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Nilesh Patel
Nilesh Patel
8 years ago

thanks Mr. Bhatia for such a useful post. I have a question which is not covered in this post. Last week I applied for a SBI credit card by filling their online form. I given my PAN card details etc. I didn’t shared any documents. I got a message that “your application was approved in principal subject to submission of documents & their varification”.

But after 2 days I dropped idea to go with that credit card. So when I got call from SBI I told that I am not interested anymore with that credit card. And they closed my application.

DOES THIS AFFECT CIBIL SCORE?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Nilesh Patel

It depends whether SBI reported the same to CIBIL or not. If it is not reported then it will not affect your CIBIL score.

ganesh bagave
ganesh bagave
8 years ago

Hi Sir,
I took loan on my two LIC policies and didn’t pay the interest. Let my policies get lapsed. Will it affect my CIBIL score?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  ganesh bagave

Please check my following posts for answer on your query

https://www.nitinbhatia.in/personal-finance/loan-against-insurance-policy/

Suresh Rajendran
Suresh Rajendran
8 years ago

Hi Nitin,

I work in Corporate software MNC & by default they give Amex Corporate credit card. Recently i was in need of Money & my card dues suddenly spiked up to 50K for last three months & though i pay entire money on the due date, i am not sure whether it reduces my Cibil score.

I am rotating the money thru the credit card & does the increase in my corporate credit card affect my cibil score also ???

Nitin Bhatia
Nitin Bhatia
8 years ago

It is not clear whether corporate credit card is issued to meet your official expenses or under a tie up with bank it is issued for your personal use. If it is for personal use then what is the credit limit of credit card.

Suresh Rajendran
Suresh Rajendran
8 years ago
Reply to  Nitin Bhatia

It is to be used exclusively for official use but can also be used for personal use as well provided the full money is paid on the due date.

As far as i know, there is no reward points on the money spent on the card & also the credit limit could be 2 lakhs per employee but i am not sure of it as none has crossed that limit.

Nitin Bhatia
Nitin Bhatia
8 years ago

Prima facie It will not impact your CIBIL Score. Mostly corporate credit cards are not reported to CIBIL database of an employee. You can also check your CIBIL report whether it appear in your CIBIL report or not and also confirm the credit limit. If it is reported to your CIBIL database then don’t cross 30% of credit limit i.e. 60k.

Krishna
Krishna
8 years ago

Hello Sir, I don’t have a credit card so far. I really have no idea of credit scores until I read your posts. My salary account is with Citibank and I applied for Credit Card online by providing PAN details 3 months ago. After a day I received a message from the bank stating “Your application does not meet our Internal requirements and we can not process your card request..”. Now I am afraid that my CIBIL is effected. Because, I did this 3 times online in the last 3 months… please advise. Will my score be effected?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Krishna

Firstly i suggest you to not to apply for CC again till you know the reason for previous rejections. It is not necessary that your application is getting rejected because of CIBIL score. A Bank consider income, past relation with bank etc for credit card. Of course and enquiry into CIBIL database by financial institution impact CIBIL Score. Therefore, you can follow these 2 steps
(a) Check your CIBIL Score
(b) Speak to banks who have rejected your credit card and find out the reason for same

Krishna
Krishna
8 years ago
Reply to  Nitin Bhatia

Thank you very much!

Dhirendra Kumar Guru
Dhirendra Kumar Guru
8 years ago

Dear Sir, I am very much grateful for your blog and benefited a lot. I am pulling my CIBIL report in half yearly. Previously I had a SBI Card and was default for 7 to 8 month ECS bounce and finally cleared all dues and surrendered the card in July 2014. But as my CIBIL shows the defect my application for a new credit card getting rejected by 2 banks recently. Presently my score is 797 Can you help and guide me on this. Grateful & Thanks

Nitin Bhatia
Nitin Bhatia
8 years ago

I can only comment after going through your report. As i always mention that good cibil score does not guarantee loan or credit.

