Accidentally messed up my credit score, what can I do now ?

[Dr.doom]

So basically what happened, I was using Paytm last year and got postpaid automatically so I tried it. But later I closed it after returning everything and stopped using Paytm altogether. But after few months I got a call saying I have to clear my dues. So I checked and cleared it. It was something around rs 200.

But later last week I got interested in getting credit card as I saw few friends using it. But I applied and it got rejected. So I checked the reason and found out I've fckd my credit score big time. What can I do about it now ? Can anyone help me out. It's showing 178 days late payment. And current score is 707. Can I get credit card ? Also can that late payment removed from my records anyways?

 

[Dr.doom]

Any help or advice?

 

[Vasuki]

Can I get credit card

Yes u will

Also can that late payment removed from my records anyways?

No just , pay the bill get noc and wait for the account to get closed in cibil

What other loan or bnpl or cc is active on your cibil

 

[Sahilhenzy]

So basically what happened, I was using Paytm last year and got postpaid automatically so I tried it. But later I closed it after returning everything and stopped using Paytm altogether. But after few months I got a call saying I have to clear my dues. So I checked and cleared it. It was something around rs 200.

But later last week I got interested in getting credit card as I saw few friends using it. But I applied and it got rejected. So I checked the reason and found out I've fckd my credit score big time. What can I do about it now ? Can anyone help me out. It's showing 178 days late payment. And current score is 707. Can I get credit card ? Also can that late payment removed from my records anyways?

See you can request the lender to remove this they can if they want. No harm in trying however you will able to get loans in future but chances will be slightly less

 

[rockyBalboa]

So basically what happened, I was using Paytm last year and got postpaid automatically so I tried it. But later I closed it after returning everything and stopped using Paytm altogether. But after few months I got a call saying I have to clear my dues. So I checked and cleared it. It was something around rs 200.

But later last week I got interested in getting credit card as I saw few friends using it. But I applied and it got rejected. So I checked the reason and found out I've fckd my credit score big time. What can I do about it now ? Can anyone help me out. It's showing 178 days late payment. And current score is 707. Can I get credit card ? Also can that late payment removed from my records anyways?

You said that you 'returned everything' and closed so how come you still had Rs 200 unpaid for so long? You can't remove the late payment from your credit report but with timely payments history your score will recover.

 

[Dr.doom]

Yes u will

No just , pay the bill get noc and wait for the account to get closed in cibil

What other loan or bnpl or cc is active on your cibil

I paid i when I got to know I had dues.

I don't have any credit card.

That loan is showing as closed only. Only other entry in my report is of 10k Amazon pay later which I've never used. But it's still showing.

 

[rockyBalboa]

So basically what happened, I was using Paytm last year and got postpaid automatically so I tried it. But later I closed it after returning everything and stopped using Paytm altogether. But after few months I got a call saying I have to clear my dues. So I checked and cleared it. It was something around rs 200.

But later last week I got interested in getting credit card as I saw few friends using it. But I applied and it got rejected. So I checked the reason and found out I've fckd my credit score big time. What can I do about it now ? Can anyone help me out. It's showing 178 days late payment. And current score is 707. Can I get credit card ? Also can that late payment removed from my records anyways?

Also if you can't get hold of any credit card due to low score then try to get a secured credit card, use it responsibly (less than 30% limit) and pay regularly on time and this way within few months your credit score will improve and then you will be able to get unsecured cards. In desperation to get credit card do not keep on making new applications one after the other in a short time, this will further damage your score and show the lenders that you are credit hungry. Be patient and you will soon have good cards. Also you can open an account in banks like h dfc or ko tak, maintain good balance and do regular mixed transaction such as purchases, bill payments etc (mainly with debit card) and they will offer you pre approved credit cards soon.

 

[Dr.doom]

See you can request the lender to remove this they can if they want. No harm in trying however you will able to get loans in future but chances will be slightly less

Yeah so who do I contact? Paytm or the one it's showing from i.e. Aditya Birla finance?

I don't need any loan in near future. But I would like if I can get my credit score up to normal level. For that I think I need cc ?

 

[Dr.doom]

You said that you 'returned everything' and closed so how come you still had Rs 200 unpaid for so long? You can't remove the late payment from your credit report but with timely payments history your score will recover.

I just did one mobile recharge from postpaid then added back from my bank after few days. Then stopped using it. But later they called after 4 5 months and said I still owed some kind of fees. So that plus late fine plus gst totalled around 200 rs.

