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?

 

[venuharry]

You have only unsecured credit/loan accounts?

yes, all are unsecured

 

[venuharry]

View attachment 79256

In my today's cibil report it's showing hdfc last reported date as October 31st.

 

[helloworld]

I have never missed any payment since my credit age (3 yrs) still I have 737.☹️☹️
can anyone suggest me to increase my cibil, I need to take home loan post mid of this year

all these 3 years you have credit (be it secure, unsecure) loan/card? or discontinued in the middle?

Enquiries?

No. of Accounts?

 

[venuharry]

all these 3 years you have credit (be it secure, unsecure) loan/card? or discontinued in the middle?

Enquiries?

No. of Accounts?

6 cards, 2 pay later's (I have closed both pay later's one last year, and another in last month[yet to reflect in CIBIL]), and I am guarantor of my dad's loan
hence, Total 9 accounts showing in CIBIL but recently (November end) got SBI cashback and tata neu, which are not reflected in CIBIL yet
16 enquires in total
credit card usage is 26%

 

[helloworld]

6 cards, 2 pay later's (I have closed both pay later's one last year, and another in last month[yet to reflect in CIBIL]), and I am guarantor of my dad's loan
hence, Total 9 accounts showing in CIBIL but recently (November end) got SBI cashback and tata neu, which are not reflected in CIBIL yet
16 enquires in total
credit card usage is 26%

whats the oldest card/loan age in your report?

 

[Rohith-2009]

yes, all are unsecured

You need secured also

 

[helloworld]

You need secured also

for >750 secured not needed, AFAIK.

 

[venuharry]

whats the oldest card/loan age in your report?

3 years of credit age showing in cibil
dec 2021 was the oldest and it was paylater and I have closed it
after closing it icici cc was the next one jun 2022

 

[2025]

for >750 secured not needed, AFAIK.

I confirm. I have no secured loan/cards. My CIbil is around 770-775 in just 2-3 years of active history and 25-30 enquiry every year. Inactive (closed) history is of 10 years.

 

[helloworld]

3 years of credit age showing in cibil
dec 2021 was the oldest and it was paylater and I have closed it
after closing it icici cc was the next one jun 2022

ur score should be >750.

do you have any of the previous reports >750 or as far as you checked its always <750?

If yes, can drop a mail to CIBIL with both reports and ask for exact reason. You'll know.

https://ssp.cibil.com/contact-us/validateSr/csr1f6

Also, 9 accounts, 16 enquiries in 2 years (jun 2022) is not good, give a gap of 1 quarter for your benefit.

Note: Do understand that same 9 accounts, 16 enqurieis for >5 years history is not much impact. So, its not only about account or years of association, always read both combinedly.

 

[venuharry]

ur score should be >750.

do you have any of the previous reports >750 or as far as you checked its always <750?

If yes, can drop a mail to CIBIL with both reports and ask for exact reason. You'll know.

https://ssp.cibil.com/contact-us/validateSr/csr1f6

Also, 9 accounts, 16 enquiries in 2 years (jun 2022) is not good, give a gap of 1 quarter for your benefit.

yes, I used to have 779 in last march (AFAIK), but suddenly it got reduced to 737.
Thanks a ton for the link @helloworld

for got to mention, while applying for hdfc tata neu, hdfc made multiple cibil enquires around 3 inspan of 1 week, then i raised to hdfc regarding and they have approved for removal and removed.
might be this could be the reason but falling 40 for this is suspectable. anyway i will mail them

 

[2025]

yes, I used to have 779 in last march (AFAIK), but suddenly it got reduced to 737.
Thanks a ton for the link

My guess it is due to...
1. Misreporting from your pay later accounts.
2. Too much enquiry since march. and till march u did not had much enquiry. or something related to ur mobile number, address, email or maybe some banks have reported ur income way less than ur liability.

Just wait for all accounts / enquiries to pass full one year. the score will jump again.

 

[imrtbpsp]

I have never missed any payment since my credit age (3 yrs) still I have 737.☹️☹️
can anyone suggest me to increase my cibil, I need to take home loan post mid of this year

Drop me a DM.

 

[venuharry]

Drop me a DM.

Thanks a lot concern, but yesterday It got increased to 771.

 

[Rohith-2009]

Thanks a lot concern, but yesterday It got increased to 771.

40 + increase. What was the reason for the change

 

[imrtbpsp]

40 + increase. What was the reason for the change

May be low utilisation ratio

 

[venuharry]

40 + increase. What was the reason for the change

opening a new credit card/s AFAIK