Ravi
Ravi
8 years ago

Sir post paid bills or broadband bills any affect in cibill scoring sir because one sales persons cheated that’s why i paid and settle the amount

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Ravi

As i mentioned in my post that utility bills does not impact your CIBIL Score.

Prasad
Prasad
8 years ago

An enlightening post. Thanks sir. I too had a concern. I had issued a post-dated cheque well in advance (two months in advance to be precise) to get my car insurance renewed to an insurance agency. But before the cheque date, I sold my car and issued a stop payment to the bank for the above cheque. This happened in the month of January. It should not impact my CIBIL rating negatively, right? And I’d rather (going by your advice) check my CIBIL rating after April as any after-affects because of this event would be reflected only after the financial year ends.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Prasad

It will not affect your CIBIL Score.

Prasad
Prasad
8 years ago
Reply to  Nitin Bhatia

Thanks sir, for your response.

Diwakar
Diwakar
8 years ago

Sir ,very insightful post ,I had trading account with angel brokers for NSE/BSE trading they charged wrong interest rate and I ve not paid dues of Rs 6000 ,will this in any case affect my cibil score

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Diwakar

No

Sampath Sundar Anandam madipak
Sampath Sundar Anandam madipak
8 years ago

Sir, I had two credit cards from ICICI and closed both cards in the year 2010 and when I recently got CIBIL data’s, it shows that both accounts are under OPEN AND INACTIVE. will it affect credit rating and Can I take up the matter with ICICI..Please guide

Nitin Bhatia
Nitin Bhatia
8 years ago

You have not mentioned whether you received any closure or no dues letter from ICICI after closure.

deep
deep
8 years ago
Reply to  Nitin Bhatia

Hi Nitin,

I took an housing loan as co applicant to my wife who was applicant to the lic’s bhagyalakshmi scheme in 2013 . The property was registered on my wife’s name only. My name is written as W/O my name.My wife has expired out of cancer in last dec 2015.I am self sufficient to pay the loan.. Plz suggest me any legal complicacies

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  deep

You have not mentioned in whose name the property is registered.

harsh
harsh
8 years ago

hi

kindly guide i have availed a car loan from AU financiers for 48 months and have paid 33 emi out of 48 and 15 emi’s are balance totaling 108000/- and after penalty and other charges they are now asking for 2.47 lac i had offer them to close the same qt 1.7 lac but person is not cooperating at all he is saying once the same is gone in chronic we cant give discount.

the person has took the car Stating he will cooperate and agreed to settle the same in 1.80 lac but Now when i have arranged the Money he is refusing from his words and asking me to pay the entire amount.

he has even disclosed the about Non payment issuse in My Society when he came to seize the car and created a scence at my Society when i was not present at home my mom was there and was taking vehicle by towing so My mother had given the car keys so that car Should not Be damaged.

kindly suggest what should be my course of action further and can this can impact my wifes cibil health

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  harsh

It seems the financier is a private financier. Unfortunately, you don’t have too many options.

Veera Mani
Veera Mani
8 years ago

I have applied for housing loan in xxx bank. They asked me a cheque of rs 5000 as a processing fee, even befor loan sanction, which will not be refunded. So I issued a cheque to them. But the loan application is not processed due to fail address verification. So I stop payment the cheque. Will it affect my CIBIL. Revert soon sir.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Veera Mani

You have not mentioned whether you provided details like your PAN and other documents for processing of your home loan application or not. It seems you shared these documents but please confirm.

Veera Mani
Veera Mani
8 years ago
Reply to  Nitin Bhatia

Yes.I have given them.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Veera Mani

It will affect your CIBIL Score negatively.

Tejas Sarode
Tejas Sarode
8 years ago

Hi sir,

I gives three checks to my friends but there was no balance in my account that’s the reason check were bounced and I am unable to pay my postpaid bill … Is this will affect my cibil score if yes then how much??

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Tejas Sarode

No. It will not affect your CIBIL Score.

Basheer
Basheer
8 years ago

I want to use card to card payment from icici credit card to sbi credit card is this bad for my score….

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Basheer

Sorry i could not understand your query.

