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CIBIL Score stuck around 760

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vinrey287

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My CIBIL Score used to be around 780 with best of 792 be end of 2022. Since Oct I have collected quite a lot Cc following the community 😁 from Sep till Jan. Also closed Amz BNPL and Auto Loan in Dec. By Jan my credit scr went down to 752.
For the past 6 mths it's stuck around 760-770 going up and down. No new CC since Jan but one Personal loan in Jan.
I was hoping credit mix would have improved with personal loan
If anyone can guide why the scr has not increased much in last 6 mths it would be helpful. ?
 
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vinrey287 said:
My CIBIL Score used to be around 780 with best of 792 be end of 2022. Since Oct I have collected quite a lot Cc following the community 😁 from Sep till Jan. Also closed Amz BNPL and Auto Loan in Dec. By Jan my credit scr went down to 752.
For the past 6 mths it's stuck around 760-770 going up and down. No new CC since Jan but one Personal loan in Jan.
I was hoping credit mix would have improved with personal loan
If anyone can guide why the scr has not increased much in last 6 mths it would be helpful. ?
Click to expand...
Does the PL financier updating cibil regularly?
--> Avoid Paylaters, Loans from third party fintech's and NBFC's

* Use all cards, pay few cards before bill generation leaving 1-5% amount. Pay remaining after bill generation.

** If still stuck, use the Limit as max as 30% of the credit limit thereafter do above thing.

*** Some Banks, reports at Month end, irrespective of statement bill be 1k due. But if you utilised 15k on 30th of last date of a month, banks like hdfc report this 15k as as utilised amount so you need to pay before the month for the bank's like HDFC, ICICI, IDFC else change the Statement generation near to month end before or after.

www.technofino.in

Credit Card CIBIL Reporting Date

Hello everyone, If you are holding multiple credit cards, and wants to keep your credit utilisation ration under 30% then you should know, on which date your card issuers report your card uses data to CIBIL. To know more about how to maintain credit utilisation ratio under 30% or lower watch...
www.technofino.in www.technofino.in

If x cards, don't report actual credit limit, use whole limit once wait for bill generation then Utilised limit will be reported as highest credit usage and will be considered as given limit. Thereafter use normally as I said Above.

● Repeat *,**,***

How to maintain CIBIl Score and Increase it
 
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Tejo said:
Does the PL financier updating cibil regularly?

* Use all cards, pay few cards before bill generation leaving 1-5% amount. Pay remaining after bill generation.

** If still stuck, use the limit as max as 30 of the credit limit thereafter do above thing.

Repeat *, **
Click to expand...
This should be marked as solution 🙂✌️.
 
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Tejo said:
Does the PL financier updating cibil regularly?

* Use all cards, pay few cards before bill generation leaving 1-5% amount. Pay remaining after bill generation.

** If still stuck, use the limit as max as 30 of the credit limit thereafter do above thing.

Repeat *, **
Click to expand...
Yes Pl was updated on time. Utilization is below 3% always.
Itne cards ho gaye hain ki utilization 5% bhi nahi ho raha hai..
By 30%, did you mean it on a single crd or total credit amount of all cards?

Most of the cards are idle as all spends have been on Magnus and Amex. May be from Sep other cards will come out of hibernation.
 
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vinrey287 said:
My CIBIL Score used to be around 780 with best of 792 be end of 2022. Since Oct I have collected quite a lot Cc following the community 😁 from Sep till Jan. Also closed Amz BNPL and Auto Loan in Dec. By Jan my credit scr went down to 752.
For the past 6 mths it's stuck around 760-770 going up and down. No new CC since Jan but one Personal loan in Jan.
I was hoping credit mix would have improved with personal loan
If anyone can guide why the scr has not increased much in last 6 mths it would be helpful. ?
Click to expand...
Personal loan, like credit card, is also insecure. I hope you didn't take it just to improve the mix, as the interest you pay on it would outweigh any CIBIL score benefits!

From what you're saying - of a large drop from closing the Amazon BNPL and auto loan, I'd think you don't have any old accounts, but a bunch of new credit cards. You basically need to just wait, in that case. I think there should be a substantial improvement once your average credit card is 1 year old. 6 months is still infancy for credit history - you'd take an year at least to hover inch 800.

