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Old 10th August 2012, 09:32   #61
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Default Re: Now have Access to your CIBIL Credit report

^^It will not improve the CIBIL rating. But it will protect against inadvertently ignoring any small, left-out charge the bank may subsequently levy, which will multiply slowly over many months, thereby spoiling the score. A statement showing a small credit balance, once in our file, is always the best bet IMO.

And what I said applies only when closing a card account, not otherwise! I just pay the actual amount due every month.

Last edited by Gansan : 10th August 2012 at 09:34.
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Old 10th August 2012, 13:44   #62
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Default Re: Now have Access to your CIBIL Credit report

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In fact, now if you make prompt payments on all the cards without missing the deadline, your points will go up even higher than by closing cards . Trying to close the cards now might be troublesome. Some credit card companies don't close your account on CIBIL even though you initiate a proper closure and pay back fully. You might have to wait for months to see an all clear record on CIBIL if you close cards now.
okay!

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Before closing a card account, it is better to pay a couple of hundred rupees more than the total amount due, and ensure the credit balance is reflected in the subsequent month's statement.
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+1 to this. Even i am doing this since last 3 years. I pay 200-500 INR over my total amount due before the due date. Not sure whether this improves CIBIL score, but anyways its a good practice and there is no harm.
Sadly (or in a good way) I don't have any outstanding on these cards; are lifetime free cards - so, if I close them, should I still pay?
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Old 10th August 2012, 14:16   #63
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Default Re: Now have Access to your CIBIL Credit report

^^Still, make a small payment, get a statement reflecting the Cr. balance and keep it in your file.
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Old 10th August 2012, 14:58   #64
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Default Re: Now have Access to your CIBIL Credit report

CIBIL is fake and stupid system. And stupid banks follow them blindly without using any logic.

I was planning to buy some property in my father's name. So got all the necessary documents ready and submitted to the bank. When the bank ran his report they came with a page and half of credit cards and accounts. Most of the cards were closed in 2005-06. The existing account details and NOCs were submitted. The loan was rejected because a loan was repaid before time and one credit card had credit balance. In short, manager didn't get his 'cut'

When the file was submitted to another bank, they came up with another 2 pages of report which never existed 2 months back. This report include cards which were written off and delinquency issue about some mortgage property which we never owned. The cards and property mentioned in these 2 pages doesn't match with my father' 45 years of records because he never had them.

I have ordered for a detailed cibil report. I hope I can iron this madness. Dispute with cibil

Examples of stupid banks:

1) A Stan Chat loan was repaid. I have the NOC saying loan was fully repaid. The bank asks for sanction letter even though the NOC has all the details. The CIBIL Report says it was Settled whereas Stan Chat letter mentions there were no delinquency whatsoever and amount was fully repaid.
The bank manager was adamant as the word 'Settled' appeared.

2) An American Express card was closed. The account had Rs.22 credit balance. I have the NOC from Amex. The word Written-off appears in the report. The letter along with NOC states the account was NOT settled. I duly paid and closed the account following proper bank procedures and the account at present carries credit balance.
The manager was adamant as the word 'Written-off' appeared.

Are banks and managers senseless? They want to believe this crazy report and not the black and white facts? I understand Audit might create problem but there are 2 or more supporting documents and proving the CIBIL is fake!

God save India.
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Old 10th August 2012, 15:06   #65
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Default Re: Now have Access to your CIBIL Credit report

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I was planning to buy some property in my father's name. So got all the necessary documents ready and submitted to the bank. When the bank ran his report they came with a page and half of credit cards and accounts. Most of the cards were closed in 2005-06.
What was his score? If score is above 800, Manager would not have much discretion.
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Old 10th August 2012, 15:51   #66
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What was his score? If score is above 800, Manager would not have much discretion.
I think it was 680.

Is it so that you run the report (read banks) your score gets reduced?

Another major problem was explaining our profession to the manager. We own the company and father is one of the directors. Manager says how can a owner be director or vice versa and was asking senseless questions. Funny part, my father is the second owner of the house! Not a single query was raised towards the first owner of the house i.e. my mother.
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Old 10th August 2012, 16:01   #67
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I think it was 680.
That might be the root cause. With score of 680, manage would need really strong reason so sanction the loan.

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Is it so that you run the report (read banks) your score gets reduced?
Yes, with every "pull" score gets temporarily reduced by 25. This is to avoid a situation where a person can get multiple loans in short time.

After few weeks, score reverts to original value.
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Old 10th August 2012, 16:12   #68
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That might be the root cause. With score of 680, manage would need really strong reason so sanction the loan.
Sad part is, the amount was sanctioned. It was really not a big amount. Three and a half months later it was rejected. Reason? The ones I mentioned in the first post. Bank of Baroda is what Im talking about.
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Old 10th August 2012, 16:20   #69
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Three and a half months later it was rejected. Reason?

