Hi,
You website is a great support for debt ridden individuals who lack awareness about dealing with credit card companies.
I have a question that I am seeking an answer to and it seems that you will be able to help me. Between my husband and I, we had 10 credit cards about 7 years ago. Due to some financial problems, we struggled to make payments on time and there came a time when we were consistently making late payments and even missing minimum due payments. Gradually, we managed to get a settlement done on all our cards in 2006.
Now we want to apply for a new credit card however all our applications have been rejected. I am sure this is because of CIBIL credit rating. Ever since we settled the cards, we have taken a car loan and a personal loan, where we did not face any problem. If the credit rating is bad, then should it not affect any kind of credit, be it credit card issuance or loan?
We have been completely regular in paying our loan back without any defaults. The loans will be over in 2011. My main question is find out if we can ever improve our credit rating or not and whether we will be issued credit cards in future. Other question is that can I ask my bank to share my credit information report with me (are they required to do so by govt guidelines).
Looking forward to your response.
Regards,
Jaspriya
1. Thanks we are here to help you.
2. So you have settled all the dues on the credit cards - Great. Do you have all the settlement papers and payment proof ?
3. You were able to get a CAR Loan and Personal Loan but no Credit Card - So when your CARD is Rejected, you have the Right to obtain a CREDIT REPORT by Paying fee not more than Rs 50 to the bank where you have applied Read this [
http://www.cardbhai.com/2009/06/consumer-demand-credit-report-now.html] . Get that Credit Report and tell me what is the SCORE that is mentioned in the Report.
4. Yes they have to share your credit report, above point covers this.
Once you tell me the score, we can let you know on how to improve the same.
Thanks,
CardBhai
