Hi How can i make my credit score better
as my loan applications are getting rejected
Loan applications are getting rejected means you have serious issue. You obviously have been listed as a defaulter on databases of credit information companies such as CIBIL and Experian.

You need to apply for your credit report first and figure out what has gone wrong. If you are wrongly marked a defaulter, you need to fight it out. If you have a past settlement or default, you need to pay up with interest and get your credit report and record cleaned up.

Please understand, there are no short cuts to this. It is a serious business, because it means that you cannot get a credit card or a loan of any kind for as long as the default remains in your record.

And there are no quick fixes either. If you hear from companies that offer to fix your credit score for a fee or remove you from the defaulters list for a price, it is false.

It is to stop people getting cheated twice over that we have started this Credit Helpline. You can seek FREE counselling from our experts. But before that we urge you to spend some time reading the resources we have on our helpline to understand what is a credit score and what are the consequences. Here is the link http://www.freecredithelp.in/faq/

At present, we suggest you to check with a bank if you can get a secured credit card/loan against a FD. Asking your bank/lender to open a secured account, can be a good way to demonstrate you can manage your finances, which can lead to establishing a credit history and building strong credit scores, although it might not happen immediately. You can then check back on a regular basis to monitor your progress.

Also remember, do not make inquiries with several companies/lenders for loan, unless it is really needed, as this also affects your credit score.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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