Author Topic: Understanding the Summary of Accounts  (Read 12502 times)

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cardbhai

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Understanding the Summary of Accounts
« on: November 06, 2009, 01:05:10 PM »
Understanding your CIBIL Credit Report - Read Part-1 here. Only then you can read this post.

Look at the attached Image
Their are 2 parts for summary Accounts and Enquiries.

Accounts:
Total Number of Credit Accounts - includes - Credit Cards, Personal Loans, EMIs, Housing Loans, Business Loans, etc
Overdue: Must always be ZERO Say, if you have 1 account overdue, it means you have not paid / not regular in paying your balance in one of the above accounts. This is BAD. You should immediately pay attention to this.
ZERO-Balance: The number of accounts with Zero balance [Say you have a Credit Card which you have not used and the balance on it will hence be ZERO]

Advances:
For credit cards and fleet cards,  this is the highest amount of credit used in the history of the account. Your Credit Card Limit will not be reflected here. For others, it is the sanctioned amount of the loan.

Balances:
The most recent balance on your Accounts will be reported.

How do balances affect my Credit History ? When you apply for new credit say, a vehicle loan and assume if you are already paying 2000 EMI for your Flat Screen TV, 3000 on Credit Cards and 15,000 on Housing Loans this means you have a payment obligation of 20,000 / Month. And if your monthly income is no higher than twice the payment obligation, chances are your request for new vehicle loan will be rejected.

Date Opened:
Recent - The date on which the most recent account was opened
Oldest - The date on which the first credit account was opened in your name The Older the A/C that you have, better the Credit History you will have.

Questions and Comments are Welcome.