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Reasons Why Senior Citizens Need a Good CIBIL Score

  Fri, Apr 28, 2017     written by : CSF-Team

You have had enough of the rat race and now you are looking forward to your "relaxation days". No, we are not talking about a holiday but your retirement days. Certainly all this while you have toiled hard to pay off your debts and have probably built a strong credit history with a high credit score. Perhaps, you are now debt free. Don't lose all of it by assuming you don't need a good credit score anymore.

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How a bad credit personal loan improved my CIBIL score

  Wed, Apr 26, 2017     written by : CSF-Team

Credit score of an individual may be just a three-digit number, but one does not understand the significance of CIBIL score unless a poor credit score hampers one's financial plans. I am Vinay Shukla, and my experiences have taught me that score may be a make or break when it comes to applying for a fresh line of credit. Let me tell you the story of how I was able to redeem my score with a personal loan for low CIBIL score.

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The right way to apply for a personal loan with a low CIBIL score

  Fri, Apr 21, 2017     written by : CSF-Team

There are times in life when you are faced with a sudden financial crunch and you are in urgent needs of funds. All you need at such times is a lender who gives you a quick and hassle free. To get over this financial emergency, you think it is best to apply for a personal loan and to your horror you discover that your loan application has been rejected because of a poor CIBIL score. There is barely anything more nightmarish than this! If you are currently in a situation like this, we have some good news for you. A low CIBIL rating is not the end of the world. You can still get a personal loan with a bad CIBIL score.

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Your history guides your future: Your credit history-A case study

  Thu, Apr 20, 2017     written by : CSF-Team

When Brian Lobo got a job at the age of 23 in 2014, a credit card that he got soon after, became his prestige symbol. Be it a Friday night visit to a pub or and expensive make up set for his girlfriend, his credit card funded it all! All was well for Lobo till he did not have any financial responsibilities as his father had still a good five years to go until retirement. Thus, Brian spent 80% of his income in paying off his credit card bills. Credit score and loans for bad credit were things he remained blissfully unaware of.

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Can you Get a Personal Loan Without CIBIL Score?

  Wed, Apr 12, 2017     written by : CSF-Team

Personal loans can be quite useful in tough times when you are short on cash. Since they can be used for a variety of purposes, including medical emergencies, higher education, buying used cars, etc. they are also the most popular form of loans taken by the people.

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What Is It like Having a Bad Credit Score

  Fri, Apr 07, 2017     written by : CSF-Team

"Nothing's good about a bad credit score", said a dejected Vineet. He had an abysmal score of 545. He was hoping to get a car loan of 10 lakhs but no bank was willing to touch him even with a 10 foot barge pole. He needed a loan so bad that he was wondering if he should contact one of those "infamous loan sharks". He was driven to the brink this time.

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Differentiating Between Good and Bad Credit

  Wed, Apr 05, 2017     written by : CSF-Team

We have heard a lot about good credit scores and bad credit scores. This is not the same. Today the markets are flooded with tremendous choices and people are enticed to buy them all. Nothing comes for free and one cannot buy everything with their income. So it becomes tempting when the item you always wished to purchase is now available on easy instalments. The important question is should you buy it because it is now easier to buy it or should you buy it because there is a need for it? The answer to this question will make all the difference in your credit profile.

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Here is how you can get rid of bad debt on your credit report - Case Study

  Fri, Mar 31, 2017     written by : CSF-Team

Back in 2013, Debina Ghosh had three credit cards, one car loan and two personal loans. Recently, when she applied for a home loan, her application was "callously rejected", in her own words. So what happened between 2013 and 2017 that made Debina an ill-favoured prospect? For someone who was handling multiple credit relationships in the past, why taking a loan became a challenge? This is her story.

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Why A Personal Loan For CIBIL Defaulters Is A Struggle?

  Thu, Mar 30, 2017     written by : CSF-Team

Back in 2013, Debina Ghosh had three credit cards, one car loan and two personal loans. Recently, when she applied for a home loan, her application was "callously rejected", in her own words. So what happened between 2013 and 2017 that made Debina an ill-favoured prospect? For someone who was handling multiple credit relationships in the past, why taking a loan became a challenge? This is her story.