Swati Kapri
Swati Kapri
8 years ago

Hello Sir,I am in USA and I have running Home Loan from LICHFL..I approach one of my known LICHFL agent to initiate my loan closure.Since he was known to my family closely,we transfer the required money in his account.He deposited cheque (issue from his own account) and it got bounced twice.He did fraud to us because both cheque got bounce due to insufficient balance.Getting money back from him is one issue but my question is – does these 2 cheque bounce against principal deduction will effect my CIBIL score? Both cheque got bounce but none of them issued from my account but both were used against my home loan to clear principal.

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Swati Kapri

As i mentioned in my post that cheque bounce does not affect your CIBIL Score.

Bharath Raj
Bharath Raj
8 years ago

Hello Sir, Is exposure to equities anyway effect CIBIL score?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Bharath Raj

No

kishlay kumar
kishlay kumar
7 years ago

Hi Sir, I took a home loan and my emi ECS is deducted every month on 10th but due to insufficient amount it gets bounced and I clear the amount on last working day of the month which is the due date for every month with late fee of RS 500. I have been doing this from last 24 months. Would this effect my CIBIL score?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  kishlay kumar

In all probability bank must be reporting DPD in your CIBIL account therefore it must be impacting your CIBIL score negatively. You can pull out your CIBIL report to check the same.

Manoj Kumar
Manoj Kumar
7 years ago

Hi, I had two ecs payment to be made on 5th of every month, but once I missed out the payment due to which the check got bounced but I had made the payment on the same day, will it affect my cibil score?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Manoj Kumar

No. I don’t think so.

SRIKAR
SRIKAR
7 years ago

Hello sir, I am doing some purchases on credit card and converting then to EMI till now I have converted two purchases to EMI……my query is that will these repeated convertion to many EMIs effect my cibil score?….btw I have doing the payment without any delay

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  SRIKAR

EMI facility on credit card will not impact your CIBIL Score.

Rahul Dwivedi
Rahul Dwivedi
7 years ago

Hi,

Suppose, I switched the company and got 100% salary hike, so will that affect my CIBIL score? If yes, then in how much time it will be reflected?
Thank you.

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Rahul Dwivedi

If the revised salary is reported to CIBIL then it will increase credit eligibility thus reduce current % credit utilization. It will improve your CIBIL score. It will take 6-9 months

Rahul Dwivedi
Rahul Dwivedi
7 years ago
Reply to  Nitin Bhatia

Thanks a lot for the reply. Please tell me how can I report to them and what all documents are required. Thanks again.

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Rahul Dwivedi

Only banks can update the income details. You cannot do from your end.

Rahul Dwivedi
Rahul Dwivedi
7 years ago
Reply to  Nitin Bhatia

Thank you. So do I need ask my salaried account bank to report the same to CIBIL or it is done automatically as per salary credited?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Rahul Dwivedi

It depends on bank but not mandatory

Satyaranjan behera
Satyaranjan behera
7 years ago

Hi,
I had one cheque bounce on 5th august and i paid it on 11th. Dose it impact upon my CiBil and can any other bank deny for PL.

Nitin Bhatia
Nitin Bhatia
7 years ago

You have not mentioned cheque was issued to whom.

Ram
Ram
7 years ago

I have got offer letter for home loan from bank X ..But due to some reason I am cancelling this offer and going to apply home loan in another bank Y..Will cancelling the offer affect cibil score ??

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Ram

Yes. It will affect CIBIL score negatively.

Ram
Ram
7 years ago
Reply to  Nitin Bhatia

Thanks for your input Nitin..How much score will get reduced? My current credit score is 768. Also Will I be able to get the home loan approved from another bank Y once after I cancel the home loan from bank X?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Ram

It cannot be quantified but may be 15-20 points (my best guess). I suggest you to first avail the loan from bank Y and then cancel the loan from bank X.

