Improving credit score for education loans
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I'm planning to do masters in 1-2 years. For this I'll might require an education loan. I have read that having a credit score is important for getting education loans. I currently don't have any CIBIL score and want to start building my score using an FD based cards.
So the question is:
1. Does the FD amount matter in this respect? Would just 20-30k FD be enough or should I go for a bigger amount (eg. 1 lakh+)?
2. Once my credit score is generated after 3-4 months and I try to get unsecured cards, will the credit limit of unsecured card depend on my current salary or FD card's credit limit? Will doing a small FD (20-30k) affect my chances of getting bigger unsecured credit limit even if my salary is way higher?
So the question is:
1. Does the FD amount matter in this respect? Would just 20-30k FD be enough or should I go for a bigger amount (eg. 1 lakh+)?
2. Once my credit score is generated after 3-4 months and I try to get unsecured cards, will the credit limit of unsecured card depend on my current salary or FD card's credit limit? Will doing a small FD (20-30k) affect my chances of getting bigger unsecured credit limit even if my salary is way higher?
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https://www.desidime.com/discussions/improving-credit-score-for-education-loans?page=1#post_8795659
Thanks for the info. Is there any reason you suggested SBI for overdraft and Indian Bank for Loan? Can I get all these from any other bank?
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- Just make 1 secured FD of 1 lakh and use it.
- You can also make 1 secured overdraft (loan against FD) from SBI.
- And 1 loan against FD from Indian Bank.
All 3 are reported under different heads.