Credit Score is down??

[sudhirsiddhi]

I want to know that if I pay late emi multiple times after that cibil is to down. I want to know if I closed this loan then my cibil score is recovered or not

If recovered then in future I applied for loan or credit then Approved or Not

Please reply

 

[Alex292929]

just do timely payments, get a FD based cc if you don't have one. you can apply for loans as soon as your score gets above 750

 

[drakesri]

I want to know that if I pay late emi multiple times after that cibil is to down. I want to know if I closed this loan then my cibil score is recovered or not

If recovered then in future I applied for loan or credit then Approved or Not

Please reply

If you fail to pay the EMI in time the negative impact on your CIBIL will be drastic in short span of time. And recovering your CIBIL will take much longer.

 

[ramirami]

Just closing the loan does not erase effects of late payments. The details will remain in your report for many years (7 year I think) and score will remain low for a long period too. In this period if you are able to show that you can pay on time with no default / late payment, while keeping credit card utilisation below 30% of your limit, your score will recover faster. However it is still going to be a long process.

 

[Cosmicgaze]

In 2015 I defaulted on a credit card by 3 months. Though I paid cleared all dues before it went for collection it was marked as closed but the default in payment by how many days late was always shown. Score went down drastically. As of today In some reports I cannot see those defaulted months and some reports I can view it. My score is back to 790 now.
Avoid missing the payment it will stick for a long time, some banks may offer you a loan but lower amounts and higher interests. If for whatever reason you cannot pay a month or two instalment try talking to your bank if they can give you a break or allow you to pay a different amount, there’s no guarantee but it will help not getting a missed payment.