Foreclosure of credit cards
Querist :
Anonymous
(Querist) 17 January 2012
This query is : Resolved
hi,
I have credit cards for which i have not paid dues for last 1 year & my name is appearing in Cibil as a defaulter, i want to close all the cards by paying of the principal amount, bank is ready to give no dues letter, what precautions should i take while settling the account, will no dues letter will help in increasing the score in cibil, in future i will get loan from the bank.
Thanks.
ajay sethi
(Expert) 17 January 2012
for settling account take a letter that amount is received in full and final settlement . there are no dues pybale on said credit card . it will be reflected in your credit history .
you may get loan from bank later if your credit history is good and you satisfy bank criteria for getting loan
Querist :
Anonymous
(Querist) 17 January 2012
After paying the dues & getting the full & final settlement letter my credit history will be good, bank checks cibil record of the applicant if the cibil score is high as per that the loan amount is decided, cibil score ranges from 300 to 900 higher the better.
Sanjeev
(Expert) 17 January 2012
The banks wont clear the CIBIL report if the part amounts are settled basis the agreement with them. The certificate that they issue would be that this is full and final settlement for the outstanding dues but since this was a part settlement they dont change the status in CIBIL so CIBIL scores would be poor after settlement too.
Shonee Kapoor
(Expert) 17 January 2012
Nothing left to add.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 17 January 2012
I have also the similar opinion as expressed above.
Advocate. Arunagiri
(Expert) 17 January 2012
If you pay the entire demand amount, your name will be removed from the cibil. If you compromise and settle the account, they will record in CIBIL as account settled.
If you expect a improved CIBIL rating, after settlement, you can not get it.
