Queries related to Home Loan CIBIL inquiry

[Digvijay]

Is it normal/okay for home loan banks to make credit inquiries while offering lower interest rates or conversion? How does this inquiry affect the credit score? Should it be kept as it is or need to raise dispute?

 

[rjsudeep]

Seems to be well within their rights to do so, not sure how much help it would be in raising a dispute.

 

[Digvijay]

Seems to be well within their rights to do so, not sure how much help it would be in raising a dispute.

Raising dispute with any credit report company is useless becuase they just update the data reported by the bank. So unless the concerned bank changes that data, raising dispute does not change anything. I got same feedback for the dispute from CIBIL, Experian and CRIF highmark. Better to clear whatever issue with bank and wait.

 

[rjsudeep]

Raising dispute with any credit report company is useless becuase they just update the data reported by the bank. So unless the concerned bank changes that data, raising dispute does not change anything. I got same feedback for the dispute from CIBIL, Experian and CRIF highmark. Better to clear whatever issue with bank and wait.

Exactly, it's almost pointless to do so. Best is to approach the bank and ask them to try and rectify it, but even that may not help in my opinion.

 

[Digvijay]

Exactly, it's almost pointless to do so. Best is to approach the bank and ask them to try and rectify it, but even that may not help in my opinion.

If it's genuine and the account is clear, banks do correct it. Had experience with Kotak and HDFC. They resolved the issue with multiple entries for credit card.

 

[rjsudeep]

If it's genuine and the account is clear, banks do correct it. Had experience with Kotak and HDFC. They resolved the issue with multiple entries for credit card.

The point is that it is a very long, tiresome process with a lot of back and forth. Some banks are helpful, most aren't.

 

[Digvijay]

The point is that it is a very long, tiresome process with a lot of back and forth. Some banks are helpful, most aren't.

Agree. It varies from bank to bank and the particular issue. If one is persistent enough and follow-up with the bank officials regularly; chances of bank addressing the issue on priority are more.

 

[rjsudeep]

Agree. It varies from bank to bank and the particular issue. If one is persistent enough and follow-up with the bank officials regularly; chances of bank addressing the issue on priority are more.

In that regard, HDFC and IDFC have been pretty positive for me.

 

[Digvijay]

In that regard, HDFC and IDFC have been pretty positive for me.

+ Kotak for me.

 

[rjsudeep]

+ Kotak for me.

I don't have any account with Kotak, so can't comment. Had a bad experience trying to obtain a Credit Card from them though!

 

[Sreerag]

I have a question... How is Credit Utilization found in Home Loans!?! My mothers CIBIL dropped by 14 due to higher limit Utilization... Every time same EMI and that too auto debit and never bounced... How !?

 

[Digvijay]

I have a question... How is Credit Utilization found in Home Loans!?! My mothers CIBIL dropped by 14 due to higher limit Utilization... Every time same EMI and that too auto debit and never bounced... How !?

Installment loans like mortgages and auto loans factor into a different rate called debt-to-income ratio. Per-card credit utilization rate is calculated in the same basic way as overall utilization rate, except it compares the balance of an individual credit card to available credit on the same card.