"My CIBIL Score is 523 and one of the agencies is promising me to repair CIBIL Score in just 60 days. Should i go ahead?". This was one of the queries posted by one of the readers of the blog. This individual i.e. Person A dropped a mail to me and mentioned that agency is demanding Rs 30,000 to repair CIBIL Score. His problem was that he bought a flat of Rs 1 Cr in Mumbai and paid booking amount of 20% i.e. 20L to the builder. The builder threatened to forfeit the booking amount if he is unable to arrange a home loan. He informed the builder the at the time of paying booking amount that his ... Read More
CIBIL Masking – All you want to know to avoid being cheated
CIBIL Masking is nothing but an offer to defaulter to clear all the past dues along with penalties and interests. The past dues or outstanding loans are either written off or settled in the CIBIL report of a defaulter. If borrower accepts CIBIL Masking offer then the bank promises to remove Written-off or Settled Status from the CIBIL Database. To know more about these 2 terms, please check my post, CIBIL Score - 7 Jargon you should know to read CIBIL report. Before we proceed, i would like to request the readers to understand your CIBIL report before taking any decision or action. The ... Read More
Credit Score – 7 Jargon You Should Know to read CIBIL Report
Credit Score is like an alien concept for the borrowers. Normally, a borrower checks the absolute Credit Score Value and create a notion about the same. Some of the credit experts have created a very wrong notion among borrowers. This misconception is that if the Credit Score is more than 750 then NO Force in this world can reject the loan. It is wrong understanding. I can share examples of borrowers whose loans were rejected even with a score of more than 800. There is no doubt that credit score of 750+ is very good but it does not guarantee the loan. In my post, How to read CIBIL Score and ... Read More
Credit History – How I am Responsible for My Low CIBIL Score
CIBIL Report is the bible of a credit history of an individual. Through my blog, i have published large no of posts on CIBIL Score. I try to cover all the practical aspects of Credit History. On the web, you may find large no of posts on theoretical aspects that does not have much relevance in my opinion. In my post, How financial institutions Kill CIBIL Score? i shared how financial institutions could kill your score. Not many borrowers are aware that sometimes they are also indirectly responsible for low CIBIL Score. I hope you have heard the word Self Destruction. It is self-inflicted acts ... Read More
How Financial Institutions Kill CIBIL Score?
CIBIL reporting by financial institutions is one of the most discussed topics on my website. I never suggest my clients to default on loans/credit card/overdraft. As i keep highlighting that any default may lead to a major impact on CIBIL Score of the borrower. To avoid credit default, financial institutions urgently need Credit Counselors. Even in the case of a credit default, defaulter should be punished and penalized which is logical and reasonable. Moreover, punishment should be as per existing rules and regulations. Through this post, I am not justifying the default on credit availed by ... Read More
How to Cancel Credit Card?
In Banking Sector, there is no standard process defined to Cancel Credit Card. As a result, most of the times credit card user end up with low CIBIL score due to unintentional payment default. I also suffered in past, thankfully i noticed before it impacted my CIBIL Score. Credit Card is both a blessing and a curse depending on how you use it. Some people have habit to experiment with credit cards. Trust me, it is most dangerous game. They apply for new credit card when they receive new offers and cancel credit cards which are not in use. This habit can cost you heavily if process to cancel ... Read More