POSTED BY September 29, 2013 4:49 pm ONE COMMENTON
hi, my cibil score is 593, my report says i am overdue 17k and current balance 30k as of May 2008, with status as Written Off by Citi Financial. Also i have settled a Axis bank credit card in july 2010. Now, banks are rejecting my personal loan or credit card requests. pls help.
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One reply on this article “Low CIBIL Score of 593 because of Written Off status by Citi Financial”
593 is a low credit score and this has hindered your loan applications. Credit card settlement, late payments and various other factors have impacted your credit score negatively. The more recent the negative remarks and activities, higher the negative impact on credit score.
Personal loans and credit cards are unsecured in nature and hence lending institutions would be extra cautious in lending the same. We would suggest that you do not make any further application until there is an improvement in your credit score. The rejection would only increase the number of enquiries appearing on your credit report which indicate a credit hungry behaviour and is viewed negatively by lending institutions.
Build your score by making all your credit card and EMI payments towards your loan accounts on time. Overtime your score will improve and lending institutions could consider your applications based on this.
Get your credit report analysed from our experts and get comprehensive yet simplified understanding of your credit report.