Improve CIBIL score to 800+

[muk0301]

I started using credit card since 2021. I've never delayed payments and always ensured to keep my credit utilisation at less than 30%. My CIBIL score has always hovered between 770 to 780. I currently have the following 3 credit cards: Amazon Pay ICICI, SBI Cashback, Axis Ace. Suggest ways to improve my CIBIL score to 800+

 

[helloworld]

take secured loan/card. btw, I'm using before 2021 and never delayed nor used >10% but score always less than 770. I got the cards with that score. You don't need 800+ unless you're going for home loan reduced interest, else >750 is same as anything above.

why you need 800+, did any card/loan rejected because of 770?

 

[lightwaves]

why you need 800+, did any card/loan rejected because of 770?

Higher the Credit score, more the bargaining power with bank. Specially when you need big ticket loan like Home loan. You can bargain for a lower rate of interest.

 

[lightwaves]

I started using credit card since 2021. I've never delayed payments and always ensured to keep my credit utilisation at less than 30%. My CIBIL score has always hovered between 770 to 780. I currently have the following 3 credit cards: Amazon Pay ICICI, SBI Cashback, Axis Ace. Suggest ways to improve my CIBIL score to 800+

Use the card for any purchase, but make sure to pay the amount entirely before the CC bill is generated. This will help you boost the Credit Score.

 

[muk0301]

take secured loan/card. btw, I'm using before 2021 and never delayed nor used >10% but score always less than 770. I got the cards with that score. You don't need 800+ unless you're going for home loan reduced interest, else >750 is same as anything above.

why you need 800+, did any card/loan rejected because of 770?

Need it for home loan, as I'm planning to purchase an apartment in the near future.

 

[Vasuki]

Higher the Credit score, more the bargaining power with bank. Specially when you need big ticket loan like Home loan. You can bargain for a lower rate of interest.

That's gas light.

Bargain when ?
Cc u can't
Pre approved loans u can't .
Only if u go via mannual mode
For
Car loan
Home loan
U can negotiate that too is smartly get stolen from you ..


800 is aspirational number but not worth the hassle

@SSV applied with 800 on Bob they rejected him . likewise good cibil score in not solely possible for intrest rate negotiation..
It depends on your profile

I started using credit card since 2021. I've never delayed payments and always ensured to keep my credit utilisation at less than 30%. My CIBIL score has always hovered between 770 to 780. I currently have the following 3 credit cards: Amazon Pay ICICI, SBI Cashback, Axis Ace. Suggest ways to improve my CIBIL score to 800+

If you make your CUR zero
It wil go up by 10 +- number.

If you active cibil age is 5+ year u will touch 800 .
Or with home loan it's gets to 800 bcz home loan is most secure loan and now bank trust you blindly & u can't run away

But does that mean sbi will give u Cashback card no ..

780 is good ..be happy take more cards and enjoy.

 

[SSV]

@SSV applied with 800 on Bob they rejected him . likewise good cibil score in not solely possible for intrest rate negotiation..
It depends on your profile

rejection was not based on CIBIL score..

It was because of too many enquiries...

 

[Vasuki]

rejection was not based on CIBIL score..

It was because of too many enquiries...

That was not point..
I said u had 800 score
Doesn't mean guarantee to everything u apply will be approved.. suddenly u r blue eyed..
770+ is equally good ☺️
Bob are douche

Let's see what happens when u apply next .
Did you mail them for reconsider?

 

[SSV]

800 is aspirational number but not worth the hassle

100% wrong... Everyone should AIM for this... whether we get it or not is a different thing...
It is actually easier for those with 5+ year history..

 

[SSV]

Higher the Credit score, more the bargaining power with bank. Specially when you need big ticket loan like Home loan. You can bargain for a lower rate of interest.

This is 100% right ... we should always aim for higher CIBIL score... There is a reason why the scoring is done...

 

[SSV]

I started using credit card since 2021. I've never delayed payments and always ensured to keep my credit utilisation at less than 30%. My CIBIL score has always hovered between 770 to 780. I currently have the following 3 credit cards: Amazon Pay ICICI, SBI Cashback, Axis Ace. Suggest ways to improve my CIBIL score to 800+

For you to get to 800+ , you need either
1) HOME loan or
2) 5 Years of Credit age..

