No Credit Score in CIBIL - how to get loan/credit card?

[vidul]

Hi All,


I am working in an MNC and this is my first job. In coming three months, I am looking to buy my first flat. So after a small discussion with my friends, applied for CIBIL Credit Report (to check my eligibility and correct any error, if any). But to my surprise, it's showing as no Credit Score?


1- Is there any problem with my credit file?
2- Will I get a loan in future with no credit score or credit history (I am confuse with these terms)?
3- How to get into credit and increase my credit score?

Thanks in advance!
Vidul

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[Madhura]

You don't have a credit history and credit score.

Who will have a Credit Score?
If you have had ever taken a loan (personal, auto, education, home etc.), or if you have got a credit card, or if you have bought products on EMI, you should have a credit history and credit score. When you take loan or credit card, the bank inform CIBIL and CIBIL updates credit details in your credit file. If not, you have no profile/file in CIBIL.

You may or may not get a personal loan. You might get home loan/vehicle loan/credit card etc.
To understand the terms, check this article.

[PolicyWala]

Check your credit report and find out if there is any error's in it, correct those first and try to apply to credit card from your bank (where you are depositing your salary) and wait for few months (min 6 months) and again check for your credit score and if it is more then 750 then go for home loan. You may get the home loan but to get the best interest rate, you should have credit score of >750.

[Manish_Kumar]

You must have checked your credit score before Oct'2012. Now CIBIL has changed some parameters and CIBIL Credit Report 2.0 launched. Now if you have no credit history than as per new version of CIBIL Credit Report 2.0. You will be rated as 1-5 and some banks will give you loan based on that.

[vidul]

You must have checked your credit score before Oct'2012. Now CIBIL has changed some parameters and CIBIL Credit Report 2.0 launched. Now if you have no credit history than as per new version of CIBIL Credit Report 2.0. You will be rated as 1-5 and some banks will give you loan based on that.

How do I know that I am been rated as per new CIBIL Credit Report 2.0?

[Manish_Kumar]

How do I know that I am been rated as per new CIBIL Credit Report 2.0?

If you have taken your Credit Report after Oct'2012 then you will get the CIBIL Credit Report 2.0. It's automatic, you don't need to do anything.

[ratikal]

Then you do not have any credit activity in the last couple of years or not enough credit history. Any person with a normal bank account will have a CIBIL score, so hope you had a bank account prior to joining work as well. Wait for a few days, buy a credit card and have some regular financial transactions like use your bank account, transfer funds, pay bills in your name and apply a CIBIL score after 6 months.