Loan default is when a borrower fails to repay the loan amount as per the initial agreement. Missing a single EMI payment isn’t defaulting on a loan. However, missing several EMIs in a row or consecutively for weeks and months is known as loan default. When you miss a single EMI, your lender won’t act immediately. Instead, they will grant you a delinquency period. Borrowers can use this delinquency period to clear the EMI and get on track regarding repayment.
Borrowers must try their best to not default on a loan as defaulting on a loan has several dire consequences. To start with, a loan default reduces a borrower’s credit score by a substantial margin, which in turn, reduces one’s chances of loan approval as well as securing a loan on beneficial terms and conditions. In the case of a secured loan, such as a Home Loan or a Loan Against Property, the borrower can sell the pledged asset for loan recovery.
If you have defaulted on a loan, your credit score will diminish substantially. This, in turn, will reduce your chances of loan approval in future. Therefore, borrowers must go the extra mile to improve their credit or CIBIL score after they have defaulted on a loan. The question is how to improve CIBIL score after default.
Tips to Improve the CIBIL Score After Payment Default
Before we discuss this topic in detail, let us look at what happens when a borrower defaults on a loan. If you had taken a secured loan, your lender will retrieve the security for loan recovery. When this happens, a recap appears on a person’s credit report. If the lender and borrower reach an agreement and the lender decides to settle the debt by taking an amount less than the amount owed, the account and debt are considered settled. However, settled debts also have a negative impact on a borrower’s credit score.
Let us now understand how to improve your CIBIL score after loan default. Here are 8 simple tips that will help.
Keep Your Repayment History Clean
To start with, get into the habit of borrowing credit only when absolutely necessary. Take credit after proper planning, borrow what you can easily repay and once your EMIs start, make sure to clear EMIs on time. Your repayment history makes up 35% of your credit history and therefore, you should try and keep it as clean as possible.
Maintain a Low Credit Utilization Ratio
Yet another habit that borrowers must develop is clearing the entire amount due on one’s credit card. Most borrowers keep clearing only the minimum amount due and this leads to a high credit utilization ratio. A high credit utilization ratio not only reduces one’s CIBIL score but is also a sign of a credit-hungry and irresponsible credit user.
Also Read: What is Credit Utilization Ratio and How Can You Improve It?
Maintain a Healthy Mix of Credit
Borrowers trying to improve their CIBIL score after loan default must also maintain a healthy mix of different types of credits. Borrowers should have both secured and unsecured loans as this convinces lenders of a borrower’s ability to repay all kinds of loans.
Also Read: Credit Mix: Different Types of Credit that Boost Your Credit Score
Steer Clear of New Credit
If a borrower’s CIBIL score has gone down due to a loan default, they must try their best to stay away from applying for new credit. Every time a borrower applies for a loan, their lender sends an enquiry on them. This enquiry gets registered as a hard enquiry. Too many hard enquiries ruin a person’s credit score. Therefore, borrowers must steer clear of new credit, especially after a loan default when their CIBIL score is already low.
Check Your Credit Report from Time to Time
Those working on their CIBIL score must check their credit report from time to time. This helps in two ways. First, when you check your credit report after every few months, you get an idea of whether all the efforts you are making are helping you make any progress or not. Second, sometimes errors creep into a person’s credit report and cause the CIBIL score to go down. Thus, borrowers must check their credit report for errors from time to time and make sure their CIBIL score isn’t going down due to an error or mistake in reporting from the lender’s side.
Stay Calm and Be Patient
We get asked often: how long does it take for credit scores to improve? The answer is that if you want to improve your CIBIL score, you must be patient for at least 6 to 8 months. Improving credit scores takes time. So, practice rigorous financial discipline for at least 6 months without expecting results. Be patient and your efforts will bear fruits.
FAQs
It is a misconception that the CIBIL score can be increased within a month or two. Improving the CIBIL score takes at least 6 to 8 months. Practising healthy financial habits can help you improve your credit score.
No, the loan default history stays on a borrower’s credit report for 6 years and hence cannot be removed. However, in case it has appeared on the report by mistake, the borrower can write to the concerned credit information bureau and request them to fix the error.
Improving credit scores takes time. The minimum time you should give to this task is 6 months. During this time, pay your EMIs and credit card bills on time, limit new credit applications, lower your debt-to-income ratio, maintain a low credit utilisation ratio, and have a healthy mix of credit to improve your credit score.
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
[N][T][T][N][T]
Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
[N][T][T][N][T]
Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
[N][T][T][N][T]
Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
[N][T][T][N][T]
Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?2024-01-24 | 3 min
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A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min
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home+loan Home Loan
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An Essential Guide to Refinancing a Home Loan