Ram
Ram
7 years ago
Reply to  Nitin Bhatia

Thanks Nitin for your valuable response. But I already requested to cancel it from X. Will it impose major impact for getting loan from bank Y? If yes, Please let me know if there is any solution for this

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Ram

You will carry a risk in case loan is rejected by bank Y.

suresh N
suresh N
7 years ago

Hi Nitin,

My cibil score 698, i have closed two credit cards and one personal loan 1 year back and 1 auto loan in 2013,in cibil my personal loan and Bike loan showing DPD’s , 3 months back applied car loan and approved from SBI they have considered my situation at that time & one agriculture loan still running (As it designed to pay annually but still showing DPD’s in cibil )

I am planning to buy flat and applied home for 35 Lack In PNB Housing including my wife income (My wife co-applicant), as per my& bank person calculation eligibility is 65Lack(For me 34 Lack and for wife 31 Lack) but they have rejected loan application and saying irregularity of my payments(DPD’s)

I want to know any bank will give home loan to My wife (Alone) as she is co-owner of flat , she has good cibil score only one gold loan is running which we are ready to close if require

Thanks

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  suresh N

Your wife can buy a flat only in her name and she can avail home loan.

Vivek jain
Vivek jain
7 years ago

Sir,my gold loan was matured on 26-8-16 and till today that is 30-9-16 i have not renewed .so i want to ask if my cibil score will effect in this case or not??please take it as urgent sir and reply .

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Vivek jain

For any positive impact on CIBIL score, you should close the same and request the bank to update the same in CIBIL database.

Surabh Gosrami
Surabh Gosrami
7 years ago

Sir, My ECS got declined due to technical reasons (Mandate not received) and loan bank is really slow in sending the documents to the bank from where the EMI needs to be withdrawn. ECS Registration Process is taking too long and this months EMI will also get bounced (2nd in Row). I made EMI payments manually within 2-3 days after I notice the bounce. Will it affect my CIBIL score ?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Surabh Gosrami

It depends whether your home loan provider report it as DPD or not. You can submit a written complaint with home loan provider in this regard and request them not to report it as delayed payment because it is their fault. Normally, a delay of couple of days is ignored.

Sangeetha Mohan
Sangeetha Mohan
7 years ago

Hi,
I have my salary account in HDFC Bank and with a personal loan in the same (remaining duration of loan is 48 Month out of 60 months). Now, i have taken a second loan with Axis Bank for 60 months and 2 EMI’s got closed. They asked for ECS debit note – due to signature mismatch with HDFC Bank and when i took that to Axis Bank loan branch, they made me to open zero balance savings account in Axis bank itself and said that loan EMI will get deducted directly from that Savings Bank from next EMI from 3rd EMI.

My concern is that, as I am already paying my first loan with HDFC and now second loan with Axis account, will my CIBIL Score get effected.

Regards,
Sangeetha

Nitin Bhatia
Nitin Bhatia
7 years ago

Yes, unsecured loans like personal loan impact CIBIL Score negatively.

Vijay
Vijay
7 years ago

Dear Sir,
I have a current account with Axis Bank chennai, but due to some reason I couldn’t able to maintain the minimum balance for some months and I got to know the penalty is 15 thousand above.

Is it will reflect on my CIBIL Score ?,
if yes what will be the solution ?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Vijay

It will not affect your CIBIL Score. I suggest you to pay the penalty and close the current account.

Vijay Cm
Vijay Cm
7 years ago
Reply to  Nitin Bhatia

Thanks sir for your feedback Sir.

SHREEDHAR SWAMY
SHREEDHAR SWAMY
7 years ago

Dear sir
I have multiple bank accounts and that to is my salary accounts, in that i use only 2 bank accounts for my use so the remaining 3 accounts that in have it but i am not using it and actually my concern in that is i am not maintaining minimum balances in that so in one of my kotak account that i have it that is on nagetive balance of -1143rs which i am not using since 1.5 years past , so my concern is like will it affect my cibil score…????? , and i also have one bike loan in bajaj for almost 10 months i am just making the emis no Dpds in that, but in my kotak account it has 1143rs nagative balance which i am not using from the past 1.5 years so plz revert me back will it affect my cibil score for the same (Negative Balance in Bank account for not maintaining the balances from the past 1.5 years)

Regards
Shreedhar

Nitin Bhatia
Nitin Bhatia
7 years ago

As per RBI’s directive, balance in savings account cannot turn negative even after imposition of penalties for non-maintenance of minimum balance and other charges/fees. Negative balance in savings account will not impact your CIBIL Score. I suggest you to close this account if you are not using the same.

