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Messed up cibil score.
- Thread starter shash5252
- Start date
will take time upto a year as well.. provided no more misses and timely payments of existing loans /cc.. dont apply for anything for atleast 1 yr.. sorry.. its true..
I made a mistake by borrowing money through the Slice app. My friend borrowed 25k under my name and didn't make the payments on time. How much days it would take to get atleast 700score☹️. Loan has been cleared now(a week ago)
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RAMESH BABU N
TF Ace
Do not even attempt to apply for new loans or cards. Pay all bills/EMIs promptly before the due dates. Never end up in default even Rs.0.01Paise. Never do such friendly/costly help to outsiders.
If your friend didn't pay the EMI on time, it was your responsibility to pay the EMI from your own money, then ask the friend later.
I made a mistake by borrowing money through the Slice app. My friend borrowed 25k under my name and didn't make the payments on time. How much days it would take to get atleast 700score☹️. Loan has been cleared now(a week ago)
As everyone said, it'll take a long time, maybe a year or more, to recover. But sadly, your loan and credit card approval chances will still be very low even after your score recovers.
shash5252
TF Buzz
If I manage to boost my score to 700 or higher, would I still not qualify for at least an entry-level credit card like the Millenia or will the chances of approval will be decreased?
Usually, once you get a late payment on your CIBIL, banks hesitate to approve a loan or credit card without income proof.
But if you do have income proof, you'll get it without any issues.
By the way, how many loans or cards do you currently have running?
shash5252
TF Buzz
At the moment, I don't have any outstanding loans orcredit cards.
It means your CIBIL will be the same no matter how long you wait. You should consider taking fixed deposit credit cards.
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shash5252
TF Buzz
I only took the loan because my friend needed emergency funds. But, unfortunately the payment got delayed which impacted my cibil score negetively.
Maybe Slice is still reporting payments to your CIBIL but after all reporting ends it'll stop fluctuating.
To recover your CIBIL you need on-time payments. But you have zero loan & cards running it means zero on-time payments. 🙂
Edit your original post. Mention this in your original post itself to get better suggestions.
Exactly even I don't have an HDFC Millennia card🥲 with 785 CIBIL, 17 Active Cards, zero late payments & 350+ on-time payments.
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I assume there are many other ways if one try to get short term loan without giving others chance to destroy your cibil even if it's unintentionally. It's a learning lesson for you.
I made a mistake by borrowing money through the Slice app. My friend borrowed 25k under my name and didn't make the payments on time. How much days it would take to get atleast 700score☹️. Loan has been cleared now(a week ago)
Even if it improves after considerable amount of time, some banks will hesitate to give credit cards or loans. Even if they give loan, interest will be much higher for you as per your cibil.
If you have good salary, then you should not have much issue.
Just wait for 6 month & then try to get credit card through secure FD.
shash5252
TF Buzz
Cards ke baare me toh i'dont have much idea😅.
Regarding the fd based card Should I consider applying for HDFC Freedom card (ss attached)?
Attachments
shash5252
TF Buzz
Understood!
It seems like a wise decision to wait for Slice to update their reporting to CIBIL before proceeding with obtaining an FD-based card.
