How to improve cibil score beyond 760

[bhaveshbhai]

Suggest how can I improve my cibil score from 760 which is stuck around this for quite some time.

I have never delayed any payments since last 15 years, always paid my credit card bills in full. I have never utilized more than 10-20% of my credit limit. But I have only unsecured loans (17 credit cards) which are open in my cibil report, I don't wish to avail any new loan (secured) just for improving the cibil score, but I don't understand what else can I do to improve the score.

I use around 7-8 credit cards regularly from my 17 credit cards, should I close others (all are benefecial for yearly sales)

 

[SSV]

760 with a 15-year history is a dream for so many people. You have done a great job with that. I have been advised to not bother as long as your credit score on CIBIL is 750+. So I wouldn't really be concerned on that.

His concern is not his current score..
He wants to have some buffer as he is close to that threshold of 750…

 

[Rohith-2009]

Your score would improve if you reduce the credit utilization by paying before statement generation.

Also what do you mean by high? High as in 10%, 30%, 50% or 100%?

More than 30%. Yes that's what I'm doing. I'll have to pay a few times a month.

 

[aceventura]

More than 30%. Yes that's what I'm doing. I'll have to pay a few times a month.

Consistently having it more than 30% will definitely harm your score. Keep it at 10-15%, the score would get a small bump immediately and also would increase over time.

 

[aceventura]

Is closing PAYTM POSTPAID & AMAZON PAY LATER increases my CIBIL SCORE?
My CIBIL score is 785.

Theoretically yes, BNPLs as a segment is targeted for folks who cannot get a CC. If you already have CC, then it is recommended to close these. Before closing, you need to check if the payment history is clean. Since your score is relatively high, I assume you havent missed any payments with these accounts.

 

[aceventura]

So getting Bob card should be my priority.

Because they report 1 crore for income of 1 lac 🤣.

So my DTI ratio will be almost nill.

BOB can start a 'Increase-Credit-Score-As-A-Service' 😆

 

[edm]

Suggest how can I improve my cibil score from 760 which is stuck around this for quite some time.

I have never delayed any payments since last 15 years, always paid my credit card bills in full. I have never utilized more than 10-20% of my credit limit. But I have only unsecured loans (17 credit cards) which are open in my cibil report, I don't wish to avail any new loan (secured) just for improving the cibil score, but I don't understand what else can I do to improve the score.

I use around 7-8 credit cards regularly from my 17 credit cards, should I close others (all are benefecial for yearly sales)

longer history will automatically increase

 

[Rohith-2009]

Consistently having it more than 30% will definitely harm your score. Keep it at 10-15%, the score would get a small bump immediately and also would increase over time.

I'm trying but I can't. Now, I got upgraded to hdfc millennia and got airtel axis so, I can spread my utilisation by using these cards.

I noticed sbi is reporting the total utilized amount even after paying the bill.

 

[simplegarv]

Suggest how can I improve my cibil score from 760 which is stuck around this for quite some time.

I have never delayed any payments since last 15 years, always paid my credit card bills in full. I have never utilized more than 10-20% of my credit limit. But I have only unsecured loans (17 credit cards) which are open in my cibil report, I don't wish to avail any new loan (secured) just for improving the cibil score, but I don't understand what else can I do to improve the score.

I use around 7-8 credit cards regularly from my 17 credit cards, should I close others (all are benefecial for yearly sales)

If you're not ok with Secured Loans then, you're requested to be ok with 760 as it's a good credit score.

 

[simplegarv]

So getting Bob card should be my priority.

Because they report 1 crore for income of 1 lac 🤣.

So my DTI ratio will be almost nill.

Mine is 3 crore and BoB gave limit of 65K.

 

[D₹V]

Mine is 3 crore and BoB gave limit of 65K.

Atleast you have great DTI Ratio as per @CARDBITRAGE 😂.

 

[simplegarv]

Atleast you have great DTI Ratio as per @CARDBITRAGE 😂.

It's of no use the Maximum CL which i have is 1,40,000.

 

[theflash]

Theoretically yes, BNPLs as a segment is targeted for folks who cannot get a CC. If you already have CC, then it is recommended to close these. Before closing, you need to check if the payment history is clean. Since your score is relatively high, I assume you havent missed any payments with these accounts.

My CIBIL Score decreased from ~782 to 719 (currently) could be due to many inquiries in September month and or Axis reported a missed payment that was a fee imposed for edge rewards redemption although when the card was closed then they reactivated the card and now I'm using it again and repaid the amount I've mailed PNO lets see what happens ahead.

 

[pothi]

Guys...

I have a complete opposite view when it comes to credit utilisation and the number of credit cards. When the number of cards increases the credit utilisation would come down that may have a negative impact. Let me explain.

