Old case mutually settled but loans getting rejected

8 yrs ago I had to pay HSBC 1,10,000 in credit card dues. I discussed with the bank and we agrfeed on a settlement plan. Under this plan, I paid 65,000 in a settlement to HSBC. I just got my CIBIL report and noticed that the bank has shown this in a negative way – because of this, I am unable to get a loan now or even get an increase in my credit card limit.

Do I have a way out? What should I have done differently for this to be avoided?

  • Abhinav

    If the loan is not "settled" it will continue to adversely affect your chances of getting a loan approval. Please ensure that you settle the loan and get your CIBIL/credit bureau data accordingly updated in the CIBIL report and records.