Credit score stuck around 620–650 after one missed EMI—how can I fix it?
Hi everyone,
A few years ago, when I was a fresher, I bought a used iPhone for around ₹40,000 with a ₹20,000 down payment. The remaining amount was paid through an EMI plan of around nine months.
During the last EMI, I transferred the required amount to my bank account at around 8 a.m., but the auto-debit apparently failed. I contacted customer service, and they said there was nothing they could do. However, the amount was debited the next day, and I wasn’t charged any penalty or late fee.
It has been almost three years since then, but I’ve been unable to get a loan or credit card. I’m not sure whether that bounced EMI is the reason. My credit score has remained around 620–650. I’ve heard that checking your CIBIL report reduces your score, so I’ve been hesitant to check it.
I’ve also seen advertisements for apps GoodScore that claim to help. Has anyone used them?
I’m currently in urgent need of a loan. My CTC and bank transactions are good, although I understand those may not matter if my credit history is poor. I’ve applied for credit cards from Amazon, Flipkart, Swiggy, and others, but all my applications were rejected because of my CIBIL score.
What could be causing my low score, and what steps can I take to fix my credit history?