Please, put yourself in the shoes of a lender. If you spend more and pay on-time, you are likely to get loans of higher value. If you utilise only 10% and even pay the amount before the bill is generated, your credit utilisation will come down even further (to 5% for example). So, why would a lender provide you a high value loan if you don't have money to spend (and repay)?

Please correct me if I am wrong. I am willing to change my views.

Btw, my score has been 790+ for years with occasional spending of 50% or more utilisation of my total credit limit using just two cards. My credit history will be 10 years by next month. Got two new cards in the last 2 months and cancelled the existing two cards with a long history (as I don't care about losing CIBIL score and I don't plan to take any loans in the near future). The score is yet to be reflected after the cancellation of two cards.

 

[aceventura]

Guys...

I have a complete opposite view when it comes to credit utilisation and the number of credit cards. When the number of cards increases the credit utilisation would come down that may have a negative impact. Let me explain.

Please, put yourself in the shoes of a lender. If you spend more and pay on-time, you are likely to get loans of higher value. If you utilise only 10% and even pay the amount before the bill is generated, your credit utilisation will come down even further (to 5% for example). So, why would a lender provide you a high value loan if you don't have money to spend (and repay)?

Please correct me if I am wrong. I am willing to change my views.

Btw, my score has been 790+ for years with occasional spending of 50% or more utilisation of my total credit limit using just two cards. My credit history will be 10 years by next month. Got two new cards in the last 2 months and cancelled the existing two cards with a long history (as I don't care about losing CIBIL score and I don't plan to take any loans in the near future). The score is yet to be reflected after the cancellation of two cards.

There was a discussion yesterday night on credit utilization and score. Please check that.

Credit Score (CIBIL) Formula Revealed

How CIBIL Score is Calculated in India ? Check CIBIL Score formula & learn how does it calculated. Now, This is the Ratio, that our Credit Score comes from and has an Impact on Gaining and Losing Credit Score in Points. 1. PAYMENT HISTORY- This is the Most Important Factor, Now see the...

www.technofino.in

 

[aceventura]

My CIBIL Score decreased from ~782 to 719 (currently) could be due to many inquiries in September month and or Axis reported a missed payment that was a fee imposed for edge rewards redemption although when the card was closed then they reactivated the card and now I'm using it again and repaid the amount I've mailed PNO lets see what happens ahead.

No. of enquiries while it is one of the factors, it is of low impact, and would generally recover in a couple of months. I would attribute the drop mainly to the missed payment. Get it cleaned from the report, otherwise the score will recover but it will take a long time to do so (about 3yrs to clean it up).

 

[aceventura]

I noticed sbi is reporting the total utilized amount even after paying the bill.

Let me check and update on this. Currently, CIBIL has only Aug data for my SBI card. In Sep, I have prepaid some before bill generation, let me see what SBI reports.

 

[mukesh01]

So getting Bob card should be my priority.

Because they report 1 crore for income of 1 lac 🤣.

So my DTI ratio will be almost nill.

My income was reported correctly by BoB.

 

[mukesh01]

Guys...

I have a complete opposite view when it comes to credit utilisation and the number of credit cards. When the number of cards increases the credit utilisation would come down that may have a negative impact. Let me explain.

Please, put yourself in the shoes of a lender. If you spend more and pay on-time, you are likely to get loans of higher value. If you utilise only 10% and even pay the amount before the bill is generated, your credit utilisation will come down even further (to 5% for example). So, why would a lender provide you a high value loan if you don't have money to spend (and repay)?

Please correct me if I am wrong. I am willing to change my views.

Btw, my score has been 790+ for years with occasional spending of 50% or more utilisation of my total credit limit using just two cards. My credit history will be 10 years by next month. Got two new cards in the last 2 months and cancelled the existing two cards with a long history (as I don't care about losing CIBIL score and I don't plan to take any loans in the near future). The score is yet to be reflected after the cancellation of two cards.

I had 90%+ utilization for Axis ACE(While having only one card) my CIBIL went down from 764 to 744 once but last month I corrected a duplicate loan and bought CC utilization to 27% within a month my CIBIL is 762 and I think it will increase further when increased limit and even lower utilization is reported this month.

 

[D₹V]

I had 90%+ utilization for Axis ACE(While having only one card) my CIBIL went down from 764 to 744 once but last month I corrected a duplicate loan and bought CC utilization to 27% within a month my CIBIL is 762 and I think it will increase further when increased limit and even lower utilization is reported this month.

Yes. That's what happened to me also.

 

[D₹V]

My income was reported correctly by BoB.

Maybe they report correctly now.