Home Loan after card Settelement

POSTED BY sree kumar ON March 12, 2013 3:30 pm COMMENTS (10)

HI I have 3 credit cards i have settled 2 cards in CIR its showing settled and one is showing written off.I have one personal loan i have cleared 2yrs back.

on each a/c section dpd is there.

I Have Checked my Cibil score it is 820 and i did not apply for any loan from past  4 yrs and i donot have any credit cards now.

Now i am Planning to apply for Home Loan??

My Question is…….

The written off card over due is 13,000 and written off balance is 54,000. if i pay the overdue amount the status will change?is there any benefit if i pay the overdue amount?

I heard that buy paying 5600rs to cibil dpd’s (days past due section) will clear is it true????

please suggest on what modifications I will get Home Loan….?

10 replies on this article “Home Loan after card Settelement”

  1. Dear Sree, first pay all the remaining dues. Then avail No Dues Certificate (I put it as NOC in prev. post). Bank people are right in telling you that unless you are not paying the outstanding dues, the NDC ‘ll not be given to you. Once there is no dues, bank ‘ll also upload your status to CIBIL. At the same time, you may also file rectification of the record with CIBIL.

    thanks

    Ashal

  2. Credexpert says:

    Dear Mr. Kumar,

    1) Yes the approximate amount that you need to pay would be R. 50,000 since there could be any other charges that the bank might charge.

    2) Yes, post the payment of the outstanding amount request the bank to update the same before they send the data to the bureau. The next credit report that you obtain after 30-45 days (assuming the bank would send the data in a cycle of 30 -45 days) should then have a closed date reflecting against this account without a settled remark.

    3) Yes, the DPDs would still reflect on your report, and the approval or rejection of your application would depend on the credit policy of the lender. Also the DPDs reflecting in your report is pertaining to which year? The more recent they are, more the possibilities of rejection of your application.

    4) About CIBIL masking, refer to the answer given by Ashal.

    Regards,
    Credexpert

  3. Dear Sree, I’m trying to answer your queries.

    Please clarify……
    1.I have settled a card for 54k for total 1lak(intrest+pricipal).the outsatding amount i have to pay means rest of 50k amount????
    Yes, remaining 50K & any more interest or penalty if applied by bank to get it cleared.

    2.Submitting NOC letter for setteled credit card to Cibil in report Status will chnage from setteled to Closed??
    Yes

    3.If i paid the total amount DPDs will not go.In that situation I will get any Loans?
    It ‘ll depend upon individual banks/lenders.

    4.What is meant by CIBIL Masking????
    Already answered in your separate query. Please check there.

    Thanks

    Ashal

    1. sree kumar says:

      thanks ashal for your reply .

      I am not clear about this point.

      2.Submitting NOC letter for setteled credit card to Cibil in report Status will chnage from setteled to Closed??

      I have called to bank customer care to get NOC for my settled credit card.They are telling that we will give NOC but settled status it it will not update like closed.after clearing the rest of the amount in your card then only status will get change in Cibil report.

      if status is not changing then whats the benifit of giving NOC for settled cards.

      May I know the difference between noc and no dues?????

  4. Credexpert says:

    Dear Mr. Kumar,

    The settled and written off credit cards will make the lender view your report negatively even if you have not applied for any loan in the past 4 years.

    Paying off the outstanding against the settled account would remove the settled remark from your report. However, the late payments on this account would reflect even after paying off the outstanding amount. Paying CIBIL any amount to remove the DPD is not possible and you should not believe this.

    Regards,
    Credexpert

    1. sree kumar says:

      Thanks for your reply,

      Please clarify……

      1.I have settled a card for 54k for total 1lak(intrest+pricipal).the outsatding amount i have to pay means rest of 50k amount????

      2.Submitting NOC letter for setteled credit card to Cibil in report Status will chnage from setteled to Closed??

      3.If i paid the total amount DPDs will not go.In that situation I will get any Loans?

      4.What is meant by CIBIL Masking????

  5. Dear Sreekumar, please do not believe that HDFC Executive. Instead get it clarified from the CIBIL itself.

    Thanks

    Ashal

    1. sree kumar says:

      Thanks for your reply,

      Please clarify……

      1.I have settled a card for 54k for total 1lak(intrest+pricipal).the outsatding amount i have to pay means rest of 50k amount????

      2.Submitting NOC letter for setteled credit card to Cibil in report Status will chnage from setteled to Closed??

      3.If i paid the total amount DPDs will not go.In that situation I will get any Loans?

      4.What is meant by CIBIL Masking????

  6. Dear Sreekumar, to get your name cleared, you w’d have to pay full 54000 Rs. of the written off card. I’m interested to know this 5600 Rs. thing to clear off DPD. Please confirm the source of this info. As far as I know, DPD can not be erased from a CIBIL Report by merely paying fee to somebody. I smell a RAT here. Do it at your own risk.

    Thanks

    Ashal

    1. sree kumar says:

      Thanks Ashal for you reply.
      To day from one of hdfc bank executive i heard this.
      I am planning to apply for loan,after seeing my cir report he told me that by taking 5600/- dd on cibil name ,dpd section will not be visible for settlement cards.One more thing he told that if you apply for a credit card now you will get definitely for 820 score is it true??

      can i apply a credit card now?if I won;t get i will not apply..I will go FD card please suggest

      After paying the 54000 the status will change to settlement??

      after paying that amount.Can i apply for Home Loan/Personal Loan??

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