Credit rating
Jackie Agarwal
(Querist) 03 February 2014
This query is : Resolved
Hello All
My credit rating has been severely impacted due to being a Director and guarantor in a bankrupt company.
My question is how can I improve my credit rating. Some one suggested me that I should take a secure loan and repay that over a period of time.
This he said may improve my credit rating score. For eg :Take a credit card against an FD Plz advice.
Rgds
Jackie
Devajyoti Barman
(Expert) 04 February 2014
You can talk to other credit rating agencies.
There is dearth of credit rating agencies nowadays which have different criteria for different customers.
Jackie Agarwal
(Querist) 04 February 2014
Thank you devajyoti for both my responses.
However I didn't understand the dearth of credit rating agency concept.
The problem is that in taking a loan the bank decides to use it's own paneled agency
My doubt is with regards to
a)improving my credit score by taking a credit card against a FD or any deposit
b)opening a HUF a/c and then taking a loan.
Plz shed light on my these queries
Devajyoti Barman
(Expert) 04 February 2014
Word ' No' is missing from my post.
1. I am not sure how does that improve your credit rating.Get in touch with other credit rating agency like CRISIL, SMERA etc.
2. It is a good idea to save property but not for improving credit rating.
Rajendra K Goyal
(Expert) 04 February 2014
I doubt taking one loan only would improve your score.
If you move systematically you can improve your score.
You can get your credit history and take steps to improve it.
However you can take small loans frequently and pay them in time may be one step.
Advocate. Arunagiri
(Expert) 04 February 2014
Do you mean your personal rating (CIBIL) or your company's rating (CRISIL)?
R.V.RAO
(Expert) 05 February 2014
sri arunagiriji hit it right.
when we talk about individual's credit score ,it is CIBIL alone which does it.
for corporates or public issues or fixed deposits etc..crisil,icra and a few more agencies are available.
as said by experts above, positive credit score can be built only over a period of time like, taking and repaying loans like credit card,car loan,home loan,personal loan,professional loans etc..
