CIBIL score down due to multiple surprise enquiries

[arjun697]

Hello, I had applied for a SBI Vistara card via an agent at the mall. This was stuck in Chennai for close to 2 months and I followed up in Sept with a mail where they finally said we will revert in 11 days and ultimately rejected. For the same application, there was a CIBIL enquiry in July and September? Can one of them be removed and who should I contact?

Also, somewhere in the last week of Sept. I got multiple calls from Indusind asking me to take their pre approved LTF Legend card on the basis of my spends on Indusind Debit/Easy Diner CC. I checked with them if this is pre approved/there won't be any credit enquiries and they said 'Sir its pre approved'. So I told them to proceed with this and got the card in a week. Now when I checked my report, they had also checked in CIBIL for issuing this. I would have not even taken card had I known pre approved will require CIBIL checks. Any way to fix this?

P. S. Another reason for decline. I crossed the agent at the mall again and then they were surprised to see it rejected and I told them it's fine, I have other cards, no issues. They insisted to check and found out the reason was 'Customer Name not in Database'. They said this is something minor, based on my credit history and everything else, they said we can guarantee this will not happen again. At this point of time, me being completely unaware of the any actual enquiries in the past one month, said okay fine, proceed. So 3 enquiries in the last 30 days spoiled it for me. With just this last one being legitimate a far as I can see. Should have probably said no to this 😀

 

[BMR]

I don’t think its a glitch if you see it in the complete CIBIL report as was my case. Its also possible that CIBIL changed their score algorithm and we are getting punished. Will mail cibil and check.

Let us know what you hear from them. Mine dropped by 4 points after addition of a new axis card. Usage on that axis card was 60 percent for a month and now it’s 40 percent.

 

[diablorojo8]

Even my score is down a lot. 788 to 750.
I closed LazyPay account and karur Vysya loan which was open because of AmazonPay.
One of my student loans got active for some reason, already in touch them to mark it as closed again.
Had 6-7 CC enquires though I have had those before and hardly score changed by 1-2 points.

 

[diablorojo8]

After 8 months of moving +/- 5 points, this month my score got decreased to 31 points.

Might be one of the following reasons:
- 8 enquiries in 2022
- CL of approved cards

Not the following reasons:
- Not missed any payments
- Long history
- CUR (under 10%)

Hopefully it will recover soon, and I need to keep in mind that if it didn't reduced in 3 or 4 months of new application, might happen after 10 months also. So, have to limit of my applications - compared to most of them here, 8 is small number in my case - yet to figure why sudden 31 points drop.

Yeah very similar. I'm having a feeling CIBIL is changing algorithm.
Will wait and see how to fix this.

 

[hks789]

Mine reduced to 772 from 796 - Not in a single drop
796 -> 787 Utilisation - 4 to 26
787 -> 780 SC Ultimate rejection + Utilisation 26-29 + 3 more enquiries
Applied and got Mangus after this

780 -> 772 - Utilisation 26 to 33%

6 enquiries last month.
Utilisation shot upto 33% from 4-5%

Back to 786 now when all month end reporting bank reported latest stats.

Changes

Utilisation down to 24% from 33.
1 new credit card account.

 

[gautampai]

I was trying to apply for Apay ICICI credit card, in the application process right after filling the communication address it showed I'll not be able to apply for it. When I contacted customer care mail ID , I was told Apay card is now available only on invite-only basis. Now I see that there's an credit enquiry of 1L in CIBIL report, I was not even let to finish the application yet i have a hard pull. Do I have any grounds to oppose this and make them suppress this hard enquiry?

 

[akshayhs]

I was trying to apply for Apay ICICI credit card, in the application process right after filling the communication address it showed I'll not be able to apply for it. When I contacted customer care mail ID , I was told Apay card is now available only on invite-only basis. Now I see that there's an credit enquiry of 1L in CIBIL report, I was not even let to finish the application yet i have a hard pull. Do I have any grounds to oppose this and make them suppress this hard enquiry?