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Your spouse's bad credit can lead to troubles

  Sat, Mar 25, 2017     written by : CSF-Team

When in college, Anurag and Trupti were like any two people in love. They wanted to get married, but not before they were settled in their respective careers. Anurag aspired to be a filmmaker and Trupti wanted to make it big as a corporate lawyer. Much to the chagrin of their parents' they courted for nearly a decade before they finally got hitched in November 2016.

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Good Credit Score but Bad Credit Report? How Does It Affect Your Loan?

  Wed, Mar 22, 2017     written by : CSF-Team

Your report is a window to your past credit pursuits. It stores all information regarding your credit related activities that have been in the past. Based on the information given thereby and using a proprietary algorithmic formula, credit bureaus work out your credit score. It wouldn't be wrong to conclude that a credit score is a numeric reflection of your bygone credit acts. Or is it? Is it really a true reflection of your past?

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Can One Inherit Bad Debts

  Sat, Mar 18, 2017     written by : CSF-Team

Quite often when kin inherit assets passed down by their parents, they wonder if they would also inherit their unpaid debts. Everyone wants to be left valuables and lucrative assets, but when it comes to inheriting liabilities people often shy from claiming responsibility. But Prakhar's case was different. He was worried that his father's bad debts would haunt his future. Was he destined to doom? Here is his story.

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Why Loan Defaulters Are Unable To Come Out Of Debt Trap?

  Fri, Mar 10, 2017     written by : CSF-Team

Ever since Saurabh started working he took loans. Firstly he was paying off his education loan. Then, he took a loan to help in his sister's wedding, a year later he applied for a car loan and then again a personal loan for his own wedding.

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Is checking credit report annually for errors enough? A case study

  Wed, Mar 08, 2017     written by : CSF-Team

28-year-old Chandresh Ramalinga is an ideal law abiding conscientious citizen. Right from his childhood, Chandresh has played by the rule book. He did his homework on time, submitted his assignments timely and got good grades. Thus, when it came to handling his finances, there was no question of Chandresh going wrong or seeking loans for bad credit. Soon after he got a job, he availed of one credit card and a two-wheeler loan.

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If You Are Borrowing Money Read This

  Fri, Mar 03, 2017     written by : CSF-Team

Money, today, is the unchallenged primary object needed for survival. Just the definition of "survival" itself has changed. For instance, in the olden days people would say basic necessities like unadulterated food, portable water, clean air and a safe shelter were sufficient to survive. But today if you ask a teenager they will say they cannot survive without their smart phone and social platforms, even if doomsday was around the corner.

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How Not To Get Into Financial Woes While Spending On Wedding - A Tale of Two Sisters

  Wed, Mar 01, 2017     written by : CSF-Team

Everyone held their breath as Vikram and Maahi entered in a heart shaped capsule that was dangling on a crane. The "Varmalas" were brought in by elephants, as the bride and the groom landed on a revolving stage for the ceremony. And if this was not enough to awe their guests, a helicopter hovered above bringing down a rain of rose petals on everyone. Naina was excited for her elder sister Maahi as she always wanted a wedding that would enthral everyone and be memorable for ages to come.

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Resolve To Resolve Disputes On Credit Report - Case Study

  Sat, Feb 25, 2017     written by : CSF-Team

Mumbai based Rishi Dewan is known to be an affable guy among his friends and loves it when his friends called him "sher-dil" or "lion hearted". Ever since the beginning of his career as a film editor Rishi has many friends with whom he goes out partying every other day. Merely 25 years of age, Rishi could not thus be happier when he got an offer to take up a credit card a year back. Soon enough, Rishi began making all transactions on his credit card, be it a shopping trip for their upcoming shoot or bowling and letting his hair down every weekend at pubs.

