Hoy many credit inquiries is too much?

[rohitpgarg]

If I am looking to get more than 1 credit card, then how much should I space them out to avoid a hit to credit score.

How should I space out my credit inquiries.

My credit score is > 750, if it's relevant. No missed payments ever.

 

[Anil_Singh]

Even I have a late payment for Flipkart BNPL, I’m not sure if I really missed the payment. The loan is closed as of now. But it shows one late payment. What was your situation?

I shared payment proof along with other details at twitter and tagged IDFC Bank. Then they sent me a link to register formal complaint. I did that and then they called me and verified everything and did the rectification. It took 1 month to get the late payment removed from CIBIL. After my CIBIL was updated, Experian & Equifax also updated the same. Only CRIF has not done till date. CRIF is the worst credit bureau. Even after registering complaints, they simply don't act. Just a few days ago, registered complaint with rbi ombudsman. Got a call from IDFC nodal officer. He said that in 7 working days late payment will be removed from CRIF. I will check CRIF after 25th Feb.

 

[Bodhi]

I shared payment proof along with other details at twitter and tagged IDFC Bank. Then they sent me a link to register formal complaint. I did that and then they called me and verified everything and did the rectification. It took 1 month to get the late payment removed from CIBIL. After my CIBIL was updated, Experian & Equifax also updated the same. Only CRIF has not done till date. CRIF is the worst credit bureau. Even after registering complaints, they simply don't act. Just a few days ago, registered complaint with rbi ombudsman. Got a call from IDFC nodal officer. He said that in 7 working days late payment will be removed from CRIF. I will check CRIF after 25th Feb.

Do banks even pay attention to other Bureaux other than CIBIL?

 

[anirban.choudhuryanirban.choudhury is verified member.]

Do banks even pay attention to other Bureaux other than CIBIL?

Yes many banks work on Experian as well

 

[Bodhi]

Yes many banks work on Experian as well

I see, thank you @anirban.choudhury

I hold an anual subscription with CIBIL. Which is the safest and most private way (where the data is not shared with any other third party) to access the other reports, please?

 

[anirban.choudhuryanirban.choudhury is verified member.]

I see, thank you @anirban.choudhury

I hold an anual subscription with CIBIL. Which is the safest and most private way (where the data is not shared with any other third party) to access the other reports, please?

Not sure about that but I think Experian does have a similar service like Cibil

 

[Bodhi]

Not sure about that but I think Experian does have a similar service like Cibil

Okay, thank you very much @anirban.choudhury

One last question - I had got a few rectifications done on my CIBIL via different banks, will they be updated/rectified simultaneously and automatically with other Bureaux by the respective banks as well or will I have to get them rectified separately?

 

[anirban.choudhuryanirban.choudhury is verified member.]

Okay, thank you very much @anirban.choudhury

One last question - I had got a few rectifications done on my CIBIL via different banks, will they be updated/rectified simultaneously and automatically with other Bureaux by the respective banks as well or will I have to get them rectified separately?

They would rectify it simultaneously in all credit bureau

 

[Bodhi]

They would rectify it simultaneously in all credit bureau

Thank you very much @anirban.choudhury

 

[arn]

They would rectify it simultaneously in all credit bureau

I had a PL default CIBIL hit from Bajaj Finance , showing payment delay by 29 days. while in reality I preclosed the account. they charged me 250 next month for default in payment. subsequently when I shown them that its already paid in full by me they closed the account, but they reported that 250rs as settlement/ write off to cibil. CIBIL got a hit by around 75.
after complaint through cibil bureau they remove the entry, but it is still showing in my Experian report. last week I raised a complaint via experian for removal of same, still pending.

so in short, may not be all banks correcting all rectifications to all bureaus.

 

[arn]

If I am looking to get more than 1 credit card, then how much should I space them out to avoid a hit to credit score.

How should I space out my credit inquiries.

My credit score is > 750, if it's relevant. No missed payments ever.

In past 100 days, I applied/enquired for around 25-30 Credit cards. and got around 5. cibil dropped by 8-10 points.

but from my past experience I feel that enquiry for a credit card does not hit as much as enquiry for a personal loan ( if multiple enquiries are done), as PL shows your financial need, while enquiry for a CC is seen more like a need for better card. that's how I felt it. may not be true.