SHREEDHAR SWAMY
SHREEDHAR SWAMY
7 years ago
Reply to  Nitin Bhatia

thank you sir

Abhinay Jain
Abhinay Jain
7 years ago

Dear Nitin,

Recently i checked my Cibil Score and found it to be NA. What is that mean? Also i found one personal loan enquiry even though i havent applied for any personal loan. Please suggest what should i do to correct it?

Regards,
Abhinay

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Abhinay Jain

NA means your credit history not available. Regarding personal loan enquiry you can raise online dispute.

SHREEDHAR SWAMY
SHREEDHAR SWAMY
7 years ago

Dear sir i have bike loan in bajaj since 10 months on emi and my emi of rupees is 3115, and that will get deducted from my hdfc bank account but i have not done any late payment or cheque bounces till now, and i just applied for a person loan in capital first yesterday they have told me that my cibil score is 680, but how come it will be less , i am keep on paying my bike emis for 10 months without any Dpds and cheque bounces, but it is still less, plz revert me back for the same and plz tell me how much cibil score will be increased of every month emis

regards
shreedhar

Nitin Bhatia
Nitin Bhatia
7 years ago

There can be multiple reasons for the same. There is a possibility that your credit utilization is high. I suggest you to pull out your CIBIL report and check.

SANTHOSH
SANTHOSH
7 years ago

Dear Sir,
Recently i have applied for a new NPS account through STOCK HOLDING corporation.As a part of initial subscription i have given a cheque for 3000/-.But due to over site i have given a cheque pertains to a account which i was not operating since longtime(min.balance of 1900),so cheque got bounced and bank levied a penalty of 100/-.So again today i have given a diiferent bank cheque.Still i not aware whether bank charged any penalty to STOCK HOLDING CORPORATION.
SO please clarify whether this may affect my CIBIL.How to resole this issue.

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  SANTHOSH

Bank will charge penalty to you not to STOCK HOLDING CORPORATION. It will not affect your CIBIL Score.

SANTHOSH
SANTHOSH
7 years ago
Reply to  Nitin Bhatia

than you very much

Suresh Babu
Suresh Babu
7 years ago

Sir I got personal loan of 6.5 lac on Oct 2016 ,now I gonna buy a car through car loan on Jan 2017, in between of 3months I am applying for 2loans it will affect my civil score ,thank you

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Suresh Babu

Yes. It will impact CIBIL score negatively.

Suresh
Suresh
7 years ago
Reply to  Nitin Bhatia

Any solution for that

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Suresh

I don’t think so.

KARTHIK G
KARTHIK G
7 years ago

Hello Nithin,

You’re doing a pretty good job and I though I can get some help from you.

Coming to the issue, when I was doing my Btech, I used to be so fond of credit cards, I’m not aware that we need to have a job and the salary should be above 10k-15k and I’ve just applied for few online applications and then they came to e rejected. So, I’ve found the other means to avail a credit card. I found that I can get a card against FD and then I’ve did 20k deposit in SBI. Later one of my friend wants to buy a TV and he said if we have a credit card, we can avail Bajaj finance which helps me in getting a TV. Then, as a friend, I’ve helped him and he missed the last few EMI’s for almost 6-8 months & he said he would be paying along with the cheque bounce charges so I said ok and I was not aware of CIBIL at that time. And now after getting a job, I’ve applied for Citi bank credit card as it was my salary account as it was rejected due to low cibil score. Later my bank has sent me a copy of the credit report and then I’ve consulted few of the agenciues and they told me that the problem was due to consumer loan. Later, I went to Bajaj group and I’ve asked them to update it to cibil team and then they’ve raised a service request. When the Citibank sent me a report, the cibil was 565 and then later after updating the cibil it went to 758 which was pretty decent score. So the agent asked to avail for a consumer loan so that it would help me in increaing my cibil score. But when I applied, the bajaj rejected my file due to low cibil score where as it reflected as 652, but on the same day morning i PUlled the cibil report and it was 758 and then I’ve tried with TATA finance and it got rejected and he also said the same thing that i rejected for low cibil score. After knowing my score of 758, I’ve even applied the citi bank credit card and it said, we couldn’t issue due to internal guidelines, but previously it told it got rejected due to low cibil score. So after all these rejections, I’ve pulled the report again and this time it showed up 730. And I want to avail for a personal loan in HDFC, should i go for that and apart from that, i was being enquired for 30,000,00 educational loan when my score was 565, and does it was effect on my cibil score? if yes, how many points have i lost for that 30LK enquiry? Now after all these should I go for personal loan or should i got for CC against FD for one lakh? I’ also have a credit card against FD for 20k limit and I”m trying to increase it. Please do suggest.

