Cibil score dropping continuously

[knight]

Hi folks.
My cibil score has been dropping for the last few months.. 30 points down.

I lost 4, 6 points for 2 credit card enquiries respectively.
Then another 4 points for closing an education loan
Another 8 points when my new credit card got reported.

Before all of this also around 8 points were lost. So it's overall down by 30 and is currently around 735.

Currently I'm holding 2 credit cards.. hdfc and icici with good limit and less than 10% utilization. And flipkart paylater (planning to close but afraid as it will cause another dip).

I've noticed people on this community applying for multiple cards without significant dip in cibil.

Am i missing something?
Can i do anything else apart from just timely paying, maintaining CUR and waiting?

 

[r1210user]

I am not expert here. I got 6 enquiries and cards in past 6 months. CIBIL drop by 5 points.

 

[RaviAglRaviAgl is verified member.]

Hi folks.
My cibil score has been dropping for the last few months.. 30 points down.

I lost 4, 6 points for 2 credit card enquiries respectively.
Then another 4 points for closing an education loan
Another 8 points when my new credit card got reported.

Before all of this also around 8 points were lost. So it's overall down by 30 and is currently around 735.

Currently I'm holding 2 credit cards.. hdfc and icici with good limit and less than 10% utilization. And flipkart paylater (planning to close but afraid as it will cause another dip).

I've noticed people on this community applying for multiple cards without significant dip in cibil.

Am i missing something?
Can i do anything else apart from just timely paying, maintaining CUR and waiting?

This generally happens for unpaid loans outstanding in your name. Check your cibil report thoroughly for such things.

People generally take small loans of say 500-1000 from NBFCs in your name as the process to get the money is just not that optimised and commit fraud in your name. Check your report dor any such outstanding loans.

If you have vouched (given guarantee) for some other person, it could be that he is defaulting and this is impacting your cibil score.

Or it could be that once your score drops below a certain level say 750, then all events pull the score down even more rapidly. I could be wrong here.

Thanks,

 

[Shrinit Padwal]

Hi folks.
My cibil score has been dropping for the last few months.. 30 points down.

I lost 4, 6 points for 2 credit card enquiries respectively.
Then another 4 points for closing an education loan
Another 8 points when my new credit card got reported.

Before all of this also around 8 points were lost. So it's overall down by 30 and is currently around 735.

Currently I'm holding 2 credit cards.. hdfc and icici with good limit and less than 10% utilization. And flipkart paylater (planning to close but afraid as it will cause another dip).

I've noticed people on this community applying for multiple cards without significant dip in cibil.

Am i missing something?
Can i do anything else apart from just timely paying, maintaining CUR and waiting?

Just check for any late/outstanding payments in CIBIL (In the Account Information section - check the Overdue/current balance). No of Enquiries reduces for some time - but will recover in 3-4 months. Don't apply for any new credit for some time and pay out the outstanding - your score will increase.

 

[Ad.Astra]

Hi folks.
My cibil score has been dropping for the last few months.. 30 points down.

I lost 4, 6 points for 2 credit card enquiries respectively.
Then another 4 points for closing an education loan
Another 8 points when my new credit card got reported.

Before all of this also around 8 points were lost. So it's overall down by 30 and is currently around 735.

Currently I'm holding 2 credit cards.. hdfc and icici with good limit and less than 10% utilization. And flipkart paylater (planning to close but afraid as it will cause another dip).

I've noticed people on this community applying for multiple cards without significant dip in cibil.

Am i missing something?
Can i do anything else apart from just timely paying, maintaining CUR and waiting?

Credit enquiries shouldn't be a big deal. Hi have had atleast a dozen enquiries in the past 😅.

May be you should check detailed credit report to check whether there has been erroneous overdue / late payment reporting or some other loans ongoing on your name.

 

[knight]

This generally happens for unpaid loans outstanding in your name. Check your cibil report thoroughly for such things.

People generally take small loans of say 500-1000 from NBFCs in your name as the process to get the money is just not that optimised and commit fraud in your name. Check your report dor any such outstanding loans.

If you have vouched (given guarantee) for some other person, it could be that he is defaulting and this is impacting your cibil score.

