HDFC Reporting to CIBIL Every WEEK!

[shrewdoc]

I have noticed for the last 20-25 days, HDFC has been reporting to CIBIL every week starting from:

23 Nov → 30 Nov → 7 Dec

Previously HDFC used to report ONCE on month-end ie. on 30/31 of every month.

This is even faster and earlier than the RBI new guidelines of biweekly reporting w.e.f. 1 Jan, 2025:

https://www.livemint.com/money/personal-finance/banks-to-report-credit-card-data-to-cics-biweekly-how-will-it-impact-you-and-banks-rbi-nbfcs-cibil-credit-score-11729670913868.html

My CIBIL is going all over the place ±10-12 points because of this as it deducts 10 points for any amount due in credit cards compared to Max Score when all dues are cleared.

So now, prepaying won't help much. It would be interesting to see if other banks follow suit, and it's implications on our credit score. I guess, CIBIL scoring mechanism would be needing a few tweaks now if this trend continues.

Is it the same for everyone? What are your thoughts on this?

 

[tachniki]

When we apply for credit card / loans, do banks look at instantaneous cibil score or some average or trend? Plus minus ten to twelve points can be disastrous for folks living on edge (depending on which day banks look at cibil score).

 

[BVCBVC is verified member.]

I have noticed for the last 20-25 days, HDFC has been reporting to CIBIL every week starting from:

23 Nov → 30 Nov → 7 Dec

Previously HDFC used to report ONCE on month-end ie. on 30/31 of every month.

This is even faster and earlier than the RBI new guidelines of biweekly reporting w.e.f. 1 Jan, 2025:

https://www.livemint.com/money/personal-finance/banks-to-report-credit-card-data-to-cics-biweekly-how-will-it-impact-you-and-banks-rbi-nbfcs-cibil-credit-score-11729670913868.html

My CIBIL is going all over the place ±10-12 points because of this as it deducts 10 points for any amount due in credit cards compared to Max Score when all dues are cleared.

So now, prepaying won't help much. It would be interesting to see if other banks follow suit, and it's implications on our credit score. I guess, CIBIL scoring mechanism would be needing a few tweaks now if this trend continues.

Is it the same for everyone? What are your thoughts on this?

What is the use? My Infinia is not there in my CIBIL account. I have been asking them for the past 3 months and no use 🤣 🤣

 

[SSV]

When we apply for credit card / loans, do banks look at instantaneous cibil score or some average or trend? Plus minus ten to twelve points can be disastrous for folks living on edge (depending on which day banks look at cibil score).

Real-time score, not average score

 

[SSV]

I have noticed for the last 20-25 days, HDFC has been reporting to CIBIL every week starting from:

23 Nov → 30 Nov → 7 Dec

Previously HDFC used to report ONCE on month-end ie. on 30/31 of every month.

This is even faster and earlier than the RBI new guidelines of biweekly reporting w.e.f. 1 Jan, 2025:

https://www.livemint.com/money/personal-finance/banks-to-report-credit-card-data-to-cics-biweekly-how-will-it-impact-you-and-banks-rbi-nbfcs-cibil-credit-score-11729670913868.html

My CIBIL is going all over the place ±10-12 points because of this as it deducts 10 points for any amount due in credit cards compared to Max Score when all dues are cleared.

So now, prepaying won't help much. It would be interesting to see if other banks follow suit, and it's implications on our credit score. I guess, CIBIL scoring mechanism would be needing a few tweaks now if this trend continues.

Is it the same for everyone? What are your thoughts on this?

Yes, this is correct.
I too noticed it , they are reporting it more frequently these days . How frequently I didnt calculate it..
my score is now 789 from previous 800 as my Tata neu infinity has an outstanding balance of ₹100

 

[tachniki]

Real-time score, not average score

This means someone's loan can be rejected on bill generation day (max utilisation) but approved possibly after a week when he has paid bill and HDFC reported to CIBIL. More reasons for folks to pay their credit card bills weekly.

 

[BVCBVC is verified member.]

HDFC is constantly hitting CIBIL enquiries without any Credit Card application.

 

[SSV]

This means someone's loan can be rejected on bill generation day (max utilisation) but approved possibly after a week when he has paid bill and HDFC reported to CIBIL. More reasons for folks to pay their credit card bills weekly.

