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Thread: How to improve my CIBIL Credit Report, which I ruined due to non payment of Credit Card dues?

  1. #1
    PolicyWala Newbie
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    May 2009
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    Exclamation How to improve my CIBIL Credit Report, which I ruined due to non payment of Credit Card dues?

    I had Credit Cards from 5 banks (ICICI, SBI, PNB, AXIS and Stan Chart Bank) and always paid ontime. In May-2011, I lost my father and also lost my IT job due to recession. During this time period I had depended on the Credit Cards and the balances on credit cards, which could not be paid and now reflects in my CIBIL Credit Report. Thanks for god grace, now I am back in job and in credit. In May 2012, I have settled the all the CC outstanding amount but the credit rating is not getting better.

    Please guide what should I do to improve my CIBIL ratings?

    Thanks,
    CSI



  2. #2
    Moderator CONFUSED's Avatar
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    Apr 2009
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    Mumbai
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    1- Details your your current loan account will stay till 7 years unless your lender (CC company) makes any change in it.
    2- If you use credit card then make sure you keep low balance. This will improve your CIBIL score and report.
    3- I don't recommend loans except home loan.
    4- In case you need a new loan and you are having difficulty because of the 'defaulter' tag, you can try explaining reason for the default to the prospective new lender.
    5- It will take years to build your credit history again. Don't dream of changing in a day or months.
    Rules/Guidelines at PolicyWala | Help Old People |
    I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.

  3. #3
    NewBie
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    May 2017
    Location
    Hyderabad
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    Some Tips to Improve your CIBIL Report:
    1. Credit report checking frequency
    2. Constant applications for credits
    3. Timely payments
    4. Signatory or joint applications

  4. #4
    Banned
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    Jun 2018
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    India
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    Default

    Paying your debts on time and maintaining good credit history can improve your credit score.


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