WRITTEN OFF vs SETTLED - which is better?

[cec4111]

Hello Sir,

I had a credit card which I lost or misused by my friends back in 2005 and it was closed in 2008. Recently I ordered my CIBIL report which shows that this Credit card with Citibank as "WRITTEN OFF" and was last reported on Jan 2010.
I never had any communication about this from bank. Infact I had another credit card from Citibank in 2009 and closed in 2010. I also have a savings account with them even now. None of them ever asked me about this.


My credit score is 868 which looks better.
Will they consider this WRITTEN OFF status for future loans?
Infact I had a house loan in 2009 and paid off entirely in 2012. I had 2 more credit cards which are actively paid an no payments past due date.
I also have an auto loan which I cleared in 2009.

All that bothers me is that old data which I really dont remember. How long does this data show in CIBIL report. I thought it was 7 years. Please let me know.

Now, my question is will this status be a problem in getting future loans?
How should I get this fixed? will it affect even if I settle the amount with them and the status show "SETTLED"?

Please let me know.

[cardbhai]

Your Score is High due to the fact that you paid off the "Housing Loan" which earns better Points compared to unsecured loans such as Personal Loans & Credit Cards.

This Data will show in CIBIL forever going by the current data retention rules CIBIL is following.

Will this Status be a Problem in Getting Future Loans ?

It will depend on when you apply. If you are going to apply now or in the next 3 months when the Banks are Going through Tough time, this will be a NEGATIVE in evaluation but during their Good days they may just overlook because of the Larger & Consistent Home Loan Payment Track Record.

Do Nothing for now.

[JaiminJoshi]

Agreed with Cardbhai. Housing loan growth has been the maximum and banks gives more importance as compared to car loans or business loans. Your CIBIL score is the result of settling your home loan. And as 750+ is the required CIBIL score you are at a good position. Yet, considering the situation you are in, you should wait for a while as Cardbhai said.