
loan in august i have requreiment can i apply my cibil score will increase,bank person he told me too apply for a loan in july month dis year, plsss
sir help me out with ur vauleable suggeion:(
  1. more than a month ago
  2. Finance, Insurance
  3. # 9
pravalika Accepted Answer
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hi'

my cibil score is 650 i missed my vehicle emis, after 3months can i apply for a personal loan sir plss suggest me,how to improve my cibil score

pravalika.
  1. more than a month ago
  2. Finance, Insurance
  3. # 10
Admin Accepted Answer
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@ Sanjay - See - whenever you will apply for new loan - despite the amount paid or not - new lender would like to know for reasons of delay

But - if you consider clearing off your outstanding, the payment o/s will show NIL Balance in CIBIL. If you choose settlement - it may show suit filed

Apart from the repayment behavior - one of the considerations which Banks also undertake is the present outstanding amount. If there is certain outstanding in loan - the case does becomes vulnerable for potential loss and is been rejected by most of the banks.

So - advise in to go in with clearing off your outstanding. Take a credit card (backed with FD), make timely repayments and you will see your credit score improving in a year or so.

@ Pravalika - Suggest to make payments first to the bank. Delaying the payments over 3 months leads to 90+ dpd & further delay will distort your credit rating. Personal loan is an unsecured loan offered by banks and they take CIBIL & previous repayments as stringent criteria.

Also - improvement in score in couple of months is not heard of, it takes time from 1 yr to 1.5 yrs - provided future repayments are going on time.
Advise to keep your options open with either take a guarantor with excellent credit rating or talk to local private lenders, who finance at a very high rate of 30% pa
  1. more than a month ago
  2. Finance, Insurance
  3. # 11
anand Accepted Answer
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hi sir,

im anand my cibil score in feb 640 i applyed for personal loan i get rejected due to my cibil score low,i missed my pulsar emi 2months after 2odays i made my payment by cash,dis month 21st i applyed for a loan it has been accepted 1.8lac,how can sir i really happy but im shocked when i have see msg i spoke with bank exe,as u told its take 1yr time in my case it has taken only 3 and half months:)


anand:)
  1. more than a month ago
  2. Finance, Insurance
  3. # 12
INDRANIL Accepted Answer
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HI SIR,

If any one has taken a loan, say, on 01_jan-2014, when it will get reflected in CIBIL Report ? Is it 3 months ? or 6 months ?

Thanks
INDRANIL
  1. more than a month ago
  2. Finance, Insurance
  3. # 13
Cherry Accepted Answer
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Hi Sir,

This is Cherry, i am a salaried employee with 30k per months. and i am working for same organisation from past 7 months and i have 2+ years of experiences. my salary account is with Axis bank. when i applied for credit card in Axis and HDFC two application was rejected. As I don't have single Pisa credit in any financial institution and this is the first time applying for credit card. i don't the exact reason why credit cards is going to reject, please let me know exact reason for declining my credit card.

And if my application is going to reject that i am going to loose my CIBIL Score.

i will appreciate your earlier responses.

Thanks in advance.

Regards
Cherry-
  1. more than a month ago
  2. Finance, Insurance
  3. # 14
Admin Accepted Answer
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@ Cherry

Having a no previous repayment is not a major reason for rejection
As you mentioned this is the 1st time you are making an application for taking a financial product.
Bank performs other checks too like - Verification at residence, status of residence - owned or rented, job continuity - though in present company its 7 months - but did you worked with one company for 1.3 yrs or that was also split in.

As you hold a salary a/c with axis bank - suggest to get in touch with relationship manager at axis bank to get through exact reason and ask for pitching in the merit of salary account, to be eligible for card. Does not look like a tough job for bank in sanctioning a card - basis present salary, total work ex of 2 yrs and salary a/c.
  1. more than a month ago
  2. Finance, Insurance
  3. # 15
venkat Accepted Answer
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i had outstanding of 170000 on my credit card which was not payed for 3 months bank has blocked the card which is a permanent block it seems .

they have put up with interest charges i asked to waive it in the customer care and they have done it too. now i payed my principal amount totally . i dint go for settlement or what so ever when i ask the customer care people to process the credit card they were like its in permanent block where we can't process the card try after 6 months .

why is that and will my score improves by 6 months as i payed totally at one shot . and most importantly will it improve in CIBIL immediately as they state by 45 days is it sure ??? or i have to check for the update . i like to get the credit card back from the bank is it possible .
  1. more than a month ago
  2. Finance, Insurance
  3. # 16
Admin Accepted Answer
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@ Venkat

Not paying dues for 3 months - will show 90 dpd in CIBIL
This would reflect in your CIBIL Repayment history.

No Bank would write off the interest income unless there's some error from there side. Did the bank sent you NOC that they are okay in reversing the interest and the charges levied were incorrect

If not -- they might have write off your card by marking it settled against Principal dues
The credit rating - as told - to the best of our understanding does not improve like it

Credit rating takes time anywhere from 6 months to 18 months and is only improved through active repayments - i.e payments done of loan emi / credit card on time. If there no such active repayments and last one is the credit card on which bank has blocked same - your rating in likely scenario will not improve.
  1. more than a month ago
  2. Finance, Insurance
  3. # 17
venkat Accepted Answer
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i have no dues certificate what the bank has send me . and will they update in cibil as my card is invalidated from their end ??? as i have made the payments up to date . applying with the same bank after 6 months will there be any opportunity to get the card back or from other bank.
  1. more than a month ago
  2. Finance, Insurance
  3. # 18
Rann Accepted Answer
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I have a total of 4 accounts (2 credit cards, 1 Personal Loan and 1 Educational Loan)
I failed to pay the educational loan as I got job late, once I was able to pay - I have settled the amount 2 months ago as it was huge. Below is the report of the educational loan. I see my credit score is 647. I am not sure if the bank reported settlement. I also have the account settlement/closing letter from bank. Can I contest based on it? Also will it be a problem in future? I never delayed n any other accounts, I am using credit cards from about 4 years and also paying personal loan on time. Please advise


Account Type Education Loan
Bank Name Corporation Bank
Account Number XXXXX
Date Opened 01-02-2006
Current Balance 167509
Date Closed
Ownership Indicator Individual
Amount Overdue 180020
Account Status Charge Off/Written Off
Days past due/Asset Classification (up to 18 months; left to right):
* * * WOF WOF WOF WOF WOF WOF WOF * WOF WOF WOF WOF WOF WOF *
Feb-15 Sep-13
  1. more than a month ago
  2. Finance, Insurance
  3. # 19
Admin Accepted Answer
-2
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@ Rann - It states that Bank has written off the loan by marking loss in the books of account'
Amount overdue was stated as Rs 1.8 Lakh - when the loan was settled and written off basis settlement amount.
  1. more than a month ago
  2. Finance, Insurance
  3. # 20
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