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Regain the colour of money: Clear your outstanding dues with Plus Loans

  Wed, Feb 22, 2017     written by : CSF-Team

Mumbai based Rishi Dewan is known to be an affable guy among his friends and loves it when his friends called him "sher-dil" or "lion hearted". Ever since the beginning of his career as a film editor Rishi has many friends with whom he goes out partying every other day. Merely 25 years of age, Rishi could not thus be happier when he got an offer to take up a credit card a year back. Soon enough, Rishi began making all transactions on his credit card, be it a shopping trip for their upcoming shoot or bowling and letting his hair down every weekend at pubs.

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Use your credit wisely - Case study

  Fri, Feb 17, 2017     written by : CSF-Team

Arnav Aggarwal recently graduated from a reputed engineering college. He had a brilliant career in front of him and he was all set to make a leap to the real world. As soon as Arnav joined his first job he started getting numerous credit card offers with attractive introductory propositions.

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Be Credit Alert to Be Credit Healthy

  Wed, Feb 15, 2017     written by : CSF-Team

At times we find that the size of our pockets is inversely proportional to our dreams. In simple words, sometimes what we want is way beyond our affordability. At such a time how you wish if you had enough money to buy that thing. If you could, may be, win a lottery.

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Closing a credit card can be detrimental to good credit score - Case study

  Fri, Feb 10, 2017     written by : CSF-Team

Rakesh Sharma was feeling on top of the world. After 6 months of careful research and planning he was all set to buy his first SUV. He made sure that nothing goes wrong while he sets on to buy his dream vehicle. He was well aware that the CIBIL score plays a significant role in determining his eligibility for the auto loan. And he did almost everything right to ensure that he had an excellent credit score. Well almost! One small mistake landed him into such a trouble that he could never have imagined.

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Importance of credit score for house wives - Case study

  Wed, Feb 08, 2017     written by : CSF-Team

Shilpa Jain, 35 had just celebrated her 10th marriage anniversary. Her husband, Rohit was the sole breadwinner of the family and took care of all the financial aspects. Shilpa never gave any importance to the fact that she should also have a good credit score. For her (like most housewives), financial independence just meant having a separate bank account. She did not have any credit cards in her name.

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It Is Important To Track Your Credit Report

  Fri, Feb 03, 2017     written by : CSF-Team

Most people don't bother to check their report unless they are planning to take a loan. You must regularly track your credit report irrespective of your financial situation. You don't want to go through the same thing as Ritika & Rupesh did.

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Why having multiple loans is bad for your credit health- A case study

  Wed, Feb 01, 2017     written by : CSF-Team

When Indranil Roy, a young man born and bred in Kolkata got placed in an MNC in Mumbai his mother was overjoyed. According to her, her son had finally arrived and was about the take the world by storm. Indranil's father, a banker by profession who had two years till retirement was a tad worried, knowing that his son could be careless regarding money matters.

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  Sat, Jan 28, 2017     written by : CSF-Team

Earlier this year Experian India released the "Fraud Report 2016", in which it covered the fraud related trends in the finance and banking industry. Mohan Jayaraman, Managing Director of Experian India, mentioned in the report that identity theft accounted for 77 per cent of fraud cases in the first quarter of 2015. Personal loans, mortgage loans, credit cards, and consumer loans have experienced majority of these fraudulent activities. Thus, it goes without saying that time has come we started taking Identity Theft seriously.

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Divorce Can Severely Impact Your Loan Obligation

  Wed, Jan 25, 2017     written by : CSF-Team

Nothing is as devastating as a break up. It can derail your plans for the future and completely disrupt your life. Amid the agony and heartache, it can be tough to think about finances but they canít be ignored. Financial disputes will prolong your troubles as they can ruin your credit. Take the example of Rahul & Misha.

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Can I get a personal loan with low CIBIL Score?

  Sat, Jan 21, 2017     written by : CSF-Team

Rohit Gupta, 55, a resident of Mumbai wanted to renovate his house before his son got married. He had a stable income and job in a public sector company and he thought he would be an ideal client for any bank that offers loans. He decided to take a personal loan of Rs 10,00,000 to meet the expenses. On applying for an ICICI Bank personal loan he got a big surprise. His application was rejected on the grounds that he had a low CIBIL Score.