In that case, there might be some other reason. Since system checks CIBIL before sanction, I am not sure why manager would be creating probem.
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Old 10th August 2012, 16:27   #70
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In that case, there might be some other reason. Since system checks CIBIL before sanction, I am not sure why manager would be creating probem.
No the reason he gave were these:


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Examples of stupid banks:

1) A Stan Chat loan was repaid. I have the NOC saying loan was fully repaid. The bank asks for sanction letter even though the NOC has all the details. The CIBIL Report says it was Settled whereas Stan Chat letter mentions there were no delinquency whatsoever and amount was fully repaid.
The bank manager was adamant as the word 'Settled' appeared.

2) An American Express card was closed. The account had Rs.22 credit balance. I have the NOC from Amex. The word Written-off appears in the report. The letter along with NOC states the account was NOT settled. I duly paid and closed the account following proper bank procedures and the account at present carries credit balance.
The manager was adamant as the word 'Written-off' appeared.
He had all the documents from Day 1. The bank sanctions the amount 10k less than what I applied for. Suddenly, he says its rejected because settled and written off words appeared. This was known to him since Day 1.

I am very much sure he didn't get his share, the percentage he was hoping for.
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Old 10th August 2012, 16:54   #71
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Default Re: Now have Access to your CIBIL Credit report

I had owned Kotak Credit Card few years and it was closed properly with all the formalities in the branch itself and got the NOC stating no balance. However recently when i tried to apply for a new Credit Card at Kotak it was rejected right away after the CIBIL Check. The reason given was that i already hold a Kotak Card and they cannot issue another credit card to me. This means Kotak hasn't updated my Credit Card Account status in CIBIL.

Then later I contacted their nodal officer explaining him all the facts that the card was closed long back and it was in good standing while in use and and sorted this out. He again processed my application and shockingly my application was rejected again with the same reason.

Now i do not know whom to contact in Kotak so that my CIBIL record is updated.
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Old 10th August 2012, 17:15   #72
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Now i do not know whom to contact in Kotak so that my CIBIL record is updated.
You need to raise a dispute with CIBIL:

https://www.cibil.com/online/file-consumer-dispute.do

After that, raise a written request with Kotak.
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Old 10th August 2012, 18:01   #73
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Default Re: Now have Access to your CIBIL Credit report

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Originally Posted by NetfreakBombay View Post
That might be the root cause. With score of 680, manage would need really strong reason so sanction the loan.



Yes, with every "pull" score gets temporarily reduced by 25. This is to avoid a situation where a person can get multiple loans in short time.

After few weeks, score reverts to original value.
Are you sure about this ? How do you now that the score will revert back to its original value ?

My score was 859/900 6 months back and I had applied for few (3) credit cards 5 months back and today when i got the score, it is 813/900. Though i haven't missed any payments or EMI but still the score has gone down.

I guess its not temporarily but permanently the score will go down.

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You need to raise a dispute with CIBIL:

https://www.cibil.com/online/file-consumer-dispute.do

After that, raise a written request with Kotak.
thank you!!

I have just completed their dispute form, I hope it will be fixed.
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Old 14th August 2012, 11:31   #74
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Default Re: Now have Access to your CIBIL Credit report

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Are you sure about this ? How do you now that the score will revert back to its original value ?

My score was 859/900 6 months back and I had applied for few (3) credit cards 5 months back and today when i got the score, it is 813/900. Though i haven't missed any payments or EMI but still the score has gone down.

I guess its not temporarily but permanently the score will go down.



thank you!!

I have just completed their dispute form, I hope it will be fixed.
When you had applied for the credit cards 6 months back, it would have dropped to below 800 is my guess. Netfreakbombay is right about the drop in points, but I'm sure it will not be reversed to original value after the period. It will be a permanent hit. Now with the 5 months of continuous payments you made, the points have slowly crept back upto 813 from the 780-790 part. As far as I know, each on-time EMI payment logs in 2 or 3 points or something like that. If your score is 780 now, and lets say you have 2-3 EMIs every month. After 5 months of on-time payments, it would be something like 780 + (6 points per month X 5 months) = approx 810 points. Again, the points may vary depending on how big the EMI amount is, and things like that, so I'm not 100% sure on the exact no. of points you gain. But in a nutshell, this is how it works

Last edited by KarthikK : 14th August 2012 at 11:34.
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Old 27th August 2012, 22:55   #75
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Default Re: Now have Access to your CIBIL Credit report

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Originally Posted by CRV2010 View Post
Are you sure about this ? How do you now that the score will revert back to its original value ?

My score was 859/900 6 months back and I had applied for few (3) credit cards 5 months back and today when i got the score, it is 813/900. Though i haven't missed any payments or EMI but still the score has gone down.

I guess its not temporarily but permanently the score will go down.



thank you!!

I have just completed their dispute form, I hope it will be fixed.

Finally 2 of my Credit Card Account and One 2 Wheeler Loan Account which was not updated by the banks even though it was closed years back has been updated with the CLOSED Status in CIBIL within 9 days of my dispute raised through their website. Got a message today from CIBIL that it has been updated.
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