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I am just passed out from college and started working on with a MNC this July'2014. Got my first credit card since July 2014. I am looking for personal loan, so I checked my cibil report in August 2014. And it shows my credit score as "NH".
What does this means?
Am I eligible for loan or not?
A Score of “NA” or “NH” is:
a) You do not have a credit history or you do not have enough of a credit history to be scored, i.e. you are new to the credit system
b) You do not have any credit activity in the last couple of years
c) You have all add-on credit cards and have no credit exposure
Credit score takes time to build. Wait at least 1- 1 half years.
I have a salaried account for last 5 years , and I have no score yet, than why do the bajaj alliance offers so many loan policies on Rs.1 down payment and all, To take a loan I mus have already taken a loan to Improve my Credit Score .
This is a LOOT
NH means No History. As you haven't availed a credit card or a loan you dont have a score. If you have used the credit card for 6 months and still using it, you must have got a score now. Make sure that you are using it wisely and also making payments on a regular basis. This will help you to increase your score.
Before applying for a Personal loan make sure you check your Credit score. You need to have a score of 750 and above to get a Personal loan with good rate of interest.
No History means you don't have any credit records, So first you take credit card from any bank then you can build your credit records so that you can get preferred loan.