Please clarify the Credit card settlement and Payment doubts.

POSTED BY anilreddy ON October 29, 2012 12:19 pm COMMENTS (10)

1)I have two creditcards with outstanding from past7months because of that two credit cards accounts closed,If i clear entire amount then in CIBIL MY STATUS WILL BE SETTLED OR Null?
2)I will get loans and creditcards from that banks in future?It may take how many months after clearing entire dues?
3)They will remove my name from cibil after paying entire amount?
Please help me….

10 replies on this article “Please clarify the Credit card settlement and Payment doubts.”

  1. sri lucky says:

    my credit card limit is 20k per month. i was interested to buy a mobile of 28000 in online websites by using emi option. i would like buy it in emi payment ? can it be possible to buy a mobile in online shopping?

    1. If you have the card which allows the credit, then its possible why not !

  2. arvind says:

    Dear Sir,

    I have credit card outstanding of 15000 which now become 33000 hence kindly advice me how i can go about it should i settled ?can i get EMI option???

    1. Yes, you can get an EMI option.. talk to your credit card company for that ..

  3. RaviKumar says:

    I have settled (not Closed) my credit card amount one year back. i have checked my CIBIL score now and it is 760.

    When i am applying for new Credit card,and it is rejected.

    I don’t know the reasons completely.

    My question is why i am not eligible for any Credit cards?

    Or is there any procedure for applying Credit card newly?

    Please let me know.

    Ravi kumar

    1. Your settlement is the problem . I am assuming that you paid less amount and not paid fully ! . correct ?

  4. Dear Anil, first of all please apply for your CIBIL report & then act on the basis of your report.



  5. Credexpert says:

    Dear Anil,

    Since you have not paid the outstanding on the two credit cards and they were closed by the banks without any prior notice – there will be a negative remark on your report of either written – off or foreclosed, depending on the banks process and the exact details of your case.

    Your willingness to pay off the outstanding on these credit cards will certainly help – in what manner and to what extent will depend again on the exact circumstances that led to the original decision of the bank to “close” your account.

    On whether a lender will consider this negative remark while appraising any future loan / credit card applications will be at the discretion of the particular bank and their own way of looking at your credit report.


  6. Credexpert says:

    Dear Anil,

    I am not clear – have you closed the two credit cards on which you are / were 7 months delinquent ? The way your payment record will appear in CIBIL, will depend on that answer.

    Your ability to borrow / get a credit card from these banks or any other banks will depend on your score and your overall payment history, which can only be determined after your credit report is analysed.

    Your name will not be removed from CIBIL – your current status will be reported and reflected – again, that depends on what I have said in my opening reply here.

    If you wish to have your report analysed and / or need any help in correcting your credit report and history, please visit our website and take a look at our services.


    1. anilreddy says:

      Hi Credexpert ,

      My Accounts closed by that two banks without prior notice to me because of non payment.My Doubt is if i pay entire amount in that case i have any chance to get credit cards or loans in future. or they will consider this issue in mind and reject my creditcard application?

      Please suggest me…

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