how to close a credit card without affecting cibil ?

[Sravan]

I have 2 sbi credit cards with one lakh limit each. Can i close one of the credit card with out affecting my cibil ?

 

[prc1990]

I have 2 sbi credit cards with one lakh limit each. Can i close one of the credit card with out affecting my cibil ?

Do these cards contribute to your oldest credit history? If yes, then closing your oldest credit might not be a good idea.

 

[Sravan]

Do these cards contribute to your oldest credit history? If yes, then closing your oldest credit might not be a good idea.

yes i know that. but i have one idea i.e., while closing if we transfer our limit to active card also affects the cibil ?

 

[prc1990]

yes i know that. but i have one idea i.e., while closing if we transfer our limit to active card also affects the cibil ?

Not sure if limit transfer is even possible but even if it is not, you can later try for LE for your active card.

 

[Extrovert🌃]

yes i know that. but i have one idea i.e., while closing if we transfer our limit to active card also affects the cibil ?

Limit transfer isn't the issue or the reason for cibil change, its the account that matters. The Avg credit age will be much better when old cards aren't closed. If you close the oldest card then the avg credit age might come down , as it doesn't matter alot but if you take cibil extremely seriously then call customer care /RM if present and tell them you want to close the credit card. They both will try their best to keep you their customer and they will ask a reason as to why you are leaving , just tell em this annual fee is too high. RM & CC have the authority to waive off annual fee and also make card LTF... (From my brother's CC experience)

 

[Extrovert🌃]

For which bank can RM do this?

Kotak

 

[prc1990]

Limit transfer isn't the issue or the reason for cibil change, its the account that matters. The Avg credit age will be much better when old cards aren't closed. If you close the oldest card then the avg credit age might come down , as it doesn't matter alot but if you take cibil extremely seriously then call customer care /RM if present and tell them you want to close the credit card. They both will try their best to keep you their customer and they will ask a reason as to why you are leaving , just tell em this annual fee is too high. RM & CC have the authority to waive off annual fee and also make card LTF... (From my brother's CC experience)

Share your experience in detailed fashion please.

 

[Extrovert🌃]

Share your experience in detailed fashion please.

Whatever i said above might differ person to person depending on how important/valuable a particular customer is for the bank & how far are the BM & RM are willing to go to keep the customer satisfied, in my case my brother has a long and dense financial history with the bank both in terms of savings as well as current account variants. At a point he wasn't using kotak credit card because the offers weren't much beneficial to him at that point of time, he had approached his RM with credit card closing request and he was like, what if i could remove annual charges and you can just keep it as emergency funds or avg credit account age. My brother was like that works. Though it took quite sometime getting it done, but the RM was able to pull it off.

It is to be noted that My brother had years of relationship with that branch , BM & RM. My brother owns a business hence the txns and turnover was heavy.

That's all folks, hope this was detailed enough & helpful

 

[prc1990]

Whatever i said above might differ person to person depending on how important/valuable a particular customer is for the bank & how far are the BM & RM are willing to go to keep the customer satisfied, in my case my brother has a long and dense financial history with the bank both in terms of savings as well as current account variants. At a point he wasn't using kotak credit card because the offers weren't much beneficial to him at that point of time, he had approached his RM with credit card closing request and he was like, what if i could remove annual charges and you can just keep it as emergency funds or avg credit account age. My brother was like that works. Though it took quite sometime getting it done, but the RM was able to pull it off.

It is to be noted that My brother had years of relationship with that branch , BM & RM. My brother owns a business hence the txns and turnover was heavy.

That's all folks, hope this was detailed enough & helpful

Thank You for sharing!

 

[Extrovert🌃]

Basically he was a current account holder with bank.

And savings brother.

 

[hariselio]

NCE on CC never appear in cibil, at least this is my experience.

 

[prc1990]

NCE on CC never appear in cibil, at least this is my experience.

Right.

 

[Extrovert🌃]

That I got
But current account transactions with good turnover has a different effect

I don't exactly know how that affects bank manager / relationship manager being able to make CC's Ltf.

Sure txns and turnover affects the variant of the card you get and the limit that comes with it but it doesn't have anything to do with BM/RM having the ability to make paid CC's Ltf , point is they've the power to do it

 

[AllSeeker]

Kotak doesn't make CC LTF that easily, same with SBI, so if you plan to use this plan be very sure your relationship with bank is worth that much. I would personally stay clear of both bank credit cards as it works best in terms of avoiding future run ins with these bank troubles.

They operate differently than what lets say HDFC, axis and even ICICI might act like.

 

[Extrovert🌃]

I bought Apple Airpod pro on no cost EMI via HDFC. EMI was deducted on 5th May. When can I expect this CDL loan account to appear on my Cibil?

CIBIL always moves at a speed of turtle In updating new accounts and stuff.

I had mentioned 2 u , my new ccs appeared in Experian but not on cibil when both refreshed at the same date.

Btw how many months NCE you've?

 

[KumarS]

Closing of credit card will be having very minor to no impact on cibil if you already have enough credit history in past.
Approx 0-5 points dip in score for couple of months.