I’m so sorry for the lenghty message, but I hope you would guide me in the right path.

Thank you in advance. :-)

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  KARTHIK G

I request you to share your query in short.

KARTHIK G
KARTHIK G
7 years ago
Reply to  Nitin Bhatia

previously cibil was 565, now when i checked it showed 758 and then ive checked for consumer loan and in their records, it showed 652. -I again pulled the record, and the score now is 730 and can i apply for personal loan now?

KARTHIK G
KARTHIK G
7 years ago
Reply to  KARTHIK G

and there are many credit card rejections

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  KARTHIK G

You may discuss with the bank before you apply. In my opinion, you can get personal loan but it seems your score is pulled from different credit bureaus therefore the variation is huge. The approval will depend on from which credit bureau will pull the credit report. Please check my following post
https://www.nitinbhatia.in/personal-finance/credit-bureaus-variation-credit-score/

rahul pidichatti
rahul pidichatti
7 years ago

Hi Nitin,

I have a personal loan in HDFC bank and this month payment got delayed. I have called HDFC bank and informed them to not present the ECS check on presentation date and they informed me that there is no problem we will deduct the amount anytime before 30th of this month and your cibil will not get affected as you do not have any check bounce in past, but they have presented the check in my ICICI bank account and it got returned. Now I am in a dilemma that will this affect my cibil score as it is 760. I have never had such experience before from when I have started taking loans from past 5 years.

Please help… Thank you….

Nitin Bhatia
Nitin Bhatia
7 years ago

You may check your CIBIL report after 60-90 days on how bank has reported the same in CIBIL database.

Rahul Kushwaha
Rahul Kushwaha
7 years ago

I have salary account in kotak bank and i have not closed that account and not maintain minimum balance…… the bank is charged on me………now my account balance is going to negative.

It will impact on my Cibil score?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Rahul Kushwaha

It will not impact your CIBIL Score. As per RBI guidelines, an account balance cannot go negative. As i understand it is savings account. You can check with the bank.

Bikash Bhandary
Bikash Bhandary
7 years ago

Dear Nitin,

Amazing post, thank you for your effort in putting this up.

I have couple of queries.

I have few bounced ECS (around 8 of them) with Kotak, thus they will levy me once I fund my account. Also AQB non-maintenance charges.

I am thinking of shutting the account, how should I proceed on this. Do I fund the account to let the charges deduct and then close it or just ignore the account?

Please help.

Nitin Bhatia
Nitin Bhatia
7 years ago

You should close the account. The account balance cannot be negative. You need not fund the account. Just withdraw the available balance and place request for closure of the account.

Bikash Bhandary
Bikash Bhandary
7 years ago
Reply to  Nitin Bhatia

Thank you Nitin!