With ICICI, they will trigger the CIBIL report as soon as you complete the application. I doubt you can hardly do anything abut this as you have filled it yourself.

 

[Slayer]

People are saying score is dropping massively but for me
Oct -> score increased by 2 even though 5 enquiries and 2 new credit card accounts from 776 to 778
Nov -> score increased by 6 even though 2 enquiries and 1 new credit card account from 778 to 774
Also utilisation decreased from 18% to 4% in Nov from Oct

 

[AsB]

I crossed the agent at the mall again and then they were surprised to see it rejected

They are always like that. First they will fillup the details randomly, with lots of mistakes, only to see it rejected, and show their fake "surprise".
Happened with me , for SBI and for IndusInd as well.

Some banks often check your CIBIL , even for pre-approved offers. HDFC didn't do it, but ICICI did for Amazon Pay card, even though bank said it was preapproved for me.

However, unless the banks themselves remove the Hard enquiries, nothing else can be done. You can wait for 1-4 months to get your CIBIL back on track.

 

[AsB]

Do anyone observed huge drop in credit score for the past few days.? Score dropped around 30 points for no reason, yet graph at the bottom of screen still pointing at old score place. Not sure whether technical glitch or something happened.

Score shouldn't dropped this much because no late, no delay, no CUR, just 3 enquiries in 3 months. I hope its a technical glitch, checking if anyone observed similar pattern or issue.

Probably because of the ongoing festive season sale. My CIBIL dropped by a few points (10-12) in Sept-Oct, but only because my Credit Utilisation was around 40% of grand total available limit around all cards

 

[AsB]

Might be one of the following reasons:
- 8 enquiries in 2022
- CL of approved cards in last 3 years
- Removal of old unnecessary enquiries.

Not the following reasons:
- Not missed any payments (long history)
- CUR (under 5%)
- Unsecured loans/Cards (even with that also I hold previous score for more than 2 years).

I can logically think these points for my credit score drop (31 points all of sudden).

Could be.

 

[Slayer]

Might be one of the following reasons:
- 8 enquiries in 2022
- CL of approved cards in last 3 years
- Removal of old unnecessary enquiries.

Not the following reasons:
- Not missed any payments (long history)
- CUR (under 5%)
- Unsecured loans/Cards (even with that also I hold previous score for more than 2 years).

I can logically think these points for my credit score drop (31 points all of sudden).

Removal of old enquiries results in score drop?

 

[diablorojo8]

Down even more, any tips on how to check what the issue could be?

 

[diablorojo8]

Howz your?

- approved limit on recent cards w.r.t total limit (more than 40%)?
- Credit Utilization.
- New Enquiries in last 3 years.

40 enquiries in last 3 years.
7% overall.
New card limit 1.5lakh, total limit is way way more 20+
One axis card due to sales and all has a utilisation of 43% (I guess that's the issue).

 

[Momo_Scooby]

If you see the enquires have low impact compared to the limit utilisation which have high impact.
Note: single card high utilisation doesn't impact the score but the overall credit limit utilisation averaging all your credit cards.

 

[abhishekkanasar]

Same

Yes, I have around 5 enquiries every month for the last 5 months. My CIBIL was just fluctuating between 765 to 775.

 

[Srini]

If you see the enquires have low impact compared to the limit utilisation which have high impact.
Note: single card high utilisation doesn't impact the score but the overall credit limit utilisation averaging all your credit cards.

In my case, single card utilization (due to HDFC not reporting CL) shot up too high... but overall was below 10%.. CIBIL score was hit by 8 points..

 

[binno]

5 enquiries in the last month, score moved up by 2 points

From 766 to 768 🙂

what i think .. that if there wouldn’t be any enquiry your score would get up more .. i.e more than 2 points

 

[Card_Crafter]

Surprisingly my score dropped from 765 to 760 after two back to back CC enquiries in 2 days this week. Whereas in July I had 4 back to back enquiries but score didn't drop a single point.

No other changes are there in CIBIL except for these 2 new enquiries. Utilisation less than 10%. Total enquiries in last 3 months - 5. Didn't expected the score to drop.