POSTED BY December 1, 2013 10:53 pm COMMENTS (2)ON
I have just downloaded my CIBIL score and was shocked to see such a low score. Here is a brief history and some facts about me .
– Total Work Experience : 4 Years
– Looking for a joint loan with my wife
– Total Monthly Income : 2 Lakhs
– Total Loan Amount Required : 50 Lakhs
– There is a written off amount of 6700 against me from Phoenix Arc ( ABN AMRO). I used this card 5 years back, however I was totally unaware of this balance since the bank got sold to RBS, I stopped getting statements, the netbanking stopped working and so on.
– I have paid this off and I am waiting for a No Dues Certificate.
– Enquiries : I have 7-8 enquiries all of credit cards, since I had 2 credit cards earlier which are closed now and 2 are open. The other enquiries were made by random banks. I guess everybody commits these mistakes of giving details to bank for credit cards early on in their career
– Mix of Credit : 2 open credit cards, 1 closed education loan, 1 open education loan.
– Credit Utilization : I use my credit card for official purposes and I keep getting it reimbursed, hence I tend to use 90% of my credit limit 🙁 . Little did I know even this would affect my score
The situation :
Waiting for No dues certificate to come, have stopped using credit card and maintaining 10% credit usage from now on. Now, I have paid the booking amount and I would need to apply for a house loan in 1.5 months. I am very sure and very scared that the application will get rejected and I feel very depressed. It will create a lot of problems for me.
Is there any way if I provide all this justification along with the No Dues Certificate any bank would be willing to extend a loan to me ? Since, I have decent enough paying capacity and home loan is a secured one.
Please help me.