CIBIL SCORE REDUCTION

[gallifrey24]

Hi Technofino Community Members.

As of May end/beginning of June my CIBIL score was 802 . i check it when in log in to my SBI Card account and also i have taken a yearly subscription at CIBIL for Rs 1200/-.
Now , my citi IndianOil credit card statement was generated on 20th May and Payment due date was 07th June. Due to oversight , i completely missed the payment and i came to know about it only when the June statement was delivered on June 20th. i immediately made the full due payment as per the June statement including the interest. Since i knew that i had missed the due date, i checked my CIBIL score today (02.07.2023) and was shocked to see that the score had gone down to 732!!!!! A drop of 70 points!!!! i'm so angry at citi/axis that i want to close this card immediately.

My question to the learned members: Is this Normal for making payments around 2 weeks late? How long will it take for my credit score to bounce back? (approximate time).

 

[Heehaahee]

Yes its normal... Gradually with time...

 

[Akash369]

Hi Technofino Community Members.

As of May end/beginning of June my CIBIL score was 802 . i check it when in log in to my SBI Card account and also i have taken a yearly subscription at CIBIL for Rs 1200/-.
Now , my citi IndianOil credit card statement was generated on 20th May and Payment due date was 07th June. Due to oversight , i completely missed the payment and i came to know about it only when the June statement was delivered on June 20th. i immediately made the full due payment as per the June statement including the interest. Since i knew that i had missed the due date, i checked my CIBIL score today (02.07.2023) and was shocked to see that the score had gone down to 732!!!!! A drop of 70 points!!!! i'm so angry at citi/axis that i want to close this card immediately.

My question to the learned members: Is this Normal for making payments around 2 weeks late? How long will it take for my credit score to bounce back? (approximate time).

It will take 5 to 6 months to regain your score. Usually, you are allowed to pay your dues within 3 days if you missed due date as per RBI.

 

[MOhit __]

I don't understand why we get angry with banks when it is our fault, if the bank makes a minor error, we are prepared to go all the way to the RBI.

I recommend that you use CRED.

 

[akshayhs]

Why are you angry towards a lender for your own mistake? It's normal to see your score tank down when you miss paying dues on time. Maybe setup auto-pay for your cards if you are are unable to recall repayment dates.

 

[romilq]

So why are you angry ? What do you want ? That you miss a payment and they not report it to the credit bureau ? 🤔 Your score will recover in 6-8 months and meanwhile if this is an old relationship you can try to provide a reason and request them to remove the late payment entry. Not sure if they would comply though.

 

[Slayer]

Average Neo/Buzz moment

Why are you angry towards a lender for your own mistake? It's normal to see your score tank down when you miss paying dues on time. Maybe setup auto-pay for your cards if you are are unable to recall repayment dates.

 

[gallifrey24]

I'm angry at Citibank because I didn't receive any mails or sms that my payment was overdue. Usually these buggers inundate customers will calls if not paid but Citibank didn't even msg me ....

 

[srichaitanya]

I'm angry at Citibank because I didn't receive any mails or sms that my payment was overdue. Usually these buggers inundate customers will calls if not paid but Citibank didn't even msg me ....

To be frank, you should know the credit card billing cycle or date on which bill will be generated each month, or you can just check the citi app if bill is generated or not. You should keep track of all your credit card bills/bill dates via an app or excel sheet. No point in blaming citi.

 

[hakunamatata]

I'm angry at Citibank because I didn't receive any mails or sms that my payment was overdue. Usually these buggers inundate customers will calls if not paid but Citibank didn't even msg me ....

It's in their interest that you miss the payment and get charged for it.

 

[rockyBalboa]

I'm angry at Citibank because I didn't receive any mails or sms that my payment was overdue. Usually these buggers inundate customers will calls if not paid but Citibank didn't even msg me ....

In a way its a good thing that they valued you as a customer and respected your privacy. They must have thought ki lagta hai kaam kaaj ke chakkar me busy hone ki wajah se bechara payment karna bhul gaya hai. Payment reminder bhej kar disturb nahi karna hai, kyon ki customer to trustworthy hai aur aaj nahi to kal hamara paisa (sood samet) hame lauta hi dega. So let's wait.

Only kidding mate!!! What has happened has happened, no point ranting about it now. Your score will recover with time but please be careful with your future payments.

 

[Shamanth]

I've a dent in my cibil (806 to 740).. There is a new insurance on homeloan set up and even after the ACH mandate, the bank failed to deduct it from bank.. I've later paid using email link and next month onwards the ACH started.. Is there any chance bank can remove the late payment report as the ACH mandate was created properly from my end well before the first month EMI? Thia is my first ever missed payment. 🙁