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In Debt And Needing a Loan. Is My CIBIL Good Enough?

Personal Loan Eligibility Needs A Better CIBIL

Sometimes unexpected circumstances strike and one thing leads to another, causing your CIBIL score to suffer under the pressure of missed payments and DPD issues. Here’s an email we received from Samiulla who is hoping to finance his sister’s marriage.

 

I have taken 2 credit cards due jobless I’m unable to pay credit card payment even minimum due also .

I was taken credit card 2016 January month
On 05.07.2018 I’m going pay both credit card outstanding full.
At present my CIBIL score 575 avagrage DPD 180 days . I’m looking personal loan for sister marriage in month of January 2019.
If I closed entire outstanding if credit cards  can get  personal loan from bank or not ?
Is their any possibility to remove my DPD history ?
Kindly suggest me 
Regards,
samiulla

Hello Samiulla,

Unfortunately repairing a CIBIL score is not a quick matter, and requires time and discipline. It’s unlikely your score will be in top shape for a loan approval in time for the marriage in January 2019. Also, there is no way to remove a DPD history, it only ‘falls off’ your CIBIL report over time usually a span of 7 years before it’s gone.
Closing your credit cards would be a terrible idea, do not do it. Keep your credit cards and use them frequently for small amounts and pay the balance off in full each month. This will establish a positive history of loan repayment and show you to be a reliable borrower. This is the only way your CIBIL score will increase, by making consistent on time payments  to every account showing on your CIBIL report.

Finding A Guarantor

The only option for you to obtain a loan with a 575 CIBIL score would be to find a guarantor to co-sign the loan, though that is often not a great option unless the person is very close to you and understands the risks.
Best of luck to you solving this before the wedding.
CreditSmart

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