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Credit Score Trends

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Hello Everyone,

As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you may share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple then. I didn't know what CIBIL score is and never bothered about it as there are several other important things in life other than CIBIL score. I just paid my credit card bills on time for these years and maintaining only 1 credit card was so much stress free.

In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was almost touching 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL . Still I had maintained a very good CIBIL score by having only 1 credit card with this bank. Even if I had missed any credit card offers by having only 1 credit card, will not transform my life in a drastic way.

I have started applying for credit cards recently and now I have 15+ credit cards but now I miss the stress free life which I used to had by having only 1 credit card. Maintaining these many credit cards is a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my perspective, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks.

Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is this really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business makes me wonder that the time, energy and efforts to get a credit card is not worth.

To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. Instead of running daily towards cashbacks/reward points, in search of some pennies as cashback doesn't make any sense in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.
 
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Deal_Freak said:
Hello Everyone,

As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you can share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple earlier. I didn't knew what the CIBIL score is and never even bothered about it as there are several other important things in life other than the CIBIL score. I just paid my credit card bills on time for these many years and maintaining only 1 credit card was so much stress free.

In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was very close to 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL 😉 still I had maintained a very good CIBIL score. Even if I had missed any credit card offers in the past, that has not transformed my life in a drastic way.

I have started applying for credit cards recently and now I have 15+ credit cards but I miss the stress free life which I used to had earlier. Maintaining these many credit cards is all together a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my experience, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks (not a financial advice).

Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is it really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business requirement makes me wonder that the time, energy and efforts to get a credit card is not at all worth.

To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. By chasing daily for cashbacks/reward points, in search of some pennies as cashback doesn't have any fruitful benefits in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.

I have shared my experience and opinion towards credit cards. Please do share your opinions too. 🙂

Edit: Thanks for reading and appreciating this post. It means a lot to me. 🙂
Click to expand...
@TechnoFino & other Credit Card enthusiasts after watching this thread:
1680441426882.png
 
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Let 1 year complets, I will get to know which cards are worth to keep and which are useless 😂.

Let us also go into water then only will learn to swim, hope ham debt me doob na jaye 🤪
 
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Wealth is my birth right! said:
But not into sea water lol
Always spend on cc with equivalent money in bank account that’s my way
Click to expand...
Great
The way I do , is whenever I spend on my cc , I invest the same in some overnight fund , and before the due date redeem the fund and pay the bill
 
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Deal_Freak said:
Hello Everyone,

As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you can share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple earlier. I didn't knew what the CIBIL score is and never even bothered about it as there are several other important things in life other than the CIBIL score. I just paid my credit card bills on time for these many years and maintaining only 1 credit card was so much stress free.

In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was very close to 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL 😉 still I had maintained a very good CIBIL score. Even if I had missed any credit card offers in the past, that has not transformed my life in a drastic way.

I have started applying for credit cards recently and now I have 15+ credit cards but I miss the stress free life which I used to had earlier. Maintaining these many credit cards is all together a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my experience, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks (not a financial advice).

Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is it really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business requirement makes me wonder that the time, energy and efforts to get a credit card is not at all worth.

To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. By chasing daily for cashbacks/reward points, in search of some pennies as cashback doesn't have any fruitful benefits in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.

I have shared my experience and opinion towards credit cards. Please do share your opinions too. 🙂

Edit: Thanks for reading and appreciating this post. It means a lot to me. 🙂
Click to expand...
Bro, you have perfectly summarised what every card holder knows within his heart but refused to accept it (me included)- that getting multiple cards and maintaining them is like walking on razor's edge, because if by chance you miss your payment at any moment, your credit score goes for a toss, which in turn, brings more stress into our lives.
 
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Deal_Freak said:
Hello Everyone,

As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you can share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple earlier. I didn't knew what the CIBIL score is and never even bothered about it as there are several other important things in life other than the CIBIL score. I just paid my credit card bills on time for these many years and maintaining only 1 credit card was so much stress free.

In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was very close to 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL 😉 still I had maintained a very good CIBIL score. Even if I had missed any credit card offers in the past, that has not transformed my life in a drastic way.

I have started applying for credit cards recently and now I have 15+ credit cards but I miss the stress free life which I used to had earlier. Maintaining these many credit cards is all together a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my experience, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks (not a financial advice).

Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is it really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business requirement makes me wonder that the time, energy and efforts to get a credit card is not at all worth.

To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. By chasing daily for cashbacks/reward points, in search of some pennies as cashback doesn't have any fruitful benefits in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.

I have shared my experience and opinion towards credit cards. Please do share your opinions too. 🙂

Edit: Thanks for reading and appreciating this post. It means a lot to me. 🙂
Click to expand...
This is true in some aspects, yes, but I disagree with many other points.

"Now a lot of my productive time is spent to search for credit card offers"

You don't really have to.