Or it could be that once your score drops below a certain level say 750, then all events pull the score down even more rapidly. I could be wrong here.

Thanks,

I check the report often using Onescore and sometimes Cibil. There are no over due loans or loans that i didn't take.
Payment history either has STD (for closed loan) or 0 (for credit card ) mentioned for each month.

It dropped below 750 from the last enquiry.. after that an existing loan was closed and a new credit card was added.

 

[knight]

I am not expert here. I got 6 enquiries and cards in past 6 months. CIBIL drop by 5 points.

lucky you 🫠
for me it drops 5 for each query

 

[knight]

Credit enquiries shouldn't be a big deal. Hi have had atleast a dozen enquiries in the past 😅.

May be you should check detailed credit report to check whether there has been erroneous overdue / late payment reporting or some other loans ongoing on your name.

no extra loans or late reporting.. checked this month.

 

[knight]

Is there a way to contact Cibil and request a review?
I'm not talking about Disputing any details reported by bank. But rather a recalculation of Cibil score?

 

[hks789]

@knight How old is your credit history?

 

[Deleted member 8482]

Hi folks.
My cibil score has been dropping for the last few months.. 30 points down.

I lost 4, 6 points for 2 credit card enquiries respectively.
Then another 4 points for closing an education loan
Another 8 points when my new credit card got reported.

Before all of this also around 8 points were lost. So it's overall down by 30 and is currently around 735.

Currently I'm holding 2 credit cards.. hdfc and icici with good limit and less than 10% utilization. And flipkart paylater (planning to close but afraid as it will cause another dip).

I've noticed people on this community applying for multiple cards without significant dip in cibil.

Am i missing something?
Can i do anything else apart from just timely paying, maintaining CUR and waiting?

22 Enquiries in last 4 months with 10 credit card allotted. Cibil up from 764 to 786 🙂

 

[RaviAglRaviAgl is verified member.]

Credit enquiries shouldn't be a big deal. Hi have had atleast a dozen enquiries in the past 😅.

May be you should check detailed credit report to check whether there has been erroneous overdue / late payment reporting or some other loans ongoing on your name.

+1 for this,

This is what I too am saying...

 

[Arun Pratheep]

I also had 6 enquiries within 30 days and cibil dropped from 795 to 790 only. Also two cards were reported within this period.

 

[cryoengine]

how often does the score update? say you got 10 enquiries in the last 2 weeks, should the score be dropped already?

 

[Card_Crafter]

One thing I have noticed is that when your credit history is less, the impact of a new credit product or an enquiry is more. Longer your credit history, the impact is less.

 

[knight]

@knight How old is your credit history?

the oldest loan started 6 years ago (closed this year).
oldest credit card - hdfc - 4 years old.

 

[chenrichy]

Have 13 hard enquries in past 5 months and 9 new cards added in CIBIL recently and 2 cards yet to be add. My Score went from 793 to 782 now

 

[ankushanup1]

I think his 10% assumption of cur is based on limit on hdf card while hdfc doesn't report credit limit and report sanctioned amount or highest ever utilization + too many unsecured loans +no of new accounts in a short period may ne resulting in cibil to drop.... but still should recover in 6-9 months and max out hdfc once and repay would get a better cur
@knight

 

[knight]

I think his 10% assumption of cur is based on limit on hdf card while hdfc doesn't report credit limit and report sanctioned amount or highest ever utilization + too many unsecured loans +no of new accounts in a short period may ne resulting in cibil to drop.... but still should recover in 6-9 months and max out hdfc once and repay would get a better cur
@knight

no i excluded hdfc for CUR..
my ICICI CUR is at 5%..

And if I add spends from both cards and calculate CUR only based on ICICI's Limit, then also its 25% i.e. { (HDFC spends + ICICI Spends) / ICICI Limit},
i'll can try maxing out HDFC but that also would cause a dip due to overall high utilization right?

no of new accounts in a short period

The only new account is ICICI.. all other accounts are atleast 3-4 years old.

 

[knight]

What i feel is my credit score is varying a lot even from the smallest changes.. like enquiries..

Longer your credit history, the impact is less.

I agree.. the effect might reduce over time but my understanding was 4-6 years with on-time payments should have strengthened it by now.