Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 20th February 2013, 11:09   #136
BHPian
 
joey645's Avatar
 
Join Date: Jan 2013
Location: Bangalore
Posts: 77
Thanked: 124 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by lambuhere1 View Post
@ Joey, Thanks buddy for the information.

Believe need to dig out the cibil score again. did it a year back.

What are the type of randon questions being asked ? I dont keep record of my CC bills though !
The kinda questions you usually get are multiple choice. And they are always linked to whichever accounts are reporting their business with you to CIBIL, so it can be info pertaining to credit cards, personal loans, home loans, auto loans. The questions I got were along the lines of:

1. A new card was issued to you in 2010 by which of the following banks: a)XXXX b)yyyy c)zzzz

2. A loan was approved for a home loan in a) 03, 2012 b) 05, 2012 c) 02, 2012

Quote:
Originally Posted by mikon View Post
Informative!
I would like to know what are the good and bad score range.
Mikon

<350 - Terrible (nobody will issue any loans)
350-500 - Poor (moneylenders might issue a loan )
500-600- Average (private banks might issue a loan, but only if you can justify the score)
600-750 - Good (public sector banks will consider you for a loan. pvt banks will def. approve you for a loan)
750> - Excellent (You the boss. Make the banks sweat it out for your business)

Last edited by joey645 : 20th February 2013 at 11:10.
joey645 is offline   Reply With Quote
Old 20th February 2013, 11:52   #137
BHPian
 
Join Date: Feb 2008
Location: Pune
Posts: 344
Thanked: 56 Times
Default Re: How the CIBIL report can make or break you!

Quote:
Originally Posted by joey645 View Post
The balance points, believe it or not were docked because I applied for loan options on policybazaar, and they forwarded my application to multiple banks and each bank pulled my file! Thatís almost 25 points for each enquiry! Holy cow!
Can you throw some light on this as I do not understand above. Why would just applying for loan reduce your score?
alto99 is offline   Reply With Quote
Old 20th February 2013, 11:57   #138
BHPian
 
joey645's Avatar
 
Join Date: Jan 2013
Location: Bangalore
Posts: 77
Thanked: 124 Times
Default Re: How the CIBIL report can make or break you!

Quote:
Originally Posted by alto99 View Post
Can you throw some light on this as I do not understand above. Why would just applying for loan reduce your score?

Alto, the logic here is that the more credit you apply for, the greater your desperation for credit, and therefore, the lower your score. The system assumes that since you're applying multiple times for the same loan, you're possibly not solvent enough to pay for it or have been rejected by the other parties which is making you reapply in desperation.

Essentially, each time someone views your cibil report (other than yourself) you will find your credit score falling by anywhere between 10 and 25 points.
joey645 is offline   Reply With Quote
Old 4th March 2013, 12:20   #139
BHPian
 
gandalf's Avatar
 
Join Date: Jun 2008
Location: Bangalore
Posts: 93
Thanked: 22 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by joey645 View Post

<350 - Terrible (nobody will issue any loans)
350-500 - Poor (moneylenders might issue a loan )
500-600- Average (private banks might issue a loan, but only if you can justify the score)
600-750 - Good (public sector banks will consider you for a loan. pvt banks will def. approve you for a loan)
750> - Excellent (You the boss. Make the banks sweat it out for your business)
Hi Joey
How did you get these division? Most of the banks talk about 750+ and nothing less. this helps a lot thnks
gandalf is offline   Reply With Quote
Old 5th March 2013, 19:43   #140
BHPian
 
joey645's Avatar
 
Join Date: Jan 2013
Location: Bangalore
Posts: 77
Thanked: 124 Times
Default

Quote:
Originally Posted by gandalf View Post

Hi Joey
How did you get these division? Most of the banks talk about 750+ and nothing less. this helps a lot thnks
hey gandalf

I got these inputs during the course of looking to fund my car purchase from cibil and the many banks I spoke to.

Public and private banks have a different minimum score. Everyone talks about 750 as the base score but in reality its the score you need for the good deals.

With a score of below 600 I was still approved for loan by a private bank but the catch was higher interest rates and steep processing fees.
joey645 is offline   Reply With Quote
Old 5th March 2013, 20:02   #141
Awaiting Email Confirmation
 
Join Date: Apr 2011
Location: HYD & BLR
Posts: 38
Thanked: 13 Times
Default Re: Now have Access to your CIBIL Credit report

Joey, thanks for all your tips, I checked this thread last week and got my CIBIL credit score. It was a walk in the park and the score looks Excellent too .

I also found out the list has a credit card from Indus Ind Bank which i never opted for nor remember paying anything for it. It has a start date and close date by itself !!!!!!

