Secured loan with 0 amount

[timva]

I have this account in my cibil under secured loan but I wanna know what impact does it have on my score - positive or negative??

 

[akshayhs]

Don't worry about it too much especially since it's a secured loan. It is adding to your overall credit account and repayment history.

 

[Vasuki]

I have this account in my cibil under secured loan but I wanna know what impact does it have on my score - positive or negative??

Whats ur query this is information..?

I mean loan is zero amount ? Confusion
Or loan amount got paid and still active on cibil ..
Do you have noc ?

Lol confused pro max ultra 😂

 

[timva]

Whats ur query this is information..?

I mean loan is zero amount ? Confusion
Or loan amount got paid and still active on cibil ..
Do you have noc ?

Lol confused pro max ultra 😂

I just want to make sure that if this stays on my credit report, it shouldn't have a negative impact.

Fyi - I had paid back the loan back in 2014 only so should I contact the company to actually close it??
Or let it stay open??

 

[Sahilhenzy]

It's reporting from 3 years?.

 

[Vasuki]

I just want to make sure that if this stays on my credit report, it shouldn't have a negative impact.

Fyi - I had paid back the loan back in 2014 only so should I contact the company to actually close it??
Or let it stay open??

Take noc .
Close the account.
Anything between 765-780 is more than enough to get any card ..
I know u r enjoying credit mix to cibil but mind you this is loan which is too long reported after closure not Cc ...
Hence you should ask the institution to report it close ..
If u are planning to apply cc in next month then wait else just close ..
U can never gamble .. might they put u to missed payment then u will fight left right centre with a black mark on cibil..

Untill correct any other reporting is bad

 

[timva]

Take noc .
Close the account.
Anything between 765-780 is more than enough to get any card ..
I know u r enjoying credit mix to cibil but mind you this is loan which is too long reported after closure not Cc ...
Hence you should ask the institution to report it close ..
If u are planning to apply cc in next month then wait else just close ..
U can never gamble .. might they put u to missed payment then u will fight left right centre with a black mark on cibil..

Untill correct any other reporting is bad

If loan amount is 0, there is nothing to repay so how will it be possible to mark missed/late payment??

Also is it so bad that I have to go through the hassle of acquiring a noc for a loan that is 9 years old??

 

[Vasuki]

If loan amount is 0, there is nothing to repay so how will it be possible to mark missed/late payment??

Also is it so bad that I have to go through the hassle of acquiring a noc for a loan that is 9 years old??

If loan is closed .. get it marked closed in cibil too..( if u want to keep it no problem that's your choice )
No matter they don't report closed in cibil for 99 years ur score is not going to 850+ ..

Just do whats needful.. cibil score is reflection of current status..

 

[timva]

If loan is closed .. get it marked closed in cibil too..( if u want to keep it no problem that's your choice )
No matter they don't report closed in cibil for 99 years ur score is not going to 850+ ..

Just do whats needful.. cibil score is reflection of current status..

Well, I have an active car loan from HDFC which I actually plan to prepay and close within next 3-4 months. So I think there should be something in secured loans to maintain the balance after my car loan is marked close.
I'll keep this JM loan open for now, If any problem arises, I'll just dig up proof from past that I had closed the loan🤷🏻‍♂️

 

[SSV]

I have this account in my cibil under secured loan but I wanna know what impact does it have on my score - positive or negative??

What is your current CIBIL score?

This will most likely not cause any dent in your score...

 

[timva]

What is your current CIBIL score?

This will most likely not cause any dent in your score...

789
But it has already dropped 6 points from 795 when my Axis Airtel started showing up in my cibil along with a single enquiry ☹️