Let's assume you have an Axis Bank card for 3 years, and recently you got an HDFC card.

Let's say for an item on Amazon, you have offer from HDFC card. If you want to buy the item with an Axis Bank card, even though you have an HDFC card, then it's fine. But at least you have the option now to avail the offer, which you wouldn't have had if you didn't have the HDFC card in the first place.

"to check my CIBIL score frequently"

You should keep a tab on your CIBIL score no matter how many cards you have. If you are not paying late, then your score will be fine.

"to keep a track record of all credit card spends/payments"

This is one point I agree. You should try to get all your cards' your billing dates to more-or-less match with each other. If that's not possible, then use an alarm system on the phone. I am not sure if you evenly use all your 15+ cards, but if don't, then keep in mind only the cycles for the cards which you use the most. For the rest of the cards which are rarely used, just use them as a debit card - use and pay immediately afterwards.

"If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains"

I do not think you need a lot of energy it takes to search and apply for a new card. You can apply for any card in 5-10 minutes and then go on with your day. I agree with the statement that credit card rewards is not as much as stock rewards, but just as many people have pointed put, they are not the same.

And finally, you alone have to decide why you need/don't need multiple credit cards. For example I collect cards as a hobby, not necessarily to use them. You also have to decide if you want to keep all your cards or not and for what reason. If you feel it's useless and it's impacting your mental peace, then it's better to close them.
 
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For the credit cards, my philosophy is that if I am going to do spends that I anyway have to do using bank account/debit card/UPI, why not do it with credit card basis which I can earn rewards/cashbacks. The only hard rule to follow is to never spend more than what I earn in a month.

As for tracking the payment dates and amounts, I have tried to keep all the bill generation dates between 18 to 28 of a month so that I pay by 1st when I receive my salary. As for amounts, I anyway have to track my income, expenses and investments even if credit cards were not there to balance my budget. A simple google excel sheet always tracks all of these every week on Sunday. An emergency fund of 3-6 months helps in case of unplanned expenditures. For me the mark of an adult is that one is able to pay their bills on time and do investments for future/retirement.

Regarding the credit card fees and required spend amounts, my goal is to have most of credit cards being LTF or very low fees or recoup their fees by normal spends apart from 2-3 exceptional high end cards. I only carry 3 credit cards with me and the rest are in home for offers. Any card which becomes a liability would be discarded basis annual checkups. We all need to have some hobbies for which we spend some amount of money every year. For me, its credit card.

In short, credit cards are to facilitate my normal life and not the other way around.
 
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Deal_Freak said:
Hello Everyone,

As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you can share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple earlier. I didn't knew what the CIBIL score is and never even bothered about it as there are several other important things in life other than the CIBIL score. I just paid my credit card bills on time for these many years and maintaining only 1 credit card was so much stress free.

In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was very close to 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL 😉 still I had maintained a very good CIBIL score. Even if I had missed any credit card offers in the past, that has not transformed my life in a drastic way.

I have started applying for credit cards recently and now I have 15+ credit cards but I miss the stress free life which I used to had earlier. Maintaining these many credit cards is all together a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my experience, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks (not a financial advice).

Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is it really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business requirement makes me wonder that the time, energy and efforts to get a credit card is not at all worth.

To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. By chasing daily for cashbacks/reward points, in search of some pennies as cashback doesn't have any fruitful benefits in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.

I have shared my experience and opinion towards credit cards. Please do share your opinions too. 🙂

Edit: Thanks for reading and appreciating this post. It means a lot to me. 🙂
Click to expand...
That's right on the money, brother!

I never choose this stress, rather this stress choose me. I was caught into this whole mess due to a false report from my bank and to that report corrected I went down the rabbit hole of credit cards and credit score.

Yesterday, I spoke to my friend who recently got home loan approved and he has CIBIL score of 731 with 10 missed payments and still banks were offering him a decent interest rate. I was shocked at his complete lack of knowledge regarding the whole thing. He only knew about these things because he wanted to apply for a home loan. Yet, he NEVER went down the rabbit hole like I did.

You literally stole my thoughts brother!

I just realized that I am spending way too much time over "maximizing the cashbacks and rewards" which are worthless to say them out loud!

And this realization is kind of frustrating in itself, don't you agree?
 
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Patil007 said:
WHO delete this post, it was good thread.

I am trying not to login on TF community portal from past 3-4 days and I am feeling better 😜.

Post creator is right. Use one or two credit card live happily.
Click to expand...
Update:

now i am losing interest in credit cards.

Should I rethink to apply for new credit cards including BoB and Kotak 🤔
 
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kochiro said:
If you just want peace of mind then call cc and set all billing date to same. If it's ltf card keep it somewhere just to bring it up during offers else if it's paid see if you really need it.
Click to expand...
Many banks (like Axis) doesn't allow our desired date of bill generation. They have selected dates and we have to choose only from those dates.
 
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