Another tip that I got during my home loan processing 4 years back was that the merchant (it was a NBFC Housing Finance entity) who checked my CIBIL report was courteous enough to let me know i have a WD (Wilful Default) on one of the credit card from private lable merchant (like we have Jet Airways and ICICI / Shoppers Stop and HDFC etc) where the card was despatched to me with annual fees / other charges and I never got the card nor the knowledge of existence of that card in my name.

She suggested I give her an authorization letter to contest that which actually worked out well. But it took 2 months get it off my back and at no extra effort or cost. Needless to say the loan was approved as well.
shimshumara is offline   Reply With Quote
Old 5th March 2013, 20:31   #142
BHPian
 
joey645's Avatar
 
Join Date: Jan 2013
Location: Bangalore
Posts: 77
Thanked: 124 Times
Default

Quote:
Originally Posted by shimshumara View Post
Joey, thanks for all your tips, I checked this thread last week and got my CIBIL credit score. It was a walk in the park and the score looks Excellent too .

I also found out the list has a credit card from Indus Ind Bank which i never opted for nor remember paying anything for it. It has a start date and close date by itself !!!!!!

Another tip that I got during my home loan processing 4 years back was that the merchant (it was a NBFC Housing Finance entity) who checked my CIBIL report was courteous enough to let me know i have a WD (Wilful Default) on one of the credit card from private lable merchant (like we have Jet Airways and ICICI / Shoppers Stop and HDFC etc) where the card was despatched to me with annual fees / other charges and I never got the card nor the knowledge of existence of that card in my name.

She suggested I give her an authorization letter to contest that which actually worked out well. But it took 2 months get it off my back and at no extra effort or cost. Needless to say the loan was approved as well.
Hey Shimshumara

Glad I could be of help. These credit card cos are bandits! Good thing you caught the anamoly before it could do any damage.
joey645 is offline   Reply With Quote
Old 9th March 2013, 19:22   #143
BHPian
 
Join Date: Sep 2009
Location: Banagalore
Posts: 122
Thanked: 18 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by Ikoner_03 View Post
Sai,

Does this mean that I can approach the bank with whom I have a long standing salary account and get my scores revealed?Incidentally I had also closed a personal loan successfully with the same bank.
Indus Ind Bank turned down to send the CIBIL report stating- " do not have the referred facility to send CIBIL report". Banks dont care for RBI regulations

Last edited by Fabiaous : 9th March 2013 at 19:24.
Fabiaous is offline   Reply With Quote
Old 12th March 2013, 16:26   #144
BHPian
 
joey645's Avatar
 
Join Date: Jan 2013
Location: Bangalore
Posts: 77
Thanked: 124 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by Fabiaous View Post
Indus Ind Bank turned down to send the CIBIL report stating- " do not have the referred facility to send CIBIL report". Banks dont care for RBI regulations

Banks are not supposed to share the report with anyone outside of their loan origination/ underwriting teams, and that includes us customers. At best, the officer can let you have a look at it if you're with him at an opportune moment. They can tell you what your score is, where the report shows you in a poor light etc, but they are not allowed to share a copy with the consumer.
joey645 is offline   Reply With Quote
Old 22nd June 2013, 10:02   #145
Senior - BHPian
 
vasoo's Avatar
 
Join Date: Jul 2007
Location: Memphis TN
Posts: 1,031
Thanked: 207 Times
Default Re: Now have Access to your CIBIL Credit report

Got my CIR generated yesterday. My credit score is 844, which looks pretty good by the above standards. I had just one home loan, one car loan and one credit card so far and never delayed any payments. May be that helped to get a good score.
vasoo is offline   Reply With Quote
Old 5th July 2013, 08:29   #146
BHPian
 
triedeverything's Avatar
 
Join Date: Jun 2007
Location: Bangalore
Posts: 492
Thanked: 162 Times
Default Re: Now have Access to your CIBIL Credit report

I recently got a call from a bank where I had approached for a loan. They said my CBIL score was excellent. But in 2008, there is an entry made about something being 'settled'. They told me to write to CBIL for additional details about which bank, transaction etc and ask the bank to remove it from their records. I don't remember any such 'settlement' and as far as I can remember, there has been no such instance. I can't find an email address to write to so I can take this up with the concerned bank. Do I have to purchase a report that I don't really need? Help!
triedeverything is offline   Reply With Quote
Old 5th July 2013, 14:03   #147
BHPian
 
