CC Settlement from ICICI and HSBC and its impact on CIBIL Score ?

POSTED BY djjude23 ON November 6, 2014 11:11 am ONE COMMENT

Hi

This is regards to a settlement, i had done with 2 banks HSBC and ICICI I had paid 75% of the amount with both banks for my credit card as they offered to settle the CC, but one of them gave me settled letter from ICICI with a NOC stating no due pending and other HSBC gave  me a Letter stating Settled and rest amount written off ..

When I check my CIBIl report, I have a CIBIl score of 784 but when i apply for loans Like PL it gets rejected but i get consumer loans and its been 9 yrs now since I settled my account can you suggest what can i do in such a situation what can i do to get my name off

One reply on this article “CC Settlement from ICICI and HSBC and its impact on CIBIL Score ?”

  1. Credexpert says:

    Dear Sir,

    784 is a good credit score. Although credit score is considered to be one of the most important tools used by lending institutions to evaluate an individual’s credit worthiness, it would also consider other factor basis their internal credit policies.

    A credit report with negative remarks of “Settled” would be viewed negatively by the lending institution in spite of a good score. Settlement indicates your inability to repay and can hinder any of your future loan applications. The only way to remove these remarks is by repaying the complete outstanding amount against your credit cards, provided your cash flows allow you to do so.

    We would suggest that in order to clear your CIBIL report of all past negative remarks you can make the remaining outstanding payment towards your credit cards, this will create a positive impact to the lending institutions.

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

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