Loan Settlement ke baad cibil score kaise badhaye?#loansettlement

It is possible to rebuild your CIBIL score after settling a loan, but it requires patience and disciplined financial habits. A settlement is recorded on your credit report as "Settled," which is viewed negatively by lenders because it means you did not repay the full amount. This status can significantly lower your score and remain on your report for up to seven years. Here are the steps to improve your CIBIL score after a loan settlement: 1. Close the account and get a No-Objection Certificate (NOC) Even after a settlement, you may be able to fully repay the remaining balance to the lender. Negotiate to change the status: Pay the outstanding amount and ask the lender to change your account status from "Settled" to "Closed". A "Closed" status is viewed much more favorably than a "Settled" one. Obtain a No-Objection Certificate (NOC): After you have paid all dues, get an NOC from your lender. This document is proof that you have no further financial obligation. 2. Check and correct your credit report Review your report for errors: Get a copy of your credit report from CIBIL and check for any inaccuracies. This could include incorrect personal details, a wrong account status, or a misreported outstanding amount. Raise a dispute: If you find any errors, file a dispute with CIBIL and the lender to have them corrected immediately. 3. Establish good financial habits The most critical part of rebuilding your credit is consistent, positive behavior. Pay all bills on time: Set reminders or automatic payments for any current EMIs, utility bills, and other expenses. A consistent history of timely payments is one of the strongest indicators of creditworthiness. Maintain low credit utilization: Keep your credit card usage low, ideally below 30% of your total credit limit. A high utilization ratio can indicate a high dependence on credit. Avoid new debt applications: Refrain from applying for new loans or credit cards too soon after a settlement. Multiple credit inquiries in a short period can lower your score further. 4. Build new credit with secured products After a few months of good financial habits, you can take small, strategic steps to build new credit. Get a secured credit card: If you can't get a standard credit card, consider a secured card against a fixed deposit (FD). You use the card and pay the bill responsibly each month, and this positive behavior will be reported to the credit bureau. Take a small loan: After building a positive history with a secured card, you might qualify for a small loan from an NBFC (Non-Banking Financial Company) or a Fintech lender. Making timely EMI payments on this loan will also boost your creditworthiness. 5. Be patient and monitor your progress Patience is key: Rebuilding your credit score is a slow process that can take 12 to 24 months or even longer. Monitor regularly: Continue checking your credit report every few months to track your score's progress and ensure there are no new errors. #cibilscore #cibilreport #cibilcorrection Topic Covered in this video: loan settlement ke baad cibil kaise sudhare loan settlement ke baad cibil kaise thik kare loan settlement ke baad cibil par kya asar hoga Follow Us On Facebook :https://www.facebook.com/profile.php?... Our Channel Best Video Playlist: Loan Videos:    • Loan Schemes Videos   Govt Scheme Investment Video:    • Govt Schemes Videos   Credit Card Videos:    • Playlist   Mutual Fund Videos:    • Mutual Fund & ETF Videos   Income tax Help Video:    • Income Tax Rules Videos   Disclaimer: Fin Plus Tech is not a registered Investment, legal or tax advisor or a broker/dealer. All Investment/ Financial Opinions expressed by Fin Plus Tech are from the personal research and are intended as educational material. Although Best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors may occur. All Information in this video for educational purpose only. Please Do your Own research before making any investment based on your personal circumstances. Our content is intended to be used and must be used for information purpose only. Please seek the advice of your financial, legal, tax or professional advisor before taking any decision. Copyright Disclaimer under section 107 of the copyright act 1976, allowance is made for " fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, education and research.