{"id":6779,"date":"2018-06-19T00:50:56","date_gmt":"2018-06-18T19:20:56","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=6779"},"modified":"2019-09-25T12:25:52","modified_gmt":"2019-09-25T06:55:52","slug":"cibil-score-1","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/cibil-score-1\/","title":{"rendered":"CIBIL Score -1"},"content":{"rendered":"<p>Under this new scoring system, scores will range from 1 to 5, with 1 representing highest likelihood of default and 5 representing lowest likelihood of default. This new system will provide\u00a0credit scores\u00a0for new borrowers after taking into consideration information on factors like:<\/p>\n<ul>\n<li>Type of loan (secured or unsecured).<\/li>\n<li>Older requests for credit (volume of loan requests).<\/li>\n<li>Up to 3 months over-due for any past loan.<\/li>\n<li>Demographic information like age, location, income, etc.<\/li>\n<\/ul>\n<p>These factors will determine your score as a number between 1 to 5, and here\u2019s why some people have reported their CIBIL TransUnion score as 0 or -1.<\/p>\n<p>If you have no (or little) previous borrowing history, and no track record on which to determine credit-worthiness, CIBIL will assign you scores of 0 or -1 respectively:<\/p>\n<ul>\n<li>CIBIL score\u00a00 means that information about the borrower\u2019s credit history is available only up to a period of less than 6 months in total. Also known as \u201cNA\u201d or \u201cnot applicable\u201d.<\/li>\n<li>CIBIL score &#8211; 1 means that no information about the borrower\u2019s credit history whatsoever. There is no information to report, hence this score is also known as \u201cNH\u201d or \u201cno history\u201d.<\/li>\n<\/ul>\n<p>Although this basically isn\u2019t a bad position that you have gotten yourself into, most banks and NBFC lenders will only lend to those who they feel can pay them back. A score of 0 or -1 could mean that you won\u2019t get a loan, but some good banks and NBFC lenders are looking at credit appraisals, income proofs, employer and employment details etc. and still lending despite 0 or -1 CIBIL score.<\/p>\n<p>Other credit information agencies in India are also adopting a credit rating system for potential borrowers who have less than 6 months of credit history. Equifax, for example, is issuing scores ranging from 300 \u2013 900 similar to the scores for those with satisfactory credit history. Experian has a scale of 1 \u2013 6 which is used to rate borrowers with less than 6 months of credit history with 1 being most risky and 6 being least risky in terms of defaulting on loans.<\/p>\n<h2>How to get a loan despite having a CIBIL score of 0 or -1.<\/h2>\n<p>You can just talk to the bank and explain how and why you are an eligible candidate who is stuck in the unfortunate position of having a lack of credit history and get the ball rolling. Submit income proofs, a letter from your employer, etc. and convince the bank that the CIBIL score of 0 or -1 is an inaccurate representation of your credit-worthiness.<\/p>\n<p>Once you\u2019ve secured your new loan, paying it off correctly will result in your score being raised and positive remarks in your\u00a0CIBIL TransUnion credit report. You must make each and every EMI payment on time, this will not only save you from penalties and fines, but will also go a long way in improving your credit rating. It says that the first loan you took was successfully repaid in full and on the same terms on which you took the loan (try not to foreclose or arrive at a \u201csettlement\u201d with your bank).<\/p>\n<p>Your loan repayment details and remarks from the bank will be present in your new CIBIL TransUnion credit report.<\/p>\n<p>Most banks today are using these scores to determine credit-worthiness for borrowers will less than 6 months of borrowing history and\/or no credit history at all.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.antworksmoney.com\">antworksmoney<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under this new scoring system, scores will range from 1 to 5, with 1 representing highest likelihood of default and 5 representing lowest likelihood of default. This new system will provide\u00a0credit scores\u00a0for new borrowers after taking into consideration information on factors like: Type of loan (secured or unsecured). Older requests for credit (volume of loan &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/cibil-score-1\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CIBIL Score -1&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6779","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Antworks Money &#8211;  The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"description\" content=\"Under this new scoring system, scores will range from 1 to 5, with 1 representing highest likelihood of default and...\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/cibil-score-1\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:description\" content=\"Under this new scoring system, scores will range from 1 to 5, with 1 representing highest likelihood of default and...\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.antworksmoney.com\/blog\/cibil-score-1\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Antworks Money - 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