My credit score 671, I need loan badly but not getting . No money in hand. score down due to SBI.1 % fault was not mine. 2 month card payment due pls help.
I am afraid I have bad news. With a low credit score and overdue on your card payment for 2 months, it will be near impossible to get a loan at a reasonable rate. You really need to close out your Credit card outstanding FULLY at the earliest and STOP using your credit card until it is done. I hope you know that credit card outstanding compounds at a very high rate and the interest is extortionate.

Please see this video to understand how things work. https://youtu.be/84giLRnFWjs

Meanwhile, our advice to you would be to try and see if you have any assets that can be sold to raise quick and temporary money (some gold is ideal because gold prices are very high and it can be bought back — PLEASE DO NOT MAKE THE MISTAKE OF BORROWING AGAINST GOLD, that will be a bigger mistake. If you have any, sell it). If you can borrow from family, relatives, or your company, you may be able to get a loan at a significantly lower interest or no interest. But please do so only if you are sincere about repayment.

Closing out the loan and rebuilding your credit score is the only way for getting your financial life in order. Please see this for rebuilding your credit score. It is a slow process: https://advisor.moneylife.in/blog/financial-planning/article/how-to-improve-your-credit-score-after-a-downgrade/3297.html
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

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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