ravikumarbcombl (advocate) 18 November 2009

Default on one credit card will affect other cards?

Dear Friends,

I just heard that one making default in one credit card while the same person having many cards... even though he is maintaining the credit worthiness of other cards and having the same by paying properly....... when he made a default in one card will affect all other cards when the default is referred to Cibil..??? is this information on article published in the new indian express daily on 29.09.09 ???

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4 Replies

Asha Pole (Legal) 18 November 2009

Even if such default is reported to Cibil, it may not affect the other credit card as far as you are making payments promptly on those cards. However I have recently learned that bankers rely on such repository information while granting loans, so incase if you make any default on credit card payment, it is registered in your credit information report available with the authorised centre & thereby you may have to face many hassle in case of loan borrowing of any kind..

A V Vishal (Advocate) 18 November 2009

I don't know about the article but in India also they have started credit ratings of borrowers, in view of the ratings which is based on the credit history of the borrower his creditworthiness is determined.