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While you may have closed a Credit Card, it is possible that the concerned bank has stopped reporting transactions on that Credit Card to the credit bureaus, but not actually reported the Card as CLOSED. If no transactions are reported on a Credit Card for (three months), the credit bureau would generally update the status of that Card as Inactive.

Life insurance is basically a contract that is made between the policy buyer and the insurance agency in which the insurance agency guarantees a certain amount to be paid to the named beneficiaries in the case of the death of the policy holder.

Ideally you should have a score of at least 750 in order to be considered eligible for a credit product. In addition, you should not have any negative status markings (like SETTLED) on your credit report. Please contact your lender directly in order to resolve this or we can assist you with this. You will need to make a payment to your lender before the SETTLED status is replaced with a CLOSED/NULL status. Please upload a copy of your CIBIL™ report or obtain an Equifax report on our website and we will guide you on the next steps.

At CreditMantri, it is our primary intention to help you understand the state of your credit health. We hope that once you understand your credit score, you may be willing to utilize our services to help you improve your credit health, if required. If not, we hope you may be willing to procure loans through us - we are able to put you in touch with lenders that are most likely to lend to your specific credit profile. We earn most of our revenues from lenders. There is no catch - what is listed on our website is clear and there are no hidden charges. Please let us know if we can assist you in any way.

Delays in making payment (whether issued to the primary holder or to the add-on) are likely to have a negative impact on the credit score of both parties - primary and add-on. Please make the payment immediately to avoid any further impact on your credit score.

Hello, Kindly mail all your queries to care@creditmantri.com. Our Team will be more than happy to help you.

It is advisable to first make sure that you are credit eligible. Ensure that you have a good credit score and meet the banks minimum salary, residence and employment criteria. Assuming you meet the criteria, you can pick the features you are looking for viz. airline miles, cash back, no annual fees, etc. and then pick the bank you like. At CreditMantri, we can assist you with this. Please visit our website and we can help you with all of the above steps.

commmercial vehicle loan

How to check my credit scores ??

You can either apply for a credit report on www.cibil™.com or www.equifax.com or you can obtain your Equifax score for free on www.creditmantri.com

When credit cards are issued on the strength of a fixed deposit, lenders do not consider other credit criteria. If you are able to provide an ID proof, address proof, signature proof and the requisite fixed deposit cheque, the lender is unlikely to reject this. If you require any assistance with obtaining a secured credit card, do get in touch with us on +91 72999 10800, or send us your telephone number and we will call you.

If you have negative status' in your earlier loans eg. SETTLED, WRITE-OFF, SUIT FILED, DPD, etc., your new application could get rejected. In addition, if your income cannot support multiple loan repayments, lenders are likely to reject new applications. It is best to review your credit report in order to determine the exact reasons for the rejection. You can get assistance on www.creditmantri.com with this.

Amounts owed is a factor which makes a person believe that you need to maintain a balance in your account to increase your score but that is not the scenario. In fact, this can be detrimental for your score. This is because of something called debt utilization ratio. This is the ratio of the amount of debt you owe and the amount of debt you have available. Holding a balance in your credit card account does nothing to enhance this ratio or anything in your credit score. So how will a credit card improve your score? Using a credit card allows you to build a credit history. Therefore if you possess a credit card, then use it and pay it off every month (never, ever pay late) before the billing cycle is up. In this way you can build credit history without paying any money for interest and you’ll appear to be a responsible, savvy person who is reliable enough to be given a bigger loan in future.

This is called a credit enquiry. If for any reason your loan application is rejected, the credit enquiry is likely to impact your credit score, as too many credit enquiries tend to have a negative impact on your credit score.

The criteria varies across different lenders depending upon the borrower’s profile and the relationship with the bank. A few basic requirements and limits that are applicable for most of lenders are outlined below: Minimum age limit: 21 years Maximum age limit: 60 years Employment Type: Salaried/Self-employed professionals/non-professionals Employment Status: Employed/In-business for at least 2 yrs., at least 1 yr. with current employer/business Minimum Income: Rs.4,000 - Rs.20,000 net income p.m. (varies according to area - usually higher in metro cities) Maximum Loan: Amount up to Rs.50 lakhs (based on income, repayment capacity and existing EMIs) Minimum Credit Score: At least 700

A credit score demonstrates the credit bureau's evaluation of an individuals probability of default, based upon historical information available with them from numerous data points that they evaluate. Besides the credit rating obtained from the credit bureau, individual lenders might use criteria like negative PIN codes, negative occupations, positive employers lists, positive educational institutions as additional crediteria when making a lending decision. These are all based upon their individual credit experience and will vary from one lender to another.

Whether the payment is partial or full, it impacts your credit score only when you default. A settlement (meaning a final repayment that is less than the full contractual repayment) will be visible in your credit report and is likely to impact your ability to raise new credit in the future. However, making a full payment, after defaulting for a few months, will help you in regaining some points that you might have lost during the period of default. Merely prepaying a loan on which prompt historical payment have been made does not impacts your credit score.