Is it good idea to Max out HDFC Credit Card?

[rp0703]

We all know HDFC doesn't report Credit Limit to CIBIL and I wanted to ask if it's good idea to Max out the card so that HDFC can report the utilisation to CIBIL.

 

[Digvijay]

As long as you will be in position to pay all that spent amount, not bad idea per se but do only if necessary instead of thinking about reported utilization on credit report.

 

[Rahul92]

Considering the fact that HDFC rupay cards are on UPI now , many will max out their cards in months to come. Let's see !!

 

[rp0703]

Considering the fact that HDFC rupay cards are on UPI now , many will max out their cards in months to come. Let's see !!

Yup. I have tata neu card for 3 months now and didn't used much and since card linked to UPI it's already at 50% utilisation.

 

[rp0703]

As long as you will be in position to pay all that spent amount, not bad idea per se but do only if necessary instead of thinking about reported utilization on credit report.

Payment is not an issue but just wanted to match my utilisation with credit Limit.

 

[Digvijay]

Payment is not an issue but just wanted to match my utilisation with credit Limit.

Not a bad idea then, you can try the least once.

 

[ARV]

You can also place an amazon order and choose the delivery date whichever is the longest and cancel the order before shipping

 

[Chupaxabra]

We all know HDFC doesn't report Credit Limit to CIBIL and I wanted to ask if it's good idea to Max out the card so that HDFC can report the utilisation to CIBIL.

If necessary, then sure. If you're doing it if you're worried about the HDFC card affecting your CIBIL score, then no need to do it since CIBIL doesn't consider the utilisation of HDFC cards.

Another user made a good post on this:
Post in thread 'How credit utilisation works for charge cards' https://www.technofino.in/community...ation-works-for-charge-cards.7353/post-126431

 

[ARV]

If necessary, then sure. If you're doing it if you're worried about the HDFC card affecting your CIBIL score, then no need to do it since CIBIL doesn't consider the utilisation of HDFC cards.

Another user made a good post on this:
Post in thread 'How credit utilisation works for charge cards' https://www.technofino.in/community...ation-works-for-charge-cards.7353/post-126431

May be true for people with multiple cards but for my wife who has only one HDFC card its impacting

 

[Chupaxabra]

May be true for people with multiple cards but for my wife who has only one HDFC card its impacting

That's weird. How did you find out it is impacting?

 

[ARV]

That's weird. How did you find out it is impacting?

Checked her CIBIL score from CIBIL website. She has no other loans or credit cards

 

[src223]

Checked her CIBIL score from CIBIL website. She has no other loans or credit cards

When was the card approved? It can take any number of months before the card reflects on CIBIL. My slice account was not reported for a year, and that's like a proper NBFC loan.

 

[ARV]

When was the card approved? It can take any number of months before the card reflects on CIBIL. My slice account was not reported for a year, and that's like a proper NBFC loan.

Card was approved in May'22 and reported in Jul'22.

 

[ARV]

Could you share the screenshot where it showing credit utilisation % (homepage of CIBIL) along with total available limit, if possible.

Btw, whats the score if only HDFC card and how do you find its impacting, I mean how much change you observed?

I dont have the screen shot from that time but below is the trend from onescore where it was 782 in Oct'22 and in Nov'22 i made a big purchase almost 90% of CL and also in Feb'23 it has dropped again but not sure why. You can see its dropped again even though there is credit balance in the card, got the cashback for the purchase in Nov'22. The utilization is -6% in Feb'22. No payment misses.

 

[ARV]

Thanks, credit age and inquiries in last 3 years?

This is based on my personal observation, no way to guarantee anything..

Ignore onescore credit utilisation, CIBIL won't considered that for non-reported accounts, and OneScore assuming 25k like that if not present - just ignore this part.

You lost 50 points that can be with various other reasons:

- low credit age.
- high risk category (because not enough sufficient payment history).
- high risk (because each month spending increases without previous history, so it takes time to analyze whether that person can afford 1L spend in that month or not).

you lost 20% out of which 5% is random we never know when we will get it. Remaining 15% depends on credit mix, history, accounts >1yr and other factors.

If account is under 1yr then let it complete 1 yr and see its impact on score, its not related to credit utilisation in my opinion.

Yes, i agree with you and not worrying too much on the score. The account was pretty new at that time jst 3 months old .

 

[Sudarshan61]

My experience..yes it's good to max it out 1s..
Latter months we do de couple of point improvement in CIBIL score

 

[TheMentalist]

You can also place an amazon order and choose the delivery date whichever is the longest and cancel the order before shipping

What benefit would that serve??