Nilesh Chaudhari
Nilesh Chaudhari
7 years ago

sir,i have a personal loan of amount 50000k,in which 26k repaid in monthly emi,but due to some prob.4 emi where delay withing last 10 month,last delay emi was in sep.2016,after that emi where paid on time,sir,how many month it will take to me cover that delay payment history from my cibil report…now my cibil score is 667 then how many month it will take me to acquire 750 score..so i can apply for personal loan of 3 lacs for my home renovation and wedding

Nitin Bhatia
Nitin Bhatia
7 years ago

There is no fixed formula for the same. To improve your CIBIL score, you may check my posts on CIBIL score. Normally, it takes 6-9 months to improve CIBIL score with good credit behavior.

Tushar
Tushar
7 years ago

My father have bad CIBIL credit score. Would that affect my CIBIL Score too?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Tushar

No it will not impact your CIBIL Score on stand alone basis.

Dipankar Dutta Chowdhury
Dipankar Dutta Chowdhury
7 years ago

I have a housing loan with LICHFL. I have been making timely payments for the past 2 years. However, this month, my ECS bounced due to insufficient funds. I forgot to keep adequate funds in my account due to travel. However, I have paid the outstanding EMI by net banking within 10 days of the missed payment date. Will my CIBIL be impacted because of this?

Nitin Bhatia
Nitin Bhatia
7 years ago

I don’t think so but LICHFL may report it as DPD to the credit bureaus. You can proactively submit letter to LICHFL and request them not to report the delay.

Sha
Sha
7 years ago

Hi Nitin shab,

I just need to get clarified on credit card payment related issues..
Since making the payment having higher than the minimum due for the last month statement
in on time will affect my CIBIL score???
Since due to my situation i am repaying the outstanding amount as greater than my minimum due for thee past three months..
So kindly guide me in order to get rid out of this query also give some ideas to maintain healthy score..

Thanks.

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Sha

It will not directly impact your credit score negatively but indirectly it is increasing your credit utilization thus will have negative impact on credit score. I am not sure what is your credit utilization. You may check my post on credit utilization.

Sudheer
Sudheer
7 years ago

Hello Nitin,

I’m wondering how someone’s CIBIL score could be calculated as 00005. I have recently (Aug’16) lend a amount of 170000 from LICHFL and on- time with all dues (EMi). Before to this, I have no other history.(No loans, credit cards or credit transactions). Couple of banks approached for Credit Cards and were declined at the end with undisclosed reason. I’m kind of petrified after looking at my CIBIL score as 00005. What would be the reason to have such low score ?

I would really appreciate your help.

Thanks and regards
Sudheer

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Sudheer

I am not sure..Without going through your report, i cannot comment.

Richard Mauk
Richard Mauk
7 years ago

Dear Nitin, I recently opted for a home loan with ICICI and the loan cheque was issued, although the cheque I provided for admin charges had bounced due to signature mismatch icici cheque .now the bank is charging additional 800/- and also posted this as overdue amount which I paid through be thanking within 2 days. Will this affect my civil score ? And can bank charge for signature mismatch when it was drawn on the same bank to which it is being issued ?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Richard Mauk

No. It will not impact your CIBIL Score. Cheque Bounce charges irrespective of the reason are standard and is normally Rs 500. Therefore, you confirm the same from the bank.

Meganathan b
Meganathan b
7 years ago

Hello Sir,

I have not made post paid payment for almost 5 months. The total bills comes around 6K. Will it affect my CIBIL score?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Meganathan b

It will not affect your CIBIL Score.

Thanga Raj
Thanga Raj
7 years ago

Hello sir,

I’ve took education loan for 1.8L and my EMI starts @ 2013.I’ve not paid my EMI’s Properly ,nearly missed 24 EMIs .Last 1 year paying my EMI properly and cleared all the dues and currently I’ve a CIBIL score of 750+ .. Now can I apply for Home Loan now?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Thanga Raj

It depends how the delayed payment is reported to CIBIL.

Thirumala Prasad
Thirumala Prasad
7 years ago

hello sir,

i have took personal loan from shriram chits [pvt finance] and paying EMI’s through ECS from my salary account.. Now i am looking for car loan, Now these EMI’s impact in cibil & if i give my bank statement to process car loan these emi’s will be seen in statement. so now can i apply for car loan?

my Net salary 26k
pesronal loan [banking]- 10k
pesronal loan [Shriram chits}- 6k

Please Suggest me wat can i do now???

