[joey645]

Originally Posted by lambuhere1

@ 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

Originally Posted by mikon

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)

[alto99]

Originally Posted by joey645

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! That’s 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?

[joey645]

Originally Posted by alto99

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.

[gandalf]

Originally Posted by joey645

<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

[joey645]

Originally Posted by gandalf

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.

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.

[joey645]

Originally Posted by shimshumara

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.

[Fabiaous]

Originally Posted by Ikoner_03

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

[joey645]

Originally Posted by Fabiaous

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.

[vasoo]

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.

[triedeverything]

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!

[maverhick]

Originally Posted by triedeverything

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

[joey645]

Originally Posted by triedeverything

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.

[arjithin]

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...

[triedeverything]

Originally Posted by joey645

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.