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Do Not Hand Over Your Personal Information to Anyone

  Wed, Jan 18, 2017     written by : CSF-Team

As children, we are often taught by our parents not to talk to strangers. However, as we grow old we tend to forget the importance of this lesson. Sharing personal information with unreliable people can have serious repercussions even as an adult.

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Why Is It Critical To Have An Error Free Credit Report?

  Fri, Jan 13, 2017     written by : CSF-Team

Tia was in for a rude shock when all four of her credit card applications were rejected. She was hoping to be approved for atleast a couple of them, which her pals said were "most happening" cards. She was told it was because of her CIBIL score. For poor Tia the series of shocks continued when her muddled credit report arrived. She resolved to set it straight once and for all.

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Consumer Alleges Wrong Reporting On Credit Reporting Agency

  Wed, Jan 11, 2017     written by : CSF-Team

Excessive debt is never a good thing, and research reveals that the ramifications may be worse than what was previously believed. There are consequences that hurt not just your financial well-being, but your physical and mental health can also be at stake.

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How Bank Loan Defaulter List Impacts the Loan Approval - The Case

  Fri, Jan 06, 2017     written by : CSF-Team

Rajashekhar M. Swamy was a bright student and a dotting son. His parents were simple, religious and people with integrity. Swamy's father always wanted to join the army but owing to "flat feet" he failed the physical test. Although, he couldnít make it to ranks but he never burdened Swamy with his dreams.

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Impact of Low CIBIL Score on Education Loan

  Wed, Jan 04, 2017     written by : CSF-Team

( The Case ) Rajendra P. Kapoor or "Raj" was basically a good at heart sort of person. His only philosophy in life was, "you live only once, so enjoy it to the max." He would take unplanned vacations, throw random parties, buy expensive phones and more. He had an array of credit cards as he just loved carrying a wallet-full of them. He always believed in using credit so much so that he had a home loan, a loan against MF holdings and a personal loan apart from his collection of cards. To his credit, he had a fully paid car loan.

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Impact of company promoters' low CIBIL score on company loans - A Case Study

  Sat, Dec 31, 2016     written by : CSF-Team

M/s Zen Computronix India Ltd. and M/s Matrix IT Solutions Pvt. Ltd were fierce competitors. They were both in the business of manufacturing, supplying and exporting Laptop ICs. These are important parts that ace laptop manufacturers sourced from them. They had common business interests and a common market place. Naturally, they would often lock horns for manufacturing and consignment orders.

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Credit Report Error Can Lead To You Looking For Bad Credit Personal Loan - Cases Under Review

  Wed, Dec 28, 2016     written by : CSF-Team

No one is perfect. Credit bureaus and their staff is no exception to this universal rule. Credit bureaus receive customer data from various lenders which is then fed into individual reports. They often mix up data and botch up several scores. It is no surprise that a bad score acts as a bottleneck to credit. It may not be your fault and yet you may have a poor score.

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Using snowball method to repay your debts

  Sat, Dec 24, 2016     written by : CSF-Team

(Case Study) Mr. Rajat Kumar, 40, a professor in a private university had a stable job and income. But managing too many debts was giving him a headache. Besides having an outstanding balance on 2 of his credit cards he had also taken a car loan and a personal loan. However hard he tried to pay them off the bills kept on piling and the debt never seemed to shrink. He wanted to pull himself out of this debt trap but did not know how to go about it.

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Now get a loan with bad CIBIL score

  Wed, Dec 21, 2016     written by : CSF-Team

A CIBIL score is a reflection of your past financial habits. The score gives a true picture of how you have handled your loans and credit cards. If you are looking to borrow money then unquestionably this score will be used by the lender to decide whether you are a worthy borrower or not. A high score is a sign of responsible financial behaviour and it increases the chances of approval. But what if you do not have a very good credit score? Does it mean that you have struck a dead end? Well the answer is NO. (Hope this gives you a sigh of relief!)