Join Date: Nov 2010
Location: Mumbai
Posts: 124
Thanked: 26 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by triedeverything View Post
I recently got a call from a bank where I had approached for a loan. They said my CBIL score was excellent. But in 2008, there is an entry made about something being 'settled'. They told me to write to CBIL for additional details about which bank, transaction etc and ask the bank to remove it from their records. I don't remember any such 'settlement' and as far as I can remember, there has been no such instance. I can't find an email address to write to so I can take this up with the concerned bank. Do I have to purchase a report that I don't really need? Help!
Without buying it, you can't really raise a dispute. I'd suggest you buy it so that you can check if there are any more weird records that might be inaccurate. Its a worthwhile investment
maverhick is offline   Reply With Quote
Old 5th July 2013, 14:31   #148
BHPian
 
joey645's Avatar
 
Join Date: Jan 2013
Location: Bangalore
Posts: 77
Thanked: 124 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by triedeverything View Post
I recently got a call from a bank where I had approached for a loan. They said my CBIL score was excellent. But in 2008, there is an entry made about something being 'settled'. They told me to write to CBIL for additional details about which bank, transaction etc and ask the bank to remove it from their records. I don't remember any such 'settlement' and as far as I can remember, there has been no such instance. I can't find an email address to write to so I can take this up with the concerned bank. Do I have to purchase a report that I don't really need? Help!
A ''settlement'' account is a red flag for any bank. You really should buy the report online, determine which account is showing as settled and why, and close it properly. The longer it stays in a settled status, the worse its impacr on your score.

In case you didn't know - an account will show as settled when you've not got the funds to pay off the balance in full but reach an agreement to pay off just the principal amount or a discounted amount. For eg if your credit card outstanding was 100 Rs., you didnt have the money, the banker offered to close the card and all balances against a one time payment of 20 Rs, then even though you may think its closed, the bank will report it as settled.

The only way to un-settle the account would be to go back to the bank and pay the balance from the original amount that was due (In this eg. - you'd need to go back to the CC company and pay 80Rs and ask them to update the account as closed). Then you have to get a letter from them saying the account is CLOSED IN FULL. Raise a dispute on cibil, scan the copy of this closure letter or post it to them and give them 30-45 days to investigate and update your report accordingly.

BTW, Any other offer or another part payment etc is just a waste no matter what the banker says - they will only take your money and then continue to show their reporting to cibil under settlement status.

Also, if you cant get in touch with anyone at the bank, just go through their website and find the contact details of the Banking Ombudsman and get in touch with the ombudsman. The ombudsman is the best person to get a quick resolution as they are held to extremely strict dispute resolution turnaround times.
Hope this helps.

Last edited by joey645 : 5th July 2013 at 14:34. Reason: forgot to mention something
joey645 is offline   Reply With Quote
Old 5th July 2013, 22:08   #149
BHPian
 
arjithin's Avatar
 
Join Date: Aug 2011
Location: BGLR/Chalakudy
Posts: 810
Thanked: 657 Times
Default Re: Now have Access to your CIBIL Credit report

I got my first report and guess what ..its full of errors. Name, DOB, address, phone number , 5 out of 6 accounts, all are incorrect. Raised a dispute with CIBIL, waiting for an update. Not sure how long it will take to resolve though...
arjithin is online now   Reply With Quote
Old 6th July 2013, 18:21   #150
BHPian
 
triedeverything's Avatar
 
Join Date: Jun 2007
Location: Bangalore
Posts: 492
Thanked: 162 Times
Default Re: Now have Access to your CIBIL Credit report

Quote:
Originally Posted by joey645 View Post
A ''settlement'' account is a red flag for any bank. You really should buy the report online, determine which account is showing as settled and why, and close it properly. The longer it stays in a settled status, the worse its impacr on your score.
That's exactly my point. I would definitely remember if I made a settlement. I've always paid my credit card dues in full. So that's impossible.

And looking at the post above, if they can't get simple details like name and DOB right, it's pretty sure that they've goofed up on other things too.
It doesn't make sense to pay them to correct mistakes that they have created.

Anyway, I probably will have to buy the report some time soon.

Thanks for the reply.
triedeverything is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Devil in CIBIL (reports) kingjulian Indian Car Loans & Insurance 61 27th June 2017 13:25
Paid someone else's credit card bill by mistake. EDIT - Now Resolved. Spinnerr Shifting gears 15 14th April 2015 11:20
Credit Suisse Report: The Indian Auto Sector, 2013 GTO The Indian Car Scene 10 28th November 2013 11:57
Want Nano? Swipe your Credit Card, says Tata GTO The Indian Car Scene 22 7th March 2013 23:23
Now, one-time-password for credit cards from 1st, Jan 2011 GTO Shifting gears 38 29th December 2010 20:09


All times are GMT +5.5. The time now is 18:32.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks