Decreasing Credit Limit on Credit Cards - Query & Discussion

[iamdhamo]

Hi Team,

If I have credit card with limit 5L and I don't use much. I barely use 10k so I decided to update limit as 1L then in cibil report will it be considered as 5L or 1L and does this get updated biweekly as per cibil reporting or does this take 90+ days if it's reported so.

 

[iamdhamo]

@RAMESH BABU N @Vasuki @sjmajumder tagging my go-to experts for quick answer

 

[VasukiVasuki is verified member.]

Hi Team,

If I have credit card with limit 5L and I don't use much. I barely use 10k so I decided to update limit as 1L then in cibil report will it be considered as 5L or 1L and does this get updated biweekly as per cibil reporting or does this take 90+ days if it's reported so.

Which bank
It will updated accordingly

 

[iamdhamo]

Which bank
It will updated accordingly

I'm having following bank cards where I have reduced limit todaY

Icici 2cards
Idfc
Axis 2cards
Indusind

 

[VasukiVasuki is verified member.]

I'm having following bank cards where I have reduced limit todaY

Icici 2cards
Idfc
Axis 2cards
Indusind

Icici - reports on bill cycle
Idfc 31st of month
Axis 31 of month
Indus same

 

[iamdhamo]

What about hsbc n hdfc? Planning to decrease in hdfc. Hsbc I decreased today

Planning to reduce leverage such that I can apply for cashback card after 90 days

 

[sjmajumder]

Hi Team,

If I have credit card with limit 5L and I don't use much. I barely use 10k so I decided to update limit as 1L then in cibil report will it be considered as 5L or 1L and does this get updated biweekly as per cibil reporting or does this take 90+ days if it's reported so.

How did you update limit? If you just reduced usage limit through app/net banking then it won't reflect in CIBIL. However if you have asked bank to reduce credit limit then it will reflect in CIBIL as per reporting cycle followed by the bank.

 

[techstrom007]

What about hsbc n hdfc? Planning to decrease in hdfc. Hsbc I decreased today

Planning to reduce leverage such that I can apply for cashback card after 90 days

close the card you are not using