Impact on my CIBIL score after closing 6 accounts

[CapWilder]

Hi guys,

I have closed 2 credit cards and 4 loan accounts of NBFC cards. Once these are reported as CLOSED on my credit report, what impact will it have on my credit score?
My CIBIL is 764 and EXPERIAN is 819.

 

[Batmanbaba]

Hi guys,

I have closed 2 credit cards and 4 loan accounts of NBFC cards. Once these are reported as CLOSED on my credit report, what impact will it have on my credit score?
My CIBIL is 764 and EXPERIAN is 819.

I closed 3 accounts in last 6 months... Not a single points dropped....... If u have closed in space of 1-2 months.. Expect anywhere between 20-40 points drop....

 

[pxg]

Don't feel bad about closing loan accounts. Whenever someone takes EMI it's usually marked as CD or PL and closes in a few months. And BNPL is also marked as a PL.

 

[CapWilder]

I closed 3 accounts in last 6 months... Not a single points dropped....... If u have closed in space of 1-2 months.. Expect anywhere between 20-40 points drop....

20-40 drop in CIBIL or EXPERIAN?
Also, only 2 are credit cards. The remaining 4 are BNPL accounts.

 

[Rahul Gupta]

Hi guys,

I have closed 2 credit cards and 4 loan accounts of NBFC cards. Once these are reported as CLOSED on my credit report, what impact will it have on my credit score?
My CIBIL is 764 and EXPERIAN is 819.

If you are not closing your oldest account than its fine.

 

[Batmanbaba]

20-40 drop in CIBIL or EXPERIAN?
Also, only 2 are credit cards. The remaining 4 are BNPL accounts.

Cibil is more confusion that anything... Sometimes... For even hard enquiry it drops 40 points for some people... For others 1 point only... So its very hard to predict how it will behave...

 

[krishc]

Cibil is more confusion that anything... Sometimes... For even hard enquiry it drops 40 points for some people... For others 1 point only... So its very hard to predict how it will behave...

and to add their score simulator is absolute garbage

 

[Batmanbaba]

and to add their score simulator is absolute garbage

Yes its as trust worthy as accche din

 

[Patil007]

and to add their score simulator is absolute garbage

true.

 

[Patil007]

Cibil is more confusion that anything... Sometimes... For even hard enquiry it drops 40 points for some people... For others 1 point only... So its very hard to predict how it will behave...

Agreed.

 

[Saipsy]

Don't be obsessed with CIBIL scores. 700+ is always a good score.

 

[Srini]

If you are not closing your oldest account than its fine.

I guess this is the most important point.. If the time gap between oldest account and next one are huge, and then closing the oldest one impacts more on score..

 

[SamPtnk]

Don't be obsessed with CIBIL scores. 700+ is always a good score.

Make that 760+
With 700+ most banks will reject new CC

 

[Proffesor]

it's tough to estimate how cibil works.