Credit card repayment missed 7 times, cibil down to 300. Any hopes to restart the journey?
- Thread starter Jay_1994
- Start date
harsh_ujjwal
KF Expert
Repay the dues. Get NOC from respective bank. Get secured credit card / secured loan.
Credit score will improve gradually. Can't improve overnight. Might take 3-4 years.
Sam Maxi
KF Mentor
As Everyone Else here has Advised, Clear the Dues. This is the Most Important Step for Restarting your Journey and Yes Ofc its Possible. You'll need to Pay all the Pending Amounts. You can Take Settlement Route as the Score has Already been Destroyed.
Once you are Clear and Every Account is Closed, Get a FD Based CC and Use it With Discipline. Credit Utilization should be Below 30%, 100% Time to Time Payments, and You shall be Back On Track as Time Passes. (Get a FD CC with a Small Limit, so that you don't End up Spending more then you need and more then you can repay.)
Note :- I'm not a Expert, and So i Can't Assure that Settlement Negative Marking will ever go away or Not, i Just Shared my Personal opinion on the Situation. Research about the Same Online, Before you make a Decision
Once you are Clear and Every Account is Closed, Get a FD Based CC and Use it With Discipline. Credit Utilization should be Below 30%, 100% Time to Time Payments, and You shall be Back On Track as Time Passes. (Get a FD CC with a Small Limit, so that you don't End up Spending more then you need and more then you can repay.)
Note :- I'm not a Expert, and So i Can't Assure that Settlement Negative Marking will ever go away or Not, i Just Shared my Personal opinion on the Situation. Research about the Same Online, Before you make a Decision
harsh_ujjwal
KF Expert
Settlement will leave indelible mark on his score. Better to pay in full and request the lenders to close the loan account and report the same in cibil.
Settlement will leave negative mark forever. Don't take that route if you want your credit score to ever improve.
doctoramar
KF Expert
What is the total amount due.Ur current income.Can u raise a loan from any of ur family/ friends?.
This info will help giving specific advise rather than a generalised reply.
Sam Maxi
KF Mentor
@harsh_ujjwal @abhimarda My Bad, Thank You for your Inputs.
@Jay_1994 Please Read and Understand These Carefully. Do Not take that Route.
I know the amount could be Very High and Almost Unbearable to Pay, but you gotta do it, cause the longer you take, the higher the interest will be. Loan would be Best Option as i can see. Friends and Family would be the First and Foremost Choice, if You have Noone who can lend you the amount, try arranging as much as you can, and then look for a Temporary Job like Delivery Job, that way you'll Earn Something to pay. Pay Back as much as you can but Do Know that, you'll Never be Able to Improve your Credit Scores if you have a Loan of even a Re.1, So Do Your Best to clear it
@Jay_1994 Please Read and Understand These Carefully. Do Not take that Route.
I know the amount could be Very High and Almost Unbearable to Pay, but you gotta do it, cause the longer you take, the higher the interest will be. Loan would be Best Option as i can see. Friends and Family would be the First and Foremost Choice, if You have Noone who can lend you the amount, try arranging as much as you can, and then look for a Temporary Job like Delivery Job, that way you'll Earn Something to pay. Pay Back as much as you can but Do Know that, you'll Never be Able to Improve your Credit Scores if you have a Loan of even a Re.1, So Do Your Best to clear it
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