 

[Dr.doom]

Also if you can't get hold of any credit card due to low score then try to get a secured credit card, use it responsibly (less than 30% limit) and pay regularly on time and this way within few months your credit score will improve and then you will be able to get unsecured cards. In desperation to get credit card do not keep on making new applications one after the other in a short time, this will further damage your score and show the lenders that you are credit hungry. Be patient and you will soon have good cards. Also you can open an account in banks like h dfc or ko tak, maintain good balance and do regular mixed transaction such as purchases, bill payments etc (mainly with debit card) and they will offer you pre approved credit cards soon.

So which bank will be best for secured loan? Also will I be able to convert it to unsecured and increase limit if I pay on time ?

 

[Dr.doom]

This is what it's showing rn.

 

[varun__goel_]

So basically what happened, I was using Paytm last year and got postpaid automatically so I tried it. But later I closed it after returning everything and stopped using Paytm altogether. But after few months I got a call saying I have to clear my dues. So I checked and cleared it. It was something around rs 200.

But later last week I got interested in getting credit card as I saw few friends using it. But I applied and it got rejected. So I checked the reason and found out I've fckd my credit score big time. What can I do about it now ? Can anyone help me out. It's showing 178 days late payment. And current score is 707. Can I get credit card ? Also can that late payment removed from my records anyways?

178 days is a big leap. Pay the dues and get NOC.

My suggestion:-
Get a secured card from Kotak, it will help to rebuild your cibil. And kotak may also convert your card to unsecured one in future.

 

[Dr.doom]

178 days is a big leap. Pay the dues and get NOC.

My suggestion:-
Get a secured card from Kotak, it will help to rebuild your cibil. And kotak may also convert your card to unsecured one in future.

Bro the amount was so small. After late fine it became total 200. So if I had known I would have paid it. I just came to know when they called. I paid all dues already.


Also if I take secured card from kotak do I also need to have bank account there ? Also I'm guessing I'll have to do fd. So how much would be good for it ? I don't need cc to spend rn just to build my score to normal range.

 

[Dr.doom]

This happend actually. Though I didn't know about cibil and all back then so never checked it. But when I recently checked I got super scared that it will show always. Anyways I can remove it ?

 

[Vasuki]

I paid i when I got to know I had dues.

I don't have any credit card.

That loan is showing as closed only. Only other entry in my report is of 10k Amazon pay later which I've never used. But it's still showing.

So you earn ? Or have money for fd ?
How much u can arrange

 

[Dr.doom]

So you earn ? Or have money for fd ?
How much u can arrange

I'm in last month of my internship. So I'll start earning in 2 3 months Max.

I do have some savings also I can arrange more from my parents if needed. How much should be enough?

 

[Dr.doom]

Also should I close my Amazon pay later loan since I've never used it ? But I think it is helping me without even using by increasing my on time payment percentage.

Also if I use say 100 RS per month from that pay later and then return on due date every month will it increase my score ? Or should I leave it be or deactivate it?

 

[varun__goel_]

Bro the amount was so small. After late fine it became total 200. So if I had known I would have paid it. I just came to know when they called. I paid all dues already

Amount doesn't matter. Late payment is late payment

Also if I take secured card from kotak do I also need to have bank account there ? Also I'm guessing I'll have to do fd. So how much would be good for it ? I don't need cc to spend rn just to build my score to normal range.

You can open 811 account. 0 bal 0 charges. Yes fd is req. Do atleast 10-20k. Min req is 5k

 

[Vasuki]

I'm in last month of my internship. So I'll start earning in 2 3 months Max.

I do have some savings also I can arrange more from my parents if needed. How much should be enough?

You can rn do 10 k or
10 k in kotak & 5 in idfc
Idk if idfc works at 2k or not

If u have money problem

But to get good card with good limit in future.

I will suggest get 50-1.5 lakh fd In icici.
In 3-6 month u will get
Same limit apay unsecured card


Then all other card u will apply will have 70-90% of icici card limit.


Rn do 5k fd In idfc & get wow card
&10k kn kotak

These 2 will give u 2 good payment every month'
Don't use them just make 100-200 rs transaction in them .

 

[coolguy1]

Don't worry about it! You can't go back in time and change it.

What's the way forward?

1. Clear the dues immediately.
2. Request Paytm and the debtor politely if they can remove the late penalty. (very less chances but no harm in trying)
3. Pay all your future dues on time.

Every month, your score will go up slightly and in a few months or a year, the score will look way better than it is right now.

707 is not too bad and since the due amount was low and you have no ill intentions, you can get it back up!