Credit Score Trends

[Deleted member 16965]

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.

 

[0xfallup]

Perfectly summarised....dopamine from getting offers and high credit limit will end at some point.

 

[sidart]

I second that. I have a simple set :
2 Premium Cards(HDFC Infinia and Axis Magnus) and 1 Vistara Co-Branded. I upgrade ensuring the previous one is not in my list. Does the work wonderfully ensuring my spends are matched to the requirement.
The only stress is to keep a tab on reward points time to time.

 

[Patil007]

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.

Please do share your opinions here 🙂

Bhai saab, Ye stock market return is more rewarding wali line to finance YouTubers ki he 🤣.

 

[Patil007]

I second that. I have a simple set :
2 Premium Cards(HDFC Infinia and Axis Magnus) and 1 Vistara Co-Branded. I upgrade ensuring the previous one is not in my list. Does the work wonderfully ensuring my spends are matched to the requirement.
The only stress is to keep a tab on reward points time to time.

Yes, if you hold super premium cards the one or two should work.

But for me, who has less spending even in one year need only regular LTF cards, then I have to collect multiple cards.

 

[Patil007]

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.

Please do share your opinions here 🙂

If you don’t want to track and pay card bill then HDFC smartPay is better option.

I never tried though.

 

[RupayMan]

Till Jan 2023, i just have 5 cards, Now it's 12.. You are right, time and peace are converted into credit cards 😂

 

[techsearch]

I am somehow able to control my urge to get more credit cards. I had 2 till 2018 and got another 2 in 2020 so total 4. However, I have become way more active in communities to know whether I am using my cards correctly or not.

I now only want HDFC DCB as LTF so keep asking my RM and he has stopped calling me 🙂

So I completely agree with your point that there are many other better things to do, and my life was much better with just 2 cards and less expenses and without knowledge of super premium cards such as DCB.

 

[Wealth is my birth right!]

OP had a great experience and good thing it got shared with the community…kudos
Reg shares its not everyone’s cup of tea I mean not all make profit from market since the design is like one’s loss is other guy’s profit pls it’s my own experience and not to mention that as an argument since I lost almost 4lac some 9 yrs back in day trading and mid cap investing.
I never blamed anyone for the losses it’s all a learning but a costly course fee lol
Coming back to cc game yes the rewards are making us go mad and sit on this forum for looking new tricks which honestly I accept it is distracting from one’s own job or business
Like anything and everything card game also have a proper dosage which I feel 10cards max and getting a 10 to 15% return on spend will be a reasonable reward rate.
End of the story …
Don’t overspend than your earnings for the purpose of reward points
Thanks for reading🤝

 

[Dexter]

I started my journey 1.5 yrs back. I have 15 cards. I do it mostly for fun, as my hobby.

 

[hakunamatata]

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.

Please do share your opinions here 🙂

This is written so beautifully, it's like you have read thoughts in my mind.

Even though I have just 6 cards, but I also manage 3 cards of my dad. So there is always some important productive time going through statements and offers of different cards.

 

[Patil007]

OP had a great experience and good thing it got shared with the community…kudos
Reg shares its not everyone’s cup of tea I mean not all make profit from market since the design is like one’s loss is other guy’s profit pls it’s my own experience and not to mention that as an argument since I lost almost 4lac some 9 yrs back in day trading and mid cap investing.
I never blamed anyone for the losses it’s all a learning but a costly course fee lol
Coming back to cc game yes the rewards are making us go mad and sit on this forum for looking new tricks which honestly I accept it is distracting from one’s own job or business
Like anything and everything card game also have a proper dosage which I feel 10cards max and getting a 10 to 15% return on spend will be a reasonable reward rate.
End of the story …
Don’t overspend than your earnings for the purpose of reward points
Thanks for reading🤝

Yes, I am also collecting cards, but I have put them in cupboards, In my wallet just have 2 cards which I use regularly.

Rest are just for instant discount offers.

 

[akshayhs]

I have a very close friend who is a popular Indian YouTuber (with Millions of subscribers) and he earns a minimum of Rs 25-30 lacs per month (post tax deductions and youtube commissions) and doesn't own a single credit card.

Must be Akshat or P R Sundar 😂

 

[gautampai]

Bro PR sundar the d*ckhead..and akshat the crypto influencer 🤣

Why does every person that I've seen/talked hate pr Sundar! 🤣

 

[anirban.choudhuryanirban.choudhury is verified member.]

You can’t compare stock market to credit card rewards 😀
Both are 2 very different thing , credit cards rewards are bonuses you get for your normal payments that you would do with May be cash or upi or net banking .
Stock market you need to invest first , you would never make loses with credit card rewards, stock market completely works on managing risk to reward ratio
I am a trader since many years now , and cc collection is my hobby just like people having hobbies of stamp collection in older days.
And there is no issue of peace of mind in my case , you can collect cards as hobby but why there is a need to spend , when you don’t spend you don’t think about earning points , or paying bills . Just once a year swipe your cards at any merchant for 10-20 rs that’s it and enjoy the lifestyle benefits that comes as perks with those cards

 

[anirban.choudhuryanirban.choudhury is verified member.]

You are right but what I am talking about is the lifestyle which many people (especially youth) have adopted nowadays for credit cards. They use credit cards for reward points/cashbacks more than the actual needful spends and not vice versa.

True
Manufacturing spend for reward points makes no sense , also it’s just a race to earn reward points with atleast 90% of them those RP will get expired in their accounts without any redemption

 

[akshayhs]

Nahi bro... I am talking about younger YouTubers and not of my father's age YouTubers. It can be from different genre too and not necessarily belonging to the finance genre.

I was just pulling your leg. I already knew it wouldn't be them.

 

[Patil007]

You are right but what I am talking about is the lifestyle which many people (especially youth) have adopted nowadays for credit cards. They use credit cards for reward points/cashbacks more than the actual needful spends and not vice versa.

Ye community hi left karte he 🤪.

Full inner peace 😴.

 

[NikunjP]

An individual can decide how many credit cards he/she can manage stress free.
It differs from person to person.

 

[Patil007]

What I have experienced is first Month is hard as we need to spend money to get welcome benefits + Need to change statement cycle date as per my requirement, once it is done then it gets smooth.

Just put that card in cupboards, if used for any offer, pay bill on time and again bed time.