Closing ICICI Credit card

[lightwaves]

Hello community,

I have two credit cards from ICICI, MMT and a coral Rupay card.

MMT Platinum is 3 years old and Rupay Card is 8 months. Both have a shared limit of 7 lakhs. and Both are LTF.

I dont use these cards very often and I think its unnecessarily increasing my credit exposure (higher total credit limit).

So I am thinking of closing one of them and keeping one. Please guide on the following:
1. Which is better to close?
2. Will there be any hit on CIBIL?

Thanks

 

[nik007rock]

close coral rupay ,useless card (reward points no value,loung spend criteria 35k in prev quarter ) so go ahead and close this ,mmt you can keep for offers

 

[lightwaves]

close coral rupay ,useless card (reward points no value,loung spend criteria 35k in prev quarter ) so go ahead and close this ,mmt you can keep for offers

Thanks. Will there be any impact on CIBIL?

 

[karuturi24]

close coral rupay ,useless card (reward points no value,loung spend criteria 35k in prev quarter ) so go ahead and close this ,mmt you can keep for offers

ICICI MMT card is applicable for merchant offers?

 

[stoptomove]

Dont close if ltf. Do not worry about credit limit. Coral is a core card so it must be kept for future upgrade. Trick to decrease credit limit you can try and see: in imobile decrease credit card limit and the bank will report this new limit to credit bureau. You can try this and see if it helps. Once i read this somewhere.
Caution: dont decrease too much other wise it will have negative impact on your credit profile.

 

[nik007rock]

ICICI MMT card is applicable for merchant offers?

yes it is applicable

 

[nik007rock]

Thanks. Will there be any impact on CIBIL?

no it wont

 

[SSV]

Hello community,

I have two credit cards from ICICI, MMT and a coral Rupay card.

MMT Platinum is 3 years old and Rupay Card is 8 months. Both have a shared limit of 7 lakhs. and Both are LTF.

I dont use these cards very often and I think its unnecessarily increasing my credit exposure (higher total credit limit).

So I am thinking of closing one of them and keeping one. Please guide on the following:
1. Which is better to close?
2. Will there be any hit on CIBIL?

Thanks

DO you have any othe CCs which are older than MMT?

 

[lightwaves]

DO you have any othe CCs which are older than MMT?

Yes, I have the two cards older than MMT:
1. CITI Rewards : 5 Years
2. Axis Flipkart : 3.5 years

 

[SSV]

Yes, I have the two cards older than MMT:
1. CITI Rewards : 5 Years
2. Axis Flipkart : 3.5 years

Hello community,

I have two credit cards from ICICI, MMT and a coral Rupay card.

MMT Platinum is 3 years old and Rupay Card is 8 months. Both have a shared limit of 7 lakhs. and Both are LTF.

I dont use these cards very often and I think its unnecessarily increasing my credit exposure (higher total credit limit).

So I am thinking of closing one of them and keeping one. Please guide on the following:
1. Which is better to close?
2. Will there be any hit on CIBIL?

Thanks

Then with Eyes closed..
1) Close MMT.. keep Coral Rupay..
Coral is a core card and will be useful in further upgrades and offers.. Dont take any other co-branded cards from ICICI if overleverage is your concern.. Only excpetion is Amazon Pay ICICI CC..
In a year or two, you will have other gemstone cards as upgrades and all of them will be grouped together under one- account..
This way you will have more ICICI cards for instant offers but no impact on over exposure..

2) No CIBIL hits ever , for closing any cards. Not to worry about your CIBIL Hits overly,as your credit history had crossed 5 years, Even if there is a small impact, the score will recover very quickly ...

Enjoy ..

 

[lightwaves]

Then with Eyes closed..
1) CLlse MMT.. keep Coral Rupay..
Coral is a core card and will be useful in further upgrades and offers.. Dont take any other co-branded cards from ICICI if overleverage is your concern.. Only excpetion is Amazon Pay ICICI CC..
In a year or two, you will have other gemstone cards as upgrades and all of them will be grouped together under one- account..
This way you will have more ICICI cards for instant offers but no impact on over exposure..

2) No CIBIL hits ever , for closing any cards. Not to worry about your CIBIL Hits overly,as your credit history had crossed 5 years, Even if there is a small impact, the score will recover very quickly ...

