Need clarification on credit hit due to guarantor in a home loan

[Pradeepkmr]

Dear All, I need your advise on below scenario.

I recently applied for Federal Bank CC and AU lit card and got rejected in two instances back to back. AU inquiry is not reflected in my credit history whereas Federal Bank inquiry is reflected. That's when I downloaded my credit history report and found out there is a late payment of home loan by 19 days is captured. This is a loan of my parents where I am an guarantor and due to SI set up not done from savings account there is a delay in paying the emi due on time. My current score is 762 and is there a way I can overcome the above negative remark in my credit score? How to do that and how long does it usually take to improve it?

Thanks much in advance.

 

[Wealth is my birth right!]

Dear All, I need your advise on below scenario.

I recently applied for Federal Bank CC and AU lit card and got rejected in two instances back to back. AU inquiry is not reflected in my credit history whereas Federal Bank inquiry is reflected. That's when I downloaded my credit history report and found out there is a late payment of home loan by 19 days is captured. This is a loan of my parents where I am an guarantor and due to SI set up not done from savings account there is a delay in paying the emi due on time. My current score is 762 and is there a way I can overcome the above negative remark in my credit score? How to do that and how long does it usually take to improve it?

Thanks much in advance.

Yes thats where the pain of being a guarantor in a financial system comes
No worries this CIBIL hit of 30points nowhere comparable with parents love and affection
Be regular on all ur card bills and see score after 6 months minimum you will be on 780+

 

[Pradeepkmr]

Yes thats where the pain of being a guarantor in a financial system comes
No worries this CIBIL hit of 30points nowhere comparable with parents love and affection
Be regular on all ur card bills and see score after 6 months minimum you will be on 780+

Yes thats where the pain of being a guarantor in a financial system comes
No worries this CIBIL hit of 30points nowhere comparable with parents love and affection
Be regular on all ur card bills and see score after 6 months minimum you will be on 780+

Thanks for the revert. And yes, anytime the love stands tall. Are you saying that 30 point is the hit I took for that late payment? Also can I presume that both the credit cards got declined due to this one hit in my credit score?

 

[Wealth is my birth right!]

Thanks for the revert. And yes, anytime the love stands tall. Are you saying that 30 point is the hit I took for that late payment? Also can I presume that both the credit cards got declined due to this one hit in my credit score?

Yes but after an year ur payment default will not be considered by banks since ur cibil score will be higher
Banks scrutiny a CIBIL profile when score is between 740 to 780
Cross 780 and apply u may get high chance of approval