Dont worry too much about 800 initially... There is not big difeerence between 780 or 800 unless you are going for Home Loan...
Pay off before bill generation / due date.. whatever suits you... after 5 years, your score will be stable.. before that it will fluctaute highly depending up on the events.

 

[helloworld]

Need it for home loan, as I'm planning to purchase an apartment in the near future.

if this is the requirement be ready to not apply any new products in next 1-2 years and keep limits w.r.t your income (upto 40x ok) and pay on-time. Note: Scoring can change anytime, so 800 this month no guarantee after 3 months. So, whenever you want to plan, take this in account.

 

[Vasuki]

Need it for home loan, as I'm planning to purchase an apartment in the near future.

Thread 'Home Loan 101 ( How to save on home loan and Taxes )' https://www.technofino.in/community/threads/home-loan-101-how-to-save-on-home-loan-and-taxes.25696/

I have answered this question perfectly somewhere I can't find thread on cibil & home loan ..
In short.
Your income - your emi on cibil on othe loan = eligibility for home loan
If u have loan running try to pre pay ..
If not
Unless ur bank says to do something to get loan

Till then be chill .

 

[muk0301]

if this is the requirement be ready to not apply any new products in next 1-2 years and keep limits w.r.t your income and pay on-time. Note: Scoring can change anytime, so 800 this month no guarantee after 3 months. So, whenever you want to plan, take this in account.

I was planning to get a new CC with unlimited lounge access, are you suggesting I should not apply for a new credit card also till my home loan is approved?

 

[palen]

Despite having 800+ scores I see no benefit personally.

 

[helloworld]

I was planning to get a new CC with unlimited lounge access, are you suggesting I should not apply for a new credit card also till my home loan is approved?

I can say 100 of things but no proof or guarantee for that (because I do not know calc. behind this score). Its based on what I observed with my report and people known by me. Trust me, one fine day your score reduced for no known reason (You pay on time, CUR within limits, no remarks, limited or very low enquiries), yet it may take years to recover the score - this all may happen when you really want your score badly to get that home loan.

so, all I can say pay-on-time, apply and use moderately - in time, everything will be good and your "credit history" back you up.

But, you know since you wanted 800+ get secured loan/card for more chances. Again, I do not see any use especially when credit reporting system itself is buggy like below..

- On one side bank says over leveraged, other side they report each card limit separately, even if its common limit.
- On one side bank says too many accounts, but same bank report 2 or 4 cards separately in the same report.
- they say CUR high, same bank won't report even after 3 or 4 months.
- they say high enquires, whereas other bank do enquiry for each every request.
- they gave you credit limit based on score.. same bank may decline loan saying you already have too much unsecured loan.

the more you care, the more it hurts. All I can say you do your part, because this is the one place where you can't control the outcome.

One thing important for loan, that is INCOME.. not SCORE. earn 1cr. per year and have 700 score, no bank denies your request, even negotiable interest. Its all about money.

 

[real_name_hidden]

With more than 5 years of credit history and good utilisation ratio, my credit score revolves around 790+ which I deem good enough.

Aiming for 800 seems quite high (to me) without any secured loan. As above post said, income matters most.

 

[lightwaves]

One thing important for loan, that is INCOME.. not SCORE.

This is the bottom line. All of us must focus on maximizing our income. That's the gateway to a better life.

 

[bvc19296]

Stuck with 777-787, for the past 1 year. (Here showing only 1 year but for the past 3 years)

Any suggestions on how to cross 800. Always kept utilization under 3% but added/removed some credit card accounts got some rejections due to serviceability issues.

 

[SSV]

Stuck with 777-787, for the past 1 year. (Here showing only 1 year but for the past 3 years)

Any suggestions on how to cross 800. Always kept utilization under 3% but added/removed some credit card accounts got some rejections due to serviceability issues.

Pay off completely before bill generation and / or reporting date…