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

[rockyBalboa]

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 ?

Just a piece of advice from me, don't take secured card from OneCard. They ne er convert to unsecured and if you close then you can never apply again also. I have never used any secured card myself so I don't have much idea about it but I see that you have already received some good suggestions here.

 

[Dr.doom]

Amount doesn't matter. Late payment is late payment

Yes I know it was my fault for not checking properly. I was just saying it was small amount so I didn't purposefully do it. If I knew I had due i would have paid.

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

Can I convert that to unsecured cc later if I take secured cc now ? I read somewhere if I get secured cc then same bank won't give unsecured cc. That's my main concern

Or should I use 100-200 from amazon pay later and slowly try to build my score then get unsecured one ?

 

[Dr.doom]

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 .

I'm thinking of doing fd in Kotak and idfc for now but will it get converted to unsecured card later ? U read somewhere that same bank doesn't change cc from secured to unsecured?

 

[Dr.doom]

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

Yeah bro. But I wish I could.

What's the way forward?

1. Clear the dues immediately.

Done

2. Request Paytm and the debtor politely if they can remove the late penalty. (very less chances but no harm in trying)

Will try and see if they are willing to do it.

3. Pay all your future dues on time.

Yeah that's the lesson I've learnt from it.

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!

Yeah bro hope so. So should I take secured credit card or first try to get my credit up by using Amazon pay later?

 

[Vasuki]

I'm thinking of doing fd in Kotak and idfc for now but will it get converted to unsecured card later ? U read somewhere that same bank doesn't change cc from secured to unsecured?

See rn focus on decreasing the effects of late payment
Increase no of good payment
And increase your score

In 6 month u should aim at getting icici apay via icici fd

Get your stipend in hdfc hence it will give u pre approved offer .

Idfc don't convert
Kotak give l.e & upgrade depending on service area .


You money.your wish

How u like to do .

 

[Dr.doom]

See rn focus on decreasing the effects of late payment
Increase no of good payment
And increase your score

In 6 month u should aim at getting icici apay via icici fd

Get your stipend in hdfc hence it will give u pre approved offer .

Idfc don't convert
Kotak give l.e & upgrade depending on service area .


You money.your wish

How u like to do .

Thanks a lot.

My stipend already comes in SBI account. And only last month is left so I don't know if HDFC will approve anything based on that.

Then I'll be getting a kotak fd based card for now. And once I get job I'll get fd done in icici. Till then I'll use kotak only.

One last question does amount of fd matters much for kotak ? Like if I do of 5 or 10k will that be enough to improve my score ?

 

[shashankrt]

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?

First of all relax! Its just a late payment not a fraud or felony charge!

1. As you have cleared your dues, ask Paytm to update your CIBIL account at earliest. They may not remove late payment remark however your account should be marked as fully paid and settled.
2. 172 day late payment will have only temporary impact. In next 2-3 months you will see your CIBIL score increase (provided point 1 is completed)
3. Dont hurry to get any CC now. You will get crappy offers or have to get secured card. Wait for 3-4 months. Let CIBIL get adjusted. Remember - Reason for card rejection is NOT 172 day late payment - its because its still showing as open account and hence banks treat it as default (until cleared)
4. Even if 5 day old late payment reflects on CIBIL, banks will refuse credit card until its cleared.

So long story short - just hold on and avoid getting useless secured cards.

 

[Sahilhenzy]

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 ?

No one knows what will happen in future.

You'll have to contact Aditya Birla directly.

 

[Dr.doom]

First of all relax! Its just a late payment not a fraud or felony charge!

1. As you have cleared your dues, ask Paytm to update your CIBIL account at earliest. They may not remove late payment remark however your account should be marked as fully paid and settled.
2. 172 day late payment will have only temporary impact. In next 2-3 months you will see your CIBIL score increase (provided point 1 is completed)
3. Dont hurry to get any CC now. You will get crappy offers or have to get secured card. Wait for 3-4 months. Let CIBIL get adjusted. Remember - Reason for card rejection is NOT 172 day late payment - its because its still showing as open account and hence banks treat it as default (until cleared)
4. Even if 5 day old late payment reflects on CIBIL, banks will refuse credit card until its cleared.

So long story short - just hold on and avoid getting useless secured cards.

