Experian score dropped by 40points after opening new cc account

[Dr. Drake]

I don't monitor my experian score regularly. However It was 800+ in June. I refreshed today & saw it dropped by 40points. I only added axis select card past month & I noticed sudden experian dropped. Is this normal?

Anybody else experience similar drop with experian

 

[ashwinkashwink is verified member.]

I don't monitor my experian score regularly. However It was 800+ in June. I refreshed today & saw it dropped by 40points. I only added axis select card past month & I noticed sudden experian dropped. Is this normal?

Anybody else experience similar drop with experian

Experian is kinda unstable with me too..

 

[007]

I don't monitor my experian score regularly. However It was 800+ in June. I refreshed today & saw it dropped by 40points. I only added axis select card past month & I noticed sudden experian dropped. Is this normal?

Anybody else experience similar drop with experian

That's nothing compared to my CRIF score. It dropped from 755 to 673 (82 points), for no good reason. I just got two new credit cards. On the other hand CIBIL dropped by 10 points to 769. So, just chill and don't bother much until and unless your CIBIL drops below 750! 🥴🤷‍♂️

 

[007]

What's highest your Cibil has touched?

BTW currently my Cibil is 769 too ... Hoping it reaches 770+ soon

Nice, anything above 750 is good enough. 788 is the highest I got!

 

[prc1990]

I don't monitor my experian score regularly. However It was 800+ in June. I refreshed today & saw it dropped by 40points. I only added axis select card past month & I noticed sudden experian dropped. Is this normal?

Anybody else experience similar drop with experian

Which application is this?

Even in case your credit utilisation increases by 0.5% (Though < 30% overall), EXPERIAN would go down.

 

[Dr. Drake]

That's nothing compared to my CRIF score. It dropped from 755 to 673 (82 points), for no good reason. I just got two new credit cards. On the other hand CIBIL dropped by 10 points to 769. So, just chill and don't bother much until and unless your CIBIL drops below 750! 🥴🤷‍♂️

Haha true i don't understand the crif score criteria. Mine till date ranged from 622-712 max whereas my cibil fluctuated from 720-862 in past 10years

 

[Dr. Drake]

Which application is this?

Even in case your credit utilisation increases by 0.5% (Though < 30% overall), EXPERIAN would go down.

Which application is this? -> Its one score
Possibly my credit utilization did increased past 2months could be the reason

 

[Dr. Drake]

Does score drops after raising complaint with CIBIL? I had 752 score on 1st July I raised 3 incorrect inquiry complaints on 2nd July & on third July boom it dropped 6pts just like that. Not applied for any service in between pretty strange

 

[Krish]

That's nothing compared to my CRIF score. It dropped from 755 to 673 (82 points), for no good reason. I just got two new credit cards. On the other hand CIBIL dropped by 10 points to 769. So, just chill and don't bother much until and unless your CIBIL drops below 750! 🥴🤷‍♂️

My cibil dropped from 771 to 714 within one month 🥲 just by adding one HDFC cc

 

[Krish]

Weird ... As I'm having enquiries after enquiries but my Cibil didn't budge

 

[007]

My cibil dropped from 771 to 714 within one month 🥲 just by adding one HDFC cc

Woah! That's a huge drop, that too for adding a single card. You should check it thoroughly and get it sorted if possible! 😳

 

[Krish]

Woah! That's a huge drop, that too for adding a single card. You should check it thoroughly and get it sorted if possible! 😳

Had got ICICI cc based on FD 2 months back, idk if they reported to cibil now

 

[007]

Had got ICICI cc based on FD 2 months back, idk if they reported to cibil now

Yeah that would be a reason but still the drop is high imo. What about your credit utilization or any payment reported incorrectly! Is that all good? 👀

 

[Krish]

Happens sometimes

Happened to me some years back
Do you have any BNPL/NBFC accounts?

No

 

[TheTrickySid]

Haha true i don't understand the crif score criteria. Mine till date ranged from 622-712 max whereas my cibil fluctuated from 720-862 in past 10years

What!!!!!
Why the hell is then my CRIF score 810 with just 6 month credit history 😑

 

[Krish]

Yeah that would be a reason but still the drop is high imo. What about your credit utilization or any payment reported incorrectly! Is that all good? 👀

Payments are all on time . But credit utilisation showing as high

 

[Dr. Drake]

What!!!!!
Why the hell is then my CRIF score 810 with just 6 month credit history 😑

Coz you're luckybeast. You will be in top one % who is eligible for cred cash with higher limit with that crif score

 

[TheTrickySid]

Coz you're luckybeast. You will be in top one % who is eligible for cred cash with higher limit with that crif score

BTW what's the use of cred cash??

 

[007]

Payments are all on time . But credit utilisation showing as high

That's what would have impacted your score the most. See HDFC only reports max credit utilized (not the actual credit limit) and looks like ICICI secured CCs do the same. So, in both cases the utilized credit limit became your max credit limit which shot up your credit utilization ratio (which should be ideally kept between 20% to 30%).

P.S. It would have shown "Limit" instead of "Max Used" if your actual credit limit was being reported.

 

[ashwinkashwink is verified member.]

What!!!!!
Why the hell is then my CRIF score 810 with just 6 month credit history 😑

Kind of same in my experian score previous month it touched to 840 and now 711😅