I want to know why all my loan applications and CC applications are rejected on the basis of NH i.e., No History. I don't have a CC or never took a loan. I am urgent need and have all the KYC and required documents.
Please suggest.
Thanks and Regards
Typically, a Credit Information Report contains details of your credit history, including your identity information, credit accounts, loans, payments and recent enquiries. In addition the report also typically has a credit score.
What you need right now is to build a credit history for yourself. We suggest, you try to obtain a small ticket size credit/ loan such as secured credit card against a fixed deposit and ensure that the credit card payment / loan is paid in full before the due date. This will be a good first step in establishing a positive credit history for you.
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 over time.
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (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 with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.
Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee
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