It is showing as closed loan only with zero dues. So I think it's ok ? Any other way to improve my score without credit card ?

 

[Vasuki]

Thanks a lot.

My stipend already comes in SBI account. And only last month is left so I don't know if HDFC will approve anything based on that.

Then I'll be getting a kotak fd based card for now. And once I get job I'll get fd done in icici. Till then I'll use kotak only.

One last question does amount of fd matters much for kotak ? Like if I do of 5 or 10k will that be enough to improve my score ?

For score improvement anything works

 

[Sahilhenzy]

First of all relax! Its just a late payment not a fraud or felony charge!

1. As you have cleared your dues, ask Paytm to update your CIBIL account at earliest. They may not remove late payment remark however your account should be marked as fully paid and settled.
2. 172 day late payment will have only temporary impact. In next 2-3 months you will see your CIBIL score increase (provided point 1 is completed)
3. Dont hurry to get any CC now. You will get crappy offers or have to get secured card. Wait for 3-4 months. Let CIBIL get adjusted. Remember - Reason for card rejection is NOT 172 day late payment - its because its still showing as open account and hence banks treat it as default (until cleared)
4. Even if 5 day old late payment reflects on CIBIL, banks will refuse credit card until its cleared.

So long story short - just hold on and avoid getting useless secured cards.

That late payment remark will give trouble in future for sure. Yes score will recover but as per the banks policies score only doesn't matter. Which matters is On time Payments. Bank can easily reject the applications.

But yeah they will give the cards or loan in future if the customer holds a record of 5y timely payments or maybe 10y who knows.

 

[Dr.doom]

No one knows what will happen in future.

You'll have to contact Aditya Birla directly.

Ok I'll try to get in contact with them and see what happens. Thanks

 

[Sahilhenzy]

For score improvement anything works

Score is only the face what about main body? Timely payments,credit age? Etc etc? banks do only check score? they do not check how many actives loans,card? payment history does an customer has?

 

[shashankrt]

It is showing as closed loan only with zero dues. So I think it's ok ? Any other way to improve my score without credit card ?

Its difficult to confirm based on above. You need to download full CIBIL report. Check in the pdf - seems your account is marked as "settled" as there are no dues after Sep 2023. If its marked as settled then you need to raise request to get it cleared asap as that will have sever impact as it basically means bank has written off your loan and marked you as defaulter.

 

[Dr.doom]

For score improvement anything works

Thanks for all your help. I'll try to open fd in Kotak asap then.

 

[Vasuki]

Score is only the face what about main body? Timely payments,credit age? Etc etc? banks do only check score? they do not check how many actives loans,card? payment history does an customer has?

Once 750 he can think of another parameter.
He is going with kotak now later take icici fd for apay

 

[Vasuki]

Thanks for all your help. I'll try to open fd in Kotak asap then.

Do u live in service area of kotak ?
Where do u live

 

[Sahilhenzy]

Once 750 he can think of another parameter.
He is going with kotak now later take icici fd for apay

Hahaha you are new to this buddy. Sooner or later you will realise. Timely payments matters. Credit age matters.

What you are thinking that's completely opposite to the person who is doing verification while approving the application.

He/she definitely going to check timely payments and other things too.

Axis Bank can easily approve his card with low limit others will reject without any fd cards

 

[shashankrt]

That late payment remark will give trouble in future for sure. Yes score will recover but as per the banks policies score only doesn't matter. Which matters is On time Payments. Bank can easily reject the applications.

But yeah they will give the cards or loan in future if the customer holds a record of 5y timely payments or maybe 10y who knows.

No it doesnt. I know friends who have Infinia / M4B / Amex Plat which were issued even after having late payment remarks (some payments missed due to travel / sickness etc). Life happens and not all late payments are defaults. Also no bank will remove late payment remark unless its their error - only account will be marked as closed and balance as 0. Issue will happen if your account is marked as "settled"

The late payment remark will at most have impact for next 2-3 months unless there is some other issue.

 

[Vasuki]

Hahaha you are new to this buddy. Sooner or later you will realise. Timely payments matters. Credit age matters.

What you are thinking that's completely opposite to the person who is doing verification while approving the application.

He/she definitely going to check timely payments and other things too.

Axis Bank can easily approve his card with low limit others will reject without any fd cards

What are trying to imply
Rn he is 700 score what do u want him do other than fd card