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Overall no impact on CIBIL if your bank allows to go overlimit and after going overlimit ,if you are paying the thersold of amount to keep utilization below 30% overall before reporting the statement amount to credit agencies by the bank.Planning to use an Overlimit Facility. It will be a one-time use with no subsequent uses envisioned for quite a few years. My biggest question is - will this have a significant CIBIL hit?
Also, how much do banks allow for overlimit? Does it differ by bank/card?
Overall no impact on CIBIL if your bank allows to go overlimit and after going overlimit ,if you are paying the thersold of amount to keep utilization below 30% overall before reporting the statement amount to credit agencies by the bank.Planning to use an Overlimit Facility. It will be a one-time use with no subsequent uses envisioned for quite a few years. My biggest question is - will this have a significant CIBIL hit?
Also, how much do banks allow for overlimit? Does it differ by bank/card?
Ah so I should just pay the amount before the bill Generation for lesser or no impact on cibil. ThanksOverall no impact on CIBIL if your bank allows to go overlimit and after going overlimit ,you are paying the thersold of amount to keep utilization below 30% overall before reporting the statement amount to credit agencies by the bank.
Some card issuers needs pre activation of overlimit uses like SBI Card,Axis etc in order to do go overlimit and some other allows based on their algorithm .In both the cases one have to pay the overlimit charges for going overlimit.
Absolutely 💯.Ah so I should just pay the amount before the bill Generation for lesser or no impact on cibil. Thanks