I am having issues with my CIBIL as my loan applications are rejected due to my bad CIBIL score. I had issues with credit cards and because of that I had few cheque bounces. I went ahead and settled most of the credit cards but some of them still have o/s balance and this is the reason why my applications getting rejected. Is there a way to get help on getting my loan approved from some bank. Please help?
Also a settlement is also not good enough. It affects your credit score badly and prevents your from getting a new loan or credit card.
So please apply for your credit report. Seek counselling and find a way to resolve your problem at the earliest. Remember - the interest on credit cards is very high and compounds rapidly. So you have limited time to stop yourself from a bigger financial mess.
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.
Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee
R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues