CIBIL Low Score

POSTED BY Sourav ON September 6, 2012 9:23 am COMMENTS (9)

Hi Manish,

I am a new user in this forum. Actually from quite many days I am following this forum. I have a Cibil issue and I need help regarding this. I have low Cibil score of 748 and now I don’t have any idea how to improve it. I don’t have a credit card too so that i can use it efficiently and improve it. I applied for a bike loan 2 months back and it got rejected. I can’t take a loan too so that i can improve my ratings. Please help me regarding this. Can i use my parents add on credit card to improve my score or any other way i can improve it. I really have no idea how to improve my score.



9 replies on this article “CIBIL Low Score”

  1. Sourav says:

    @ Ashal – thanks for the info about study loan.

    @ Manish – ok i will keep my monthly credit call bill under 10k . I contacted Bajaj finance but they told that as my loan account is closed so i have to send them old bank statement and after that they may consider. No idea why they want my old bank statements.

    @ – I didn’t understand what you meant by ” factual errors in my report “. Can u please explain me. If you share your email id then i can send you my CIBIL report so u can help me understand if the ratings is ok or there is any issues with my report.

    And, once again i thank all of you for your response and help.

    1. says:

      Firstly you said that you took a car loan in 2008 and it was paid by 2011, however cibil status is showing it blank.

      Secondly you said that there are 10 enquiries in your report however only 5 are genuine.

      So there may be some factual errors in your report.


  2. Sourav says:

    Thanks so much Krishna, Manish & creditvidya for your fast reply. Just went today to Icici bank and they are giving Instant Credit card for starting FD of 20000/-. I will go for it and will try to improve my credit score.

    @creditvidya – Yes ,I have my CIBIL report with me. First i took bike loan from bajaj finance in 2007 when i was still in college and i didn’t pay that amount on time and i settled with them. Cibil status – written off.

    Again i took loan for car in 2008 which i paid on time and it was over by 2011. Cibil Status – Blank.

    There are nearly 10 inquiry in my report in which 5 are genuine, others i have no idea who made all those enquiries . I think too many enquiries create a negative report.

    If i get a credit card, i think the credit limit will be 17k for 20k FD. So should i use the credit card regularly or never use it. I am so tensed because i want to apply for study loan next year and i really need to improve my score.

    Thanks in Advance.

    1. Dear Sourav, please start that FD linked credit card now. You ‘ll get a limit of 90% of the FD value. While using this CC, please limit your expenses in the range of 5-7K & pay in full. Within next few months, your score ‘ll improve. Regarding that Education loan, please do not worry as of now as you do have time with you to improve as well as you know the problem also.

      To get that education loan comfortably at that time, you may produce some collateral either from your own sources or from your parents or siblings. This ‘ll help to get Education loan easily.



    2. Yes Start using that secured credit card, but not more than 10k per month . Also try to see if you can pay off the remaining amount of your bike loan and get a Clean status from the report .


    3. says:

      It seems that there are some factual errors in your report. You should get them rectified.

  3. says:

    Taking a secured credit card is a good idea for improving your cibil score, however i would suggest you to get a copy of CIBIL report and analyse the reasons for the low score as you would surely have availed some credit facilities in past. You can get a copy of your CIBIL report online by payment of the requisite amount.

  4. Sourav

    Your score of 748 is a decent score, while there is a chances of improvement, this is ok ,for a secured loan . You had applied for a unsecured loan , and hence it was rejected, they must be looking for 800+ . Anyways . .you have a score , which means you must have a credit card already or some kind of loan , did you had anything in past .

    You cant use the add on card for improving your score . Better take a secured credit card and start using it , like Krishna suggested above .


  5. Krishna Kishore Appala says:

    Hi Sourav

    You can actually go with “Fixed Deposits Credit cards” where you have to deposit certain amount & credit card will be issued on that as a collateral. You can also get interest on FD.
    After certain period of time based on your payment history the bank may allow you to liquidify the FD, but still you can continue the credit card. Through this you can improve your CIBIL score.
    You can try for “SBI Advantage Plus Card”.


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