Personal Loan Settlement

[senthil_muthukumar]

Hi,

I had defaulted on my PL  in 2006. I settled the loan 6 months back with a waiver of 35,000.00 Rs.
My CIBIL score had taken a bad beating and it stands at 600.

I want to pay this off .

1. Even if I pay this off , what is the possibility of applying some credit card or loan to improve my credit score?
2. Assuming I get a credit card ( at least secured card) , How long will it take to reach a good credit score after paying off my existing settlement fully?
3. Is secured Credit cards the only way to improve my credit score ?

[cardbhai]

1. You should have Paid Off then only, but still if you want to Do it and negotiate for Clean Credit Reporting with A/C Status just reflecting as "A/c Closed"

2. Yes Secured Credit Cards are the Only way - Read http://www.cardbhai.com/2012/11/secured-credit-cards-india-build-credit-history.html It will take at least 12 months of Good Repayment Record to rebuild your history and may go upto 24 months also.