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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
Responses (7)
  • Accepted Answer

    Sunday, February 10 2013 - #permalink
    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
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  • Accepted Answer

    Monday, February 11 2013 - #permalink
    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!
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  • Accepted Answer

    Thursday, February 14 2013 - #permalink
    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
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  • Accepted Answer

    Sunday, June 16 2013 - #permalink
    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
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  • Accepted Answer

    Friday, June 21 2013 - #permalink
    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
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  • Accepted Answer

    Wednesday, November 20 2013 - #permalink
    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.
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  • Accepted Answer

    Friday, November 22 2013 - #permalink
    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.
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