Yes,.I usually pay my CC amount around 2 to 3 days after transactions.. this is my habit

 

[SSV]

HDFC is constantly hitting CIBIL enquiries without any Credit Card application.

View attachment 77367

View attachment 77368

Something must be wrong in your case.
Find out

 

[sparkit]

Yes, I too noted it.
My cibil is changing very often. +- 2 points since past few weeks.

 

[BVCBVC is verified member.]

Something just be wrong in your case.
Find out

Tried reaching Imperia and Infinia Customer care they are not aware. I am raising a CIBIL dispute tomorrow as I cannot raise them today, they are in CIBIL Alerts section. If they don't resolve in 30 days no other option to goto RBI Ombudsman.

 

[SSV]

Tried reaching Imperia and Infinia Customer care they are not aware. I am raising a CIBIL dispute tomorrow as I cannot raise them today, they are in CIBIL Alerts section. If they don't resolve in 30 days no other option to goto RBI Ombudsman.

Ask them to connect you with thier internal credit bureau team ( CIBIL team ) and talk to them.. not general CC

 

[HumorSimpson]

Yes, this is correct.
I too noticed it , they are frequently reporting it. How frequently I didnt calculate it..
my score is now 789 from previous 800 as my Tata neu infinity has an outstanding balance of ₹100

This is like failing a student before completing his paper in the examination hall itself.

 

[SSV]

Yes, this is correct.
I too noticed it , they are frequently reporting it. How frequently I didnt calculate it..
my score is now 789 from previous 800 as my Tata neu infinity has an outstanding balance of ₹100

A balance of Rs 100 in one account caused deduction of 10 points..
while overall utilization is -1 %.. this was what I explained in my "CIBIL - A Practical Guide" thread..
that is how CIBIL works..

 

[SSV]

I have noticed for the last 20-25 days, HDFC has been reporting to CIBIL every week starting from:

23 Nov → 30 Nov → 7 Dec

Previously HDFC used to report ONCE on month-end ie. on 30/31 of every month.

This is even faster and earlier than the RBI new guidelines of biweekly reporting w.e.f. 1 Jan, 2025:

https://www.livemint.com/money/personal-finance/banks-to-report-credit-card-data-to-cics-biweekly-how-will-it-impact-you-and-banks-rbi-nbfcs-cibil-credit-score-11729670913868.html

My CIBIL is going all over the place ±10-12 points because of this as it deducts 10 points for any amount due in credit cards compared to Max Score when all dues are cleared.

So now, prepaying won't help much. It would be interesting to see if other banks follow suit, and it's implications on our credit score. I guess, CIBIL scoring mechanism would be needing a few tweaks now if this trend continues.

Is it the same for everyone? What are your thoughts on this?

This means someone's loan can be rejected on bill generation day (max utilisation) but approved possibly after a week when he has paid bill and HDFC reported to CIBIL. More reasons for folks to pay their credit card bills weekly.

I will tell you one big advantage of this weekly reporting ( if all banks follow this.) ..

Imagine you want to have a near perfect score for any reasons like home loan application etc..
what we need to do is , clear all the outstanding amounts in all accounts and keep it clean for one week. and then do processing of your impending HL application and then after that, leave the outstaning balances for the due dates..
(there may be overlap of different reporting dates by different banks, in that case the range will be bigger, say keep the slate clean for 2 weeks)

It is actually a good thing , thinking about it..

We need to make use of any system in our favor, instead of whinging..

 

[D₹V]

Nice 🙂 👍.

 

[HumorSimpson]

Nice 🙂 👍.

Now CIBIL report frequency is more than Sibilli (Silly billi) 🐱 visiting this forum.

 

[D₹V]

Now CIBIL report frequency is more than Sibilli (Silly billi) 🐱 visiting this forum.

🙀 🙀 🙀

 

[HumorSimpson]

🙀 🙀 🙀

congrats you crossed 7K posts

 

[StarLord⚡]

Today, when I checked my CIBIL, I saw that it had decreased by 6 points.HDFC Bank reports at the end of the month. Today I saw that they reported on the 7th. They reported what was outstanding on that date.My bill is generated on the 28th. I pay 90% of the cost every time before the bill is generated. If this continues, it will be very difficult to use credit cards.