Can I get personal loan on CIBIL score of 820 , but 3 SETTLED status ?

POSTED BY dpk ON January 4, 2014 10:35 am COMMENTS (2)

I want to apply for loan my score is 820 in cibil with settled status of 3 cards done 1 year before and nothing is pending now. Can I get a loan with this status?I am also ready to clear dues for settled amount if loan is approved to improve credit score.Please guide

2 replies on this article “Can I get personal loan on CIBIL score of 820 , but 3 SETTLED status ?”

  1. It would be a tough thing to get a loan approval is your CIBIL report has status as “SETTLED” . You will have to pay back any remaining money (what you didnt pay to company) . Also Even if you pay it back, I dont think suddenly its going to help you , it will take time

  2. Credexpert says:

    Dear Dpk,

    820 is certainly a good credit score!

    Although lending institutions consider credit scores as an important tool for evaluating credit worthiness, it would also consider negative remarks appearing on your credit report (e.g. settlements/written offs) and their internal credit policies.

    Moreover, in your case these three settlements have been recent settlements done in the past 1 year and hence the chances of it being viewed negatively is higher. Settlements indicate your inability to service the loans/credit cards and hence should have had been avoided. Having said which, one option you could look at now is to repay the complete outstanding amount against these settled credit cards.

    Ensure that you obtain a NOC from the lending institutions post these payments and that the remark is removed from your credit report.

    Regards,
    Credexpert
    http://www.credexpert.in

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