Nitin Bhatia
Nitin Bhatia
7 years ago

I don’t think so that your car loan will be approved.

Mohammed
Mohammed
7 years ago

Hi Sir, Very useful post. I have couple of doubts related to this topic. Whether inoperative partnership firm current account with minimum balance penalty affects CIBIL Score? For your kind info there is no loan or outstanding for this account other than minimum balance penalty. If it affects CIBIL Score then does it affects CIBIL Score of all partners or only the Authorised signatory of the respective account. Kindly can you clarify the same. Thanks

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Mohammed

Inoperative current account will not impact CIBIL score until unless OD facility is availed.

Mohammed
Mohammed
7 years ago
Reply to  Nitin Bhatia

Hi, Thank you for the clarification. I do not want to use my inoperative current account. Whether i have the pay the minimum balance penalty charges compulsory or leaving it in inoperative for several days automatically account will be closed. Kindly can you clarify the same. Thanks

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Mohammed

I suggest you to submit request with the bank to close this account.

Suji
Suji
7 years ago

Sir,
My husband took a two-wheeler loan in 2009 and I was the guarantor for his vehicle loan, He was unable to pay the EMI on time, but he had paid all the EMI by the time his loan was closed. Last year in 2016, when I applied for personal loan, I was rejected stating my CIBIL score is less due to they delayed payments of that two-wheeler loan. My monthly salary is 30K and I would like to apply for a home loan after 6 months. Sir, please help me how could I improve my CIBIL score so that next time when I apply for a home loan I should not be rejected for the same..

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Suji

You may approach the bank for CIBIL Masking with which your husband availed 2 wheeler loan.

Ameya Dhapre
Ameya Dhapre
7 years ago

hello sir
My father had taken some personal loans credit card when i was 17 years old.I was not the co applicant or the guranter he defaulted and was not able to pay.I applied for a car loan in hdfc when i was 24 keeping my father as co applicant and my application was rejected as his name was in cibil.Now after 2 years am again appliying for a home loan with hdfc bank without any co applicant.My cibil score is 837 and i have one credit card which is fully clear.Can i get home loan?
Will my father default affect my home loan eligibility?

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Ameya Dhapre

You may pull out your credit report and check whether your father’s account is reported/linked in your report or not.

Ameya Dhapre
Ameya Dhapre
7 years ago
Reply to  Nitin Bhatia

i pulled out my credit report and it shows
COLLATERAL
Value of Collateral-
Type of Collateral-
DEFAULT STATUS
Suit Filed/Willful Default-
Written Off Status-
Written Off Amount (Total)-
Written Off Amount (Principal)-
Settlement Amount –
it showing dash dash after each report

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Ameya Dhapre

It seems some other factors are impacting your credit score.

chinmai bfa
chinmai bfa
7 years ago

HI Sir
I have just read your cibil score it was very informative, i have a doubt i was trying applying for a personal loan of max 3 lakhs for my marriage, so i have done it from fullerton after all documentation they are saying they will only give 1.34 lakhs so if i cancel that loan will it effect my cibil score and will i get immediate loan.

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  chinmai bfa

It will recorded as Credit Score Enquiry and will have minor impact on your credit score. There is a possibility that they might have reported this account to credit bureaus. In this case, it will have major impact on your credit score.

Nitin Bhatia
Nitin Bhatia
7 years ago

If you follow good credit practice, it will take 9-12 months to improve credit score.

surender reddy
surender reddy
7 years ago
Reply to  Nitin Bhatia

Thanks so much sir.

Shankar G
Shankar G
7 years ago

sir
i got a cibil score at the time of switching my home loan and in one bank to another the scored varied between 45 points. came back to the same bank and it showed a different figure. i had not done any financial transaction in between. can you throw some light on this

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  Shankar G

It seems bank are referring to credit score from 2 different credit bureaus. Please check my following post
https://www.nitinbhatia.in/personal-finance/credit-bureaus-variation-credit-score/

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