In _retrospect_ you could perhaps have continued a tiny EMI on the auto loan say for a monthly "fee" of INR100 until your credit cards turned 1. I'm not sure how the BNPL works, but if it can stay "open" with zero balance, that would've been even better. In any case, it'll take some waiting.

You're consistently in 750+ - so it doesn't look like you are defaulting or having very horrible utilization. You just need time. Avoid enquiries. Don't bother with mix, as the interest costs will outweigh the CIBIL score advantage. Indeed, obsessing with the mix means more enquiries, which is also bad for the score in the shorter term.
 
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srikant said:
Personal loan, like credit card, is also insecure. I hope you didn't take it just to improve the mix, as the interest you pay on it would outweigh any CIBIL score benefits!

From what you're saying - of a large drop from closing the Amazon BNPL and auto loan, I'd think you don't have any old accounts, but a bunch of new credit cards. You basically need to just wait, in that case. I think there should be a substantial improvement once your average credit card is 1 year old. 6 months is still infancy for credit history - you'd take an year at least to hover inch 800.

In _retrospect_ you could perhaps have continued a tiny EMI on the auto loan say for a monthly "fee" of INR100 until your credit cards turned 1. I'm not sure how the BNPL works, but if it can stay "open" with zero balance, that would've been even better. In any case, it'll take some waiting.

You're consistently in 750+ - so it doesn't look like you are defaulting or having very horrible utilization. You just need time. Avoid enquiries. Don't bother with mix, as the interest costs will outweigh the CIBIL score advantage. Indeed, obsessing with the mix means more enquiries, which is also bad for the score in the shorter term.
Click to expand...
No there was an urgent requirement.

My credit history is 11 years. just that I took too many during the mentioned period.
 
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Tejo said:
Does the PL financier updating cibil regularly?

* Use all cards, pay few cards before bill generation leaving 1-5% amount. Pay remaining after bill generation.

** If still stuck, use the limit as max as 30 of the credit limit thereafter do above thing.

Repeat *, **
Click to expand...
Just one correction

* It should be before bill generation for few cards (ex ICICI) and before month end for most of the cards (Majority of the banks report to bureaus by month end).
 
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vinrey287 said:
Yes Pl was updated on time. Utilization is below 3% always.
Itne cards ho gaye hain ki utilization 5% bhi nahi ho raha hai..
By 30%, did you mean it on a single crd or total credit amount of all cards?

Most of the cards are idle as all spends have been on Magnus and Amex. May be from Sep other cards will come out of hibernation.
Click to expand...
30% usage on all cards, if score stuck at a point.
 
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Baruah said:
Just one correction
Click to expand...
Baruah said:
(Majority of the banks report to bureaus by month end).
Click to expand...
Thanks for reminding, updated*

Tejo said:
*** Some Banks, reports at Month end, irrespective of statement bill be 1k due. But if you utilised 15k on 30th of last date of a month, banks like hdfc report this 15k as as utilised amount so you need to pay before the month for the bank's like HDFC, ICICI, IDFC else change the Statement generation near to month end before or after.

www.technofino.in

Credit Card CIBIL Reporting Date

Hello everyone, If you are holding multiple credit cards, and wants to keep your credit utilisation ration under 30% then you should know, on which date your card issuers report your card uses data to CIBIL. To know more about how to maintain credit utilisation ratio under 30% or lower watch...
www.technofino.in www.technofino.in
Click to expand...
 
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vinrey287 said:
I don't use more than 25% of each card limit.. following it in the past 5 years . As I mentioned I don't use most of my cards except Magnus and Amex.. I believe it's okay to leave cards without any transactions for months,right?
Click to expand...
nope, if you dont use few cards for months, cibil will not grow.

use 10-30% of limit combining all credit cards limit* if cibil score not moving.

atleast spnd 1inr like our founder TF, else close not useful cards.**
 
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vinrey287 said:
No there was an urgent requirement.

My credit history is 11 years. just that I took too many during the mentioned period.
Click to expand...
Do you have credit cards that are 11 years old and still running?

In that case, it is hard to see when you'd get 40-point drop from 790 to 750 by closing the auto loan and BNPL.

Maybe cut down usage to 1-9% range, < 30% is a good ball park - for high-expense months. Don't make that your usual level of utilisation.

In any case you'll have to wait a bit.

Oops, one more thing is that closing the BNPL might have reduced your available credit limit. THAT can, if that had much higher credit limit than most of your cards, yanked up the utilisation and dropped your score.
 
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