 

[Bodhi]

I had a PL default CIBIL hit from Bajaj Finance , showing payment delay by 29 days. while in reality I preclosed the account. they charged me 250 next month for default in payment. subsequently when I shown them that its already paid in full by me they closed the account, but they reported that 250rs as settlement/ write off to cibil. CIBIL got a hit by around 75.
after complaint through cibil bureau they remove the entry, but it is still showing in my Experian report. last week I raised a complaint via experian for removal of same, still pending.

so in short, may not be all banks correcting all rectifications to all bureaus.

Thank you @arn

 

[Anil_Singh]

I had a PL default CIBIL hit from Bajaj Finance , showing payment delay by 29 days. while in reality I preclosed the account. they charged me 250 next month for default in payment. subsequently when I shown them that its already paid in full by me they closed the account, but they reported that 250rs as settlement/ write off to cibil. CIBIL got a hit by around 75.
after complaint through cibil bureau they remove the entry, but it is still showing in my Experian report. last week I raised a complaint via experian for removal of same, still pending.

so in short, may not be all banks correcting all rectifications to all bureaus.

You should simply contact Bajaj Finserv and ask them to remove that false entry from 'all credit bureaus'. I did the same, and the false entry was removed from CIBIL, Experian and Equifax within a month. CRIF was the only bureau that did not remove false entry despite raising separate dispute over their portal. So had to complaint to RBI Ombudsman. Yesterday, got an email from RBI that CRIF had finally removed the false entry. Will check CRIF after a few days for updated report. Will contact IDFC Bank again if the entry still exists in the updated report.

 

[arn]

You should simply contact Bajaj Finserv and ask them to remove that false entry from 'all credit bureaus'. I did the same, and the false entry was removed from CIBIL, Experian and Equifax within a month. CRIF was the only bureau that did not remove false entry despite raising separate dispute over their portal. So had to complaint to RBI Ombudsman. Yesterday, got an email from RBI that CRIF had finally removed the false entry. Will check CRIF after a few days for updated report. Will contact IDFC Bank again if the entry still exists in the updated report.

ok , may be that was the issue as I gone through CIBIL for correction to Bajaj, and hence they did it only for Cibil.
will directly mail to Bajaj for removal from all.
thanks @anilsingh8248

 

[Adityanagasai]

My experience was different. I applied for SBI card in 2019 and they made 5-6 enquiries at that time (3 years ago). It was my first card. I complained to nodal officer at that time but he did not remove those enquiries. These enquiries did not effect my following applications. I have 8 active credit cards as of now. Closed 2 cards.

I agree that repeated applications will project us as credit hungry but one application per month is fine IMHO. Doesn't matter if the application is approved or rejected.

How many Credit cards are too many, because i have been hearing from many people that don't maintain more than 3 credit cards ?

 

[pradeepG]

many people

who are those many people??
here you will easily see 10-12 cards per user on an average & maintaining good credit profile.

 

[Anil_Singh]

How many Credit cards are too many, because i have been hearing from many people that don't maintain more than 3 credit cards ?

If you can't handle credit card financially then even 1 card is not recommended. Its upto the user choice and how well can he handle them financially.

 

[HumorSimpson]

I shared payment proof along with other details at twitter and tagged IDFC Bank. Then they sent me a link to register formal complaint. I did that and then they called me and verified everything and did the rectification. It took 1 month to get the late payment removed from CIBIL. After my CIBIL was updated, Experian & Equifax also updated the same. Only CRIF has not done till date. CRIF is the worst credit bureau. Even after registering complaints, they simply don't act. Just a few days ago, registered complaint with rbi ombudsman. Got a call from IDFC nodal officer. He said that in 7 working days late payment will be removed from CRIF. I will check CRIF after 25th Feb.

Do CRIF, Experian matter, as no one bothers about them ?

 

[Anil_Singh]

Do CRIF, Experian matter, as no one bothers about them ?

CRIF & Experian matters for NBFC. Like CRED Cash is available for people only with CRIF > 700. HDFC, Axis etc pulls report from Experian too before deciding.