Low cibil scores and bad credit history

POSTED BY Karthik A ON January 30, 2013 10:27 pm COMMENTS (5)

My current CIBIL score is 518.

I had 2 ICICI credit cards, 1 Barclays card, 1 HSBC card and 1 HSBC loan 3 years back.

Due to my tight financial situation i was not able to pay any of these dues on time till now. However i have now paid all the outstanding amount in FULL without any balance and have got the respective No due letters. I even paid the remaining amount of my HSBC credit card which i settled 2 years back for removing my written off status from the report and waiting for bank to update the bureau records. I have also applied for a secured credit card against FD in ICICI and using it for the past one month for rebuilding my score and credit history

I checked my cibil scores before making all these payments and it was 518 . Now i do not have any dues outstanding from any bank and waiting for the banks to update the payments to CIBIL. I can understand that I will not get any loans from any lenders for this score.

My question is

A)how many points i can expect to increase after all these payments are updated in the cibil.

b)What are the chances of getting a loan for me and in how many days?


5 replies on this article “Low cibil scores and bad credit history”

  1. pooja singh says:

    Dear karthik
    Even i had similar problems.. due to some mistakes made in past i couldn’t get home loan… Thn a friend recommended me credit sudhaar. ! I got in touch with Credit Sudhaar( http://www.creditsudhaar.com ) Now, with Credit Sudhaar bad marks are really gone, my scores are up, and I was just told that my credit health is rock solid. These guys are pros.

  2. Dear Karthik, except from these old mistakes correction, you can not improve your score in a hurry. If possible to you, please opt only secured loans like loan against FDs or loan against gold.



  3. CIBIL says:

    For resolution of your queries, kindly write to us online by visiting the following url on our website: http://www.cibil.com/contact-us.

  4. Dear Karthik, first of please accept my congratulations for the hard work put in by you to rectify your past mistakes. Well please wait for next 2 months or so for updation of your clean status from all the banks. So in the month of April, please recheck your CIBIL score & report. In all probability you ‘ll get an updated one with increased points. By how much, I can not comment as the reduction was happened & accumulated over the period of time. Please wait to cross your score the 780 mark if you want to apply for home loan. Above 750, you may apply but there is a 50-50 chance here. Whereas any thing near to 800 & above this is an excellent one from a banker’s point of view & indicates a healthy credit profile.



    1. Karthik A says:

      Thanks for your reply Ashal. I will wait for 2 months and check my cibil records. Is there any thing else i can do to boost up the pace in which the scores will increase, since i am in a urgent need of loan now.

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