Can I take secured Credit card to build some credit history for personal loan ?

POSTED BY Shefali ON March 10, 2014 4:44 pm COMMENTS (9)

Hello,

Me and my husband are planning to take a housing loan worth of 55,00,000. My husband loan is approved for 45,00,000. The rest we need to pay as down payment. We actually dont have that much cash in hand now. I am planning to take a personal loan for 6L which my salary is net 75,000. The problem is I dont have a credit history. One of my relatives suggested to apply for a secured credit card worth 50,000 for 3 or 4 month to establish credit history. Please suggest if this plan works and what would be the cibil score after 3 months.

Thanks,

Shefali

9 replies on this article “Can I take secured Credit card to build some credit history for personal loan ?”

  1. ashalanshu says:

    Dear Shefali, at least 1Y is required to create a CIBIL data. So whoever is asking to opt for a secured CC just to avail a personal loan is not doing it in your interest. Even after 3-4 months with you secured CC, you may not get the required amount of Personal Loan.

    My personal take – Please keep the 5-6L Rs. that you have in your pocket in a FD. Try to maximize your (both of you) savings in next 8-12 months and you people can easily reach to your target amount.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Shefali, bank is rightly offering 45L Rs. the maximum loan at 80:20 ratio. In my personal opinion, please drop this property as it’s out of your pocket as remaining 11L Rs. is not in your pocket.

    Thanks

    1. Shefali says:

      Thanks Ashal… we are seeing some other property also. on the other hand, do you suggest going fot secured cr card. Do you think banks will be able to see my score after 3 months. If so ~ how much it will generate?

  3. ashalanshu says:

    Dear Shefali, what is the final price of property to you?

    Thanks

    Ashal

    1. Shefali says:

      Ashalanshu , its about ~56L..

  4. ashalanshu says:

    Dear Shefali, as your mly income is 75K and if I assume same income at least for your husband, the bank should easily lend 65-70L Rs. loan. Why bank is not financing more in your case? What is the price of the property to you net of all expenses?

    Thanks

    Ashal

    1. Shefali says:

      My husband income is ~1.2L net and we are eligible for 70L.. when we check with the bank, for this property the max loan is 45L.

  5. ashalanshu says:

    Dear Shefali, why are you not adding your own salary slip to increase your husband’s loan eligibility?

    Thanks

    Ashal

    1. Shefali says:

      Ashalanshu, That is the max amount we get as a loan to that project.

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