Enjoy ..

Thanks @SSV garu for the detailed explanation.

 

[lightwaves]

An update on this one:

I closed my 3 year old ICICI MMT CC and my CIBIL score dropped by 7 points.

Any idea how much time it’ll take to recover?
@SSV

 

[SSV]

An update on this one:

I closed my 3 year old ICICI MMT CC and my CIBIL score dropped by 7 points.

Any idea how much time it’ll take to recover?
@SSV

Was MMT the olest card?
what is the second oldest card's age?

 

[lightwaves]

Was MMT the olest card?
what is the second oldest card's age?

No, My oldest card is CITI Rewards, 5 year old

 

[SSV]

No, My oldest card is CITI Rewards, 5 year old

then dont worry.. the drop in your score is nothing to do with MMT closing..
even if it is for that reason, it will bounce back within 2 to 3 months

 

[lightwaves]

then dont worry.. the drop in your score is nothing to do with MMT closing..
even if it is for that reason, it will bounce back within 2 to 3 months

Okay, got it. I make sure to pay all the bills before the statement generation date and sometimes the amount to be paid is negative. So I think only closure has caused this drop.
And I hope it bounces back soon.

 

[SSV]

Okay, got it. I make sure to pay all the bills before the statement generation date and sometimes the amount to be paid is negative. So I think only closure has caused this drop.
And I hope it bounces back soon.

The key here is except for a very few banks like SBI and ICICI etc.. for all other banks , yhou need to pay before 30/31.. then see your score jumps another 10 points

 

[lightwaves]

One more update on this:

Checked my CIBIL score couple of days ago and the score is back to where it was before the card was closed.

So the dip of 7 points lasted for just over a week, 10 days to be precise.

As @SSV mentioned, if we pay up before the bill is generated or before 30/31 of each month, the score rebounds pretty quickly.

 

[SSV]

One more update on this:

Checked my CIBIL score couple of days ago and the score is back to where it was before the card was closed.

So the dip of 7 points lasted for just over a week, 10 days to be precise.

As @SSV mentioned, if we pay up before the bill is generated or before 30/31 of each month, the score rebounds pretty quickly.

if you wish to , you can write your experience in the below CIBIL thread so that it acts like a central hub for all CIBIL related issues.. thanks
especially it was dealing with one of my recommendations of making all accounts 0 balance for the best possible CIBIL score for specific purposes ..thanks again..

Thread 'CIBIL Score - A Practical Guide'

Jul 18, 2024

CIBIL Score - A Practical Guide

Discalimer: This is mainly for regular Credt Card users who pay all their dues before due date and wondering why their score is not increasing..
Here we dont discuss the cases where there were defaults and / or delayed payments..that is for another day..​

Ladies and Gentelmen,

Here is the much awaited post on CIBIL Score and how it works and what we should do to improve it over the period of the time..

Here I won't go in detail about how the score is constructed as there were numerous posts on the internet in explaining the CIBIL score...

• SSV
• cibil score
• Replies: 457
• Forum: Informative Threads

• 
• 
• 

 

[lightwaves]

if you wish to , you can write your experience in this CIBIL thread so that it acts like a central hub for all CIBIL related issues.. thanks
especially it was dealing with one of my recommendations of making all accounts 0 balance for the best possible CIBIL score ..thanks again..

Thread 'CIBIL Score - A Practical Guide'

Jul 18, 2024

CIBIL Score - A Practical Guide

Discalimer: This is mainly for regular Credt Card users who pay all their dues before due date and wondering why their score is not increasing..
Here we dont discuss the cases where there were defaults and / or delayed payments..that is for another day..​

Ladies and Gentelmen,

Here is the much awaited post on CIBIL Score and how it works and what we should do to improve it over the period of the time..

Here I won't go in detail about how the score is constructed as there were numerous posts on the internet in explaining the CIBIL score...

• SSV
• cibil score
• Replies: 457
• Forum: Informative Threads

• 
• 
• 

Sure @SSV garu. I will add a link to this thread in the main thread. I posted here as I was updating periodically here.

I would like to express my gratitude to you, @SSV garu. You're doing an exceptional job of keeping the community informed on these finer details which are very helpful and if planned well, we can navigate very well. Thanks again and cheers.