Cibil credit score

[vsrao4]

I had taken a credit card in 2008..
made payment til 2010..
later my caRd was misused by others n had a credit of 60000.
Later I stopped making payment til 2012.
Later received a letter for settlement foe 84000.
my question is will this affect my credit score.
Secondly I need to go for home loan will this affect..
thirdly my bank has stated me has written off in cibil.
now if I make payment in full n settle the amount. Will I get clean chit from my bank (citibank) n can take loan.
Plz help me...

[cardbhai]

1. Settlement is not the same as Full Payment. And in your case it is a "Written Off" status which is still bad.

2. You messed your credit history by ignoring when they raised the bill. Why didn't you report the card as stolen ? Why didn't you dispute the charges ? When you have filed no such complaint, can the Bank Trust you ?

3. Nothing Wrong in Going for home Loan, but I doubt you will get it with such bad credit behavior.

[easyloans]

You must try to maintain the balance between loans and your assets. Having a history like this will actually send negative signals to lending institutions and will you may face problems getting a loan.