Credit Card in CIBIL as “Written-Off”, Homeloan needed

POSTED BY venkat ON November 16, 2012 4:46 pm COMMENTS (2)

Recently I have taken CIBIL Report, It is showing my Score as 660. And one of my Card is showing as “WRITTEN-OFF” in CIBIL. I would like to pay this card in full amount means no settlement. Will full Payment of this Credit Card improve CIBIL Rating? . I heard once I pay the full amount the status of this card in CIBIL will show/changed as “CLOSED”. Please suggest me whether I am doing correct or wrong. Whether Bank officials are deceiving me?

And I need a Homeloan in next month. Will I get Homeloan

2 replies on this article “Credit Card in CIBIL as “Written-Off”, Homeloan needed”

  1. CreditReport Guru says:

    Venkat – Sorry, you will most likely not qualify for your home loan in next 6 months (I am being realistic, as I don’t have to rely on your business and I offer comments for free)

    1) You should pay the amount in full and settle the matter with the financial institution.

    2) Make sure you get your credit report updated with Experian, CIBIL and Equifax. Most of the banks report their customers’ payment histories to these 3 bureaus.

    3) After 6 to 12 months, your score will improve and you will get qualified.

    You may try your luck with the public sector banks as they are less stringent (Yes, thanks to the govt subsidy in form of capital infusion to address growing NPA’s and support growth nee inclusive growth).

    C G

  2. Credexpert says:

    Dear Venkat,

    Generally a score of 660 is considered as a decent score, having said that, much depends on the credit policy of the lending institution. Additionally, the “Written – off” remark on your CIBIL report would have its own implications on how the lender views your application – probably negatively.

    Paying back the complete outstanding amount on your credit card is a good option; however it could or could not help in improving your score immediately, as much of it depends on the date of late payments, amount of late payments etc. and also on whether the bank will report it as a closed account. Also there could be other factors in your credit report which might be impacting your score.


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