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5 Common Reasons Why People Default Ė A Series of Short Case Studies

  Saturday, Dec 17, 2016     written by : CSF-Team

In the pre-credit scoring days, lenders often borne the brunt of defaults because people would take their debtors for granted. Even if a borrower was blacklisted by one lender, another unsuspecting lender was always available to lend. The poor lenders were at the receiving end, every time. Over time it was realised that all defaults are not intentional. Sometimes, lifeís turbulent events rendered borrowers incapable of repaying their debt while at other times it was sheer ignorance.

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Impact of identity theft on your credit worthiness - Case Study

  Tue, Dec 13, 2016     written by : CSF-Team

Satish Bhatia, a small businessman in Mumbai had an impeccable credit history one year back. He had never faced any difficulty in getting loans in the past. He had two credit cards and a car loan and he always made his payments on time. He was aware of the importance of a good credit score, so he never let his debts out of control.

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Should You Buy Card Protection Plan to Secure Credit and Debit Cards

  Friday, Dec 09, 2016     written by : CSF-Team

Tarun, a young IT graduate, working with a renowned IT firm in Gurgaon, was baffled to see his credit card statement showing transactions of Rs. 90, 000/- which he couldnít identify. He digged through his belongings but could not find his credit card. That is when he realised that he was a victim of credit card fraud. His ordeal did not end here. Since the damage was already done he had to pay for them through his nose. Tarun paid 90k to the issuing bank for transactions he did not authorise.

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Learning how to go cashless in the wake of demonetisation- A tale of an ordinary Indian

  Tue, Dec 06, 2016     written by : CSF-Team

Case Study - On the evening of November 8th, Manpreet Kaur, a Mumbai based homemaker had settled in front of the TV to have her dinner after she had put her toddler to bed. Like always, she decided to browse some news channels before switching to her favourite daily soap. Only this time she remained fixated on the TV screen as she watched the Prime Minister declaring notes of Rs 500 and1000 illegal tender.

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Does risk-based pricing really exist in India?

  Fri, Dec 02, 2016     written by : CSF-Team

(Case Study) Akshay and Abhijeet have both applied for home loans at the same bank, where they are both account holders. Their loan amount too is the same, and their paperwork is in order. Akshay has a credit score of 870, while Abhijeet has a credit score of 700. Now hereís the deal Ė while both Akshay and Abhijeet were offered the loan they had applied for, the terms and conditions of their individual loan offer letters were starkly different!

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All That You Wish To Know About Peer To Peer Lending

  Tue, Nov 29, 2016     written by : CSF-Team

A young Smita was nonchalant about her finances and only wanted to enjoy life. It was only after her loan application was denied by almost all banks & NBFCs that she realised how her careless approach towards her creditors in the past had caused damage to her score. Today she struggled to find a lender to fund her project. But this time she was determined to turn overleaf and show a new side of her, by being a responsible borrower. The internet gave her a solution. P2P lending sites provided relief.

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Can I Get A Home Loan With Bad Credit Score?

  Fri, Nov 25, 2016     written by : CSF-Team

Moving into your own home is everyoneís dream. Given the current realty market and property prices, home loans are indispensible. Credit scores are the foremost checks that you must clear to be eligible for a loan. Does that mean that a low credit score is a dead end to all your credit aspirations? Absolutely not.

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How Income Plays A Challenge In Getting You A Loan?

  Tue, Nov 22, 2016     written by : CSF-Team

Have you heard the story of a nomad who found a magic lamp and wished that whenever he poked his hand in his pocket he always had an exact amount of money to pay for his needs? So whether he wanted Rs. 10/- to pay for a rose or buy a car worth Rs. 10 Lakh, he always had the entire amount in his pocket. Most would assume he would never need a loan. But what most donít know is he would never be eligible for a loan. He had no proof for the source of his income!

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How to register your issues with the Banking Ombudsman of the RBI?

