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Old 6th September 2018, 15:48   #211
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There are few more. I am not sure why it is not showing those for you
5) Enquiries - More enquires are not good
6) Negative accounts - Obviously any 'settled' or 'written off' credit will have negative impact.
Hi Guna,
Point number 5 is a temporary thing where a new enquiry will dock 25 points from your account, but it also reinstates those points after 3-6 months (not sure the time frame).
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Old 6th September 2018, 15:51   #212
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am1m,Sensible. Glad to see another who thinks like me. I once had an employee who took debt to pay for foreign vacations! We found out from his wife when he got sacked. Much wailing, pandemonium and silly threats ensued.
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I'm very old school, I believe loans should be taken out only for appreciating assets (home, higher education, starting a business, etc.), so I've always bought vehicles I could afford in full after saving up over years, and we usually hang on to them for a bit before changing. And the thought of doing something like taking a personal loan for a foreign holiday or a superbike makes me scared!
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Old 6th September 2018, 16:08   #213
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am1m,Sensible. Glad to see another who thinks like me.
Thank you sir! Sometimes I feel like I'm too conservative (read OLD ) because all the younger people around me keep saying YoLo! YoLo! (you only live once, apparently) while going for exactly what they want now in terms of cars and stuff. While I seem unnecessarily concerned about how my wife and I will do financially after retirement.

But I think we also could live looong and I'd like to live with dignity in my old age. Especially considering all the doubts about the longevity of the sector in which we're employed, the IT sector!
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Old 6th September 2018, 17:52   #214
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Thanks all for the replies to my query! So the practical question now would be, what is the effect of a low CIBIL score on one's financial future? I guess not being eligible for a loan later in life would be one. Though i can't see myself needing one (no kids, no plans to have any, maybe a higher education degree for myself someday- low probability), but I guess one can never say.
I don't think you should be too worried. My Mom was able to get a home loan of 15L at the age of 56. Till then she had never taken a loan on her name. And we only had her ITR for just 1 previous year, as before that, she didn't even have a taxable income.
Her pension slips and 1 ITR showing total income of 5L+ was enough. We did get the loan insured later, but that was not a factor when the loan was disbursed.
In India, if the manager is convinced that you will be able to pay off the loan, then low CIBIL scores are not an issue, if you don't have a record of defaulting on loans.
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Old 6th September 2018, 19:27   #215
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Dear am1m, you are a sensible wise ‎person. Stay with your policy. It worked very well for me. We live many lives actually - in the body and the mind and with respect to our character growth. So while some young folks who have not witnessed the panorama of life may chant YoLo in reality it is You Live Many Lives within that 80 year span. India has experienced economic growth from 1999. This means even a 40 year old in the urban professional segment has not tasted what a jolt is like and how it can change all the assumptions we thought were permanent. IT is a soft sector for volatility. The YoLo creed are simply enjoying the rising tide. This is not to say we should scrimp and suffer but that good common sense thrift never goes out of fashion. My very best wishes to you.
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Thank you sir! Sometimes I feel like I'm too conservative (read OLD ) because all the younger people around me keep saying YoLo! YoLo! (you only live once, apparently) while going for exactly what they want now in terms of cars and stuff. While I seem unnecessarily concerned about how my wife and I will do financially after retirement.

Especially considering all the doubts about the longevity of the sector in which we're employed, the IT sector!

Last edited by V.Narayan : 6th September 2018 at 19:29.
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Old 9th October 2019, 14:03   #216
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Guys! I checked my credit score (through SBI Internet Banking services) on 8th of Aug 2019 and it was a healthy 806.

Yesterday, I applied for a car loan (SBI) and the bank guy called me up today to inform that my score is 733. He sent me the score sheet and there were no defaults, nothing. I checked my sheet (806) and everything was same except the score.

There have been no credit score inquiries or credit card closures in the last 2 months that would bring my score down.

Can anyone help me with the reason for this?
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Old 9th October 2019, 15:24   #217
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Irony is, a person who has managed his finances very well and never taken a loan in his life will not have a CIBIL score (or a low one, not sure).

CIBIL score basically is a reflection of your loan repayment habits. If you have never taken a loan, how can the lender know what kind of a repayer you are?
I have a friend who only lives on debit card and cash transactions. Never had a credit card or any kind of loan.

When he wanted to purchase a car on loan, the loan processing team informed him that his CIBIL score was -1 (minus 1).
But it was a non issue since -1 is better than low score and loan was given based on bank statement and ITR.
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Old 9th October 2019, 18:00   #218
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I have a friend who only lives on debit card and cash transactions. Never had a credit card or any kind of loan.

When he wanted to purchase a car on loan, the loan processing team informed him that his CIBIL score was -1 (minus 1).
But it was a non issue since -1 is better than low score and loan was given based on bank statement and ITR.
Yes, you won't have a CIBIL score until you take a loan. But it is a fact that banks prefer you as a borrower if you have a good positive CIBIL score than no score at all. Your friend's a virgin as far as the credit system is concerned
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Old 9th October 2019, 21:57   #219
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YoLo! YoLo!
Well I take YOLO to mean you only live once, why drown in debt.
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Old 9th October 2019, 22:52   #220
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I checked my sheet (806) and everything was same except the score.
Any change in the Income Tax vs Last Year?
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Old 10th October 2019, 10:39   #221
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Any change in the Income Tax vs Last Year?

Income Tax has increased because my taxable income has increased. That's all.
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Old 2nd August 2020, 17:48   #222
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When I had checked my CIBIL Score last year, it was 840. At that time I had a Home Loan going on which was pre-paid and closed in July 2019. I just checked my Score today and it has gone down to 773. There are no ongoing loans at the moment. Any reason for the above? The taxable income is almost the same as the previous, being a seafarer.
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Old 2nd August 2020, 18:01   #223
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When I had checked my CIBIL Score last year, it was 840. At that time I had a Home Loan going on which was pre-paid and closed in July 2019. I just checked my Score today and it has gone down to 773. There are no ongoing loans at the moment. Any reason for the above? The taxable income is almost the same as the previous, being a seafarer.
CIBIL changed its method of score calculation early 2020. The red/green/yellow bands have been adjusted accordingly. There was an update about the this change from CIBIL. What they need is proof of repayment of an ongoing loan/credit card dues over a period of time. The longer the better. You could approach them for a re-evaluation.
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Old 5th October 2020, 12:23   #224
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I have some 2 unknown loan accounts linked to my account in CIBIL. It has been more than 1 month since I raised dispute but there has been no update on the status. Is there any other way by which I can remove these unknown loan account?
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Old 12th October 2020, 09:27   #225
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Just realized that my wife has two CIBIL profiles. One on her maiden name with few active accounts, and one on my last name with few other active accounts. PAN card number and addresses are same in both profiles. How do we ask CIBIL to merge these duplicate profiles into one.
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