Hi all.
Some years back I had taken an education loan from a national bank. Though I was late in repaying a few instalments, I repaid back all the amount due and closed that loan account in December 2021. I took an NOC from the bank declaring that the all dues were cleared and they were closing that account. At that time, I wasnt much aware of CIBIL report and had never checked mine.
A few months ago, I found the Technofino channel on Youtube and started on the path to know more about credit cards and how things affect the CIBIL report. Using the knowledge gained from the channel and this forum, I applied for 4-5 credit cards last month. All of them were approved. Previously, I had been using 2 credit cards (Amazon ICICI and HDFC Moneyback) over the last few years and have always repaid the full amount before due date. Also havent missed a single payment till date.
During this process, I also checked my CIBIL report for the first time. My CIBIL score was 780 then (it did take a hit of 3 points with all those new multiple hard enquiries later in the month). But the report also showed the education loan as "Open" with close to 1k as outstanding. I raised a dispute with CIBIL regarding this and to my surprise, got an update within 5 days that they have resolved the issue and marked the loan account as "Closed". This happened in the first week of November.
So I had 2 queries regarding this:
Some years back I had taken an education loan from a national bank. Though I was late in repaying a few instalments, I repaid back all the amount due and closed that loan account in December 2021. I took an NOC from the bank declaring that the all dues were cleared and they were closing that account. At that time, I wasnt much aware of CIBIL report and had never checked mine.
A few months ago, I found the Technofino channel on Youtube and started on the path to know more about credit cards and how things affect the CIBIL report. Using the knowledge gained from the channel and this forum, I applied for 4-5 credit cards last month. All of them were approved. Previously, I had been using 2 credit cards (Amazon ICICI and HDFC Moneyback) over the last few years and have always repaid the full amount before due date. Also havent missed a single payment till date.
During this process, I also checked my CIBIL report for the first time. My CIBIL score was 780 then (it did take a hit of 3 points with all those new multiple hard enquiries later in the month). But the report also showed the education loan as "Open" with close to 1k as outstanding. I raised a dispute with CIBIL regarding this and to my surprise, got an update within 5 days that they have resolved the issue and marked the loan account as "Closed". This happened in the first week of November.
So I had 2 queries regarding this:
- Will closing the loan account in my CIBIL report have any positive impact on my score?
- If yes, how long does it normally take to reflect in the report?