  Wed, Nov 16, 2016     written by : CSF-Team

Case Study - Sunil Verma, based out of Mumbai, holds a bank account with one of India's leading private sector banks, where he has also availed of an auto loan to purchase a new car. Two months ago, his bank account was debited twice towards EMI repayment, for apparent non-payment in one month, without any prior intimation to him from the bank. Given that payments had been made on time, Sunil even brought this to the notice of his bank immediately; however there was no action taken by the bank, neither was a satisfactory resolution provided to him.

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5 Habits That You Need To Get Rid Of To Become Eligible For Loan with Bad CIBIL Score

  Fri, Nov 11, 2016     written by : CSF-Team

Mr. Krishna Kumar was sure his daughter Riya deserved nothing but the best. For her sixteenth birthday, he decided the latest iPhone replete with accessories is what he would gift her. Since there was still time for him to receive his salary, he applied for a personal loan. But his loan application was denied due to low CIBIL score. All he wanted was to see his daughter happy. Was he asking for a lot?

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5 Personal loan mistakes to be avoided-CASE STUDY

  Wed, Nov 09, 2016     written by : CSF-Team

Rajiv Arora, like any other middle class Indian parent wanted to fulfil his child's career ambitions. Though he had saved enough in his 25 years of service in a private sector company it was not sufficient to fund a specialized course abroad. His child was looking for a global exposure and aspired to pursue his higher studies in the US.

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How can a personal loan with low CIBIL score help in building the credit health

  Friday, November 04, 2016     written by : CSF-Team

Varun Kapoor, a young software professional worked hard to save up for the down payment of his dream car. He had a stable job and the capability to make timely repayments of EMIs of a car loan. After a thorough research he applied for an SBI car loan that offered an attractive rate of interest. He was confident of getting an approval as he had provided all the supporting documents and proof of income that was substantial enough to cover the EMIs. But to his surprise his loan application was turned down and the reason stated by the bank was that he had a low CIBIL score.

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Credit Sudhaar Finance launches Plus Loans

  Thursday, November 03, 2016     written by : CSF-Team

Are you struggling to qualify for market Ėleading loans because of a bad credit history? Is a bad credit score keeping you from getting funds that you so badly need? Donít let your past credit mistakes come in the way of your future financial plans.

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Can you really lead a life free of financial slavery?

  Friday, October 28, 2016     written by : CSF-Team

Financially slavery is something that is often spoken in the same vein as credit. You will find many discourses that tell you that taking long term loans is signing up for financial slavery. In fact, this is the reason that most people above fifty who belong to a previous generation are likely to tell you that they can never imagine living a life on credit. Although mindsets have hugely changed from back then and youngsters today are far more comfortable with the idea of availing credit.

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A few borrowers may literally get hurt by debt

  Saturday, October 22, 2016     written by : CSF-Team

Excessive debt is never a good thing, and research reveals that the ramifications may be worse than what was previously believed. There are consequences that hurt not just your financial well-being, but your physical and mental health can also be at stake.

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Understanding the role and importance of CIBIL score

  Wednesday, October 05, 2016      written by : CSF-Team

With the lending scenario having become stringent over the past few years, banks and other financial institutions when reviewing a loan application make sure they have certain checks in place prior to taking a decision on whether to extend credit or decline the request. This is because ultimately a lender takes a risk by offering a loan, and from their perspective it becomes important to know how likely the borrower is to default, or not repay the loan.

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Personal Loans for Bad Credit

  Tuesday, October 11, 2016     written by : CSF-Team

Banks do a thorough background check before sanctioning a loan or a credit card. They check the CIBIL score of an individual to determine whether he has been responsible with his past loan repayments or not. People with a bad credit score often find it difficult to get loan approvals as they are considered as risky customers who are likely to default on loan payments in future.

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Frequent Credit Mistakes that borrowers make

  Monday, October 17, 2016     written by : CSF-Team

Most of us use credit in some form or another in current times. While we may be using credit cards and getting loans there are small aspects which we may ignore and which can end up harming our credit health. So here are few mistakes that all consumers should avoid. All these have a negative impact on Credit Score and Underwriting Process on the loan applications and one may end up getting rejected and evaluating options on loan for bad credit score.

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