Removal of very old closed account from CIBIL

[rockyBalboa]

My mother had an HSBC credit card which was closed in 2008. It is still appearing as closed account in her cibil report. Is there a way to remove this completely from her CIBIL?

 

[luciferlucifer is verified member.]

this is how CIBIL works bro

 

[Chaitanya-a]

I don't think so. I closed Flipkart pay later and its still appearing as closed account of Personal loan from IDFC First Bank.

 

[bbiswas]

I don't think so. I closed Flipkart pay later and its still appearing as closed account of Personal loan from IDFC First Bank.

I want to close my old Flipkart pay later...if I close it...is there any effect in my cibil score

 

[Rahul Gupta]

I want to close my old Flipkart pay later...if I close it...is there any effect in my cibil score

Barely any effect. just close it.

 

[Chaitanya-a]

I want to close my old Flipkart pay later...if I close it...is there any effect in my cibil score

Not a problem if you already have unsecured credit card. It would infact be beneficial as personal loan gives negative image about your credit report.

 

[zaid_2913]

Not a problem if you already have unsecured credit card. It would infact be beneficial as personal loan gives negative image about your credit report.

But Credit Mix also key factor for credit report right? Any idea about this. I am not well aware but read in many forums.

 

[Chaitanya-a]

But Credit Mix also key factor for credit report right? Any idea about this. I am not well aware but read in many forums.

Credit mix is the least considered point for CIBIL score.
I'm still not getting any unsecured credit card from IDFC Bank because of that personal loan (closed) in my cibil.

 

[zaid_2913]

Credit mix is the least considered point for CIBIL score.
I'm still not getting any unsecured credit card from IDFC Bank because of that personal loan (closed) in my cibil.

Any way i have closed flipkart and OLA linked to idfc still got IDFC card but basic one. Just kept 1 personal loan 1 consumer loan just for the sake of credit mix.

 

[Lazygreen]

Hello what impact does closing a credit card (2-3) yrs old have on cibil..

Considering I have more than 10 cards still going with me.

 

[akshayhs]

Not a problem if you already have unsecured credit card. It would infact be beneficial as personal loan gives negative image about your credit report.

Having personal loans on my account currently and I got credit cards approved just fine, I just want to add that it totally depends on one's credit portfolio. Having too many PLs can affect is my assumption. Not one or two because I clearly have two.

 

[Chaitanya-a]

Hello what impact does closing a credit card (2-3) yrs old have on cibil..

Considering I have more than 10 cards still going with me.

If its oldest and you don't have any other card approved around that period, then only it would affect significantly, otherwise not much.

 

[Lazygreen]

Thnx for the input,was planning to close one more card which indeed is oldest and has no card around that period.... Would rethink now

 

[Chaitanya-a]

Thnx for the input,was planning to close one more card which indeed is oldest and has no card around that period.... Would rethink now

Closing the oldest card would decrease your credit age. So yeah, rethink about closing it. If you're paying unnecessarily, then only close it.

 

[rockyBalboa]

Credit mix is the least considered point for CIBIL score.
I'm still not getting any unsecured credit card from IDFC Bank because of that personal loan (closed) in my cibil.

Having good credit mix does affect CIBIL score. My score went 13 points up right after a secured home loan started appearing in my report. There weren't any other changes also, so no other reason for score to jump.

 

[Chaitanya-a]

Having good credit mix does affect CIBIL score. My score went 13 points up right after a secured home loan started appearing in my report. There weren't any other changes also, so no other reason for score to jump.

It affects between unsecured and secured. Here we're talking about unsecured only. It'll definitely increase if we take secured loan or credit card.

 

[Credit Karma]

My mother had an HSBC credit card which was closed in 2008. It is still appearing as closed account in her cibil report. Is there a way to remove this completely from her CIBIL?

Not possible. But for more info you may refer to an old thread here

Does anyone here have any idea of how long closed loan accounts and closed credit card account remains on one's credit report?
Is there any criteria for removing closed accounts that were in good standing that is all payments are made on time and those closed accounts whose payments were not made on time?

Has anyone had any experience regarding this?

I have searched this on Google but only USA's laws comes up. As I understand in USA good standing account (on time payments) remains on account for 10 years even after closing them and for accounts with any derogatory marks they will remain on